Question. When the close date is missed, 9 out of 10 times it’s the buyer’s fault. The original closing date was 1/31, then 2/9, then 2/16 now it is 2/21. I’m in escrow, and the sale of my home is due to close later this week.The purchase contract includes a financing contingency, which basically says that if the buyer doesn’t line up a loan on the terms he hoped for, he can back out at the last minute.He was actually preapproved for a loan, and I understand this is a normal contract term, so I wasn’t worried about it. An extension is a written addendum to the contract that establishes a new closing date two or three weeks in the future. However, some states, and indeed some contracts, give the buyer a "reasonable" extension of the closing date before either party can kill the deal. Setting a specific date … I think DallasLoanGuy was accurate in his assessment for this particular OP. Closings usually happen when the loan is ready to fund. The buyer may have to pay additional costs, depending on when the extension was requested; - for example, if the extension is requested on the closing … A reasonable extension may be anywhere between 10 and 30 … I'm supposed to close on a house tomorrow. We had loan approval with conditions. Sent paperwork in for all conditions by 2/16, then it went back then we got more conditions. And sending a nice fruit basket to the seller isn’t going to cut it. You Could Face a Per Diem Hello, I am selling my house and it is under contract and we had a closing date of July 17, 2017, but that was changed to July 26, 2017 because the buyer wanted to go with another lender to get a better interest rate on their loan, so I(agreed) to move it and signed the extension. Once a buyer and seller have agreed on the price for a house, they sign a purchase contract that outlines the terms of the deal and includes a closing date. When buyers are doing everything they can to make a deadline in the contract, or the closing date, but are delayed for conditions beyond their control, they are doing what they agreed to do. Buyer keeps pushing back Closing Date. It really is rare for a seller to not extend IME when the date is so close to closing. Sellers can protect themselves against repeated postponements by making the new date “time of the essence.” If the buyer misses the rescheduled date, he will be liable for penalties and the seller can cancel the deal. Hi r/RealEstate, We are 3 months into our contract and have not been able to close. Closing dates may be set by the real estate contract, but the lender is not a party to the real estate contact so they aren't bound by those dates. We are beginning to run out of patience and wanted to see if we could walk away. Rather, you stand to face a penalty from the seller for the delay. The buyer has requested extensions up until this point and has requested another extension this week. I'm selling my first home and quickly got a potential buyer, so the property went into contingency. 5 Penalties for Missing Your Closing Date 1. With no contract, both parties are free to walk away.
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