OK this is what the addendum says
Closing is to occur on or before 05/18/2012. Time is of the essence. No extension of the closing date will be given
without prior written approval of the Seller. Seller reserves the right to unilaterally extend closing date if legible
copies of the executed purchase contract are not received in a timely manner. The Buyer shall be charged a fee of
$50.00 per calendar day for any extension of the escrow period past the closing date of05/18/2012, to be paid to and
collected by the closing agent at the time such extension is granted. The Buyer shall not be obligated for any delays
caused by the Seller’s title company/closing agent. All funds must be paid according to the closing/escrow agent’s
instructions for receipt prior to the closing.
We signed an addendum two weeks ago extedning the date till today, but nothing was mentioned....We did not close today and we have not gotten a response from the realtor if she got another extension...I was reading back through the paper work and read that and am now freaking as it would cost ALOT more money that we do NOT have...
Anyone have an experince like this.
I did go into that having expendable money and lets say that nearly all $10,000 is pretty gone....the house apprised less and we have to pay a porition or it and all or closing cost etc....That and we originally questioned the 5/18 date because we knew it would not happen as we are doing a USDA guaranteed loan and our agent told us that don't worry we can get an extension.
I understand your point though
We are buying an REO house and I spoke with our realtor last night. She said I have nothing to worry about as we not set OFFICIAL closing date yet and that would come more into play with the bank did not grant an extension.
We had the same clause in our contract. Our home was new build, but they didn't enforce the $50 per day. Not sure how different that would be with an existing house.
Starting Score: TU 589 EQ 526 EX603