Well, it was a smooth road...

my atty called the sellers atty to find out if they will be sticking with our november 30th closing date (our on or about) on contract. so that i know i can lock in my rate. . .

so, their atty says "i think january 15th is a good date"

WHAT?!?!?!

the sellers told us explicitly that they wanted to be in their new home by christmas, they KNOW that we want to be in by christmas.

We have a bunch of phone calls going around now to figure out what is going on. they waited until they got a mortgage commitment from us to go INTO contract on their condo, which is empty. all they need is title and our money!! i am so upset.



Mind you, they PUSHED us to put a closing date by november 30th on contract, we were going for december 30th, or even january!!!

Re: Well, it was a smooth road...

Wow. The nerve! I imagine you must have really been looking forward to being all moved in and settled by Christmas. I can't believe they can just pull the rug out from under you like that. Is there anything you can do? Maybe your attorneys can work it out. Good luck!

Re: Well, it was a smooth road...

Thanks Dava.

I am so upset! i was looking forward to being in the house with the kids for christmas. i knew exactly where i wanted the tree.

i think the atty may have been 'over cautious' on our locking time. but, c'mon! that's ridiculous. i have to wait two months for you to get your contracts out and your title search, etc...?

that's not right.

i may have to push the sellers into staying at their families house like they said that they would do. they also said they'd rent the condo from the woman until closing.

their atty better start talking to their client!!

Re: Well, it was a smooth road...

They signed a contract stating "on or about November 30" right? Isn't that a legally binding agreement? Did they have any contingencies about finding another place first or something?

(sorry this was all questions, but I don't know a lot about this stuff yet! I guess you'll just have to let your attorney know how important it is to you and count on him to do the work for you... GOOD LUCK!)

Re: Well, it was a smooth road...

good point, my friend! going to talk to my atty now!

Re: Well, it was a smooth road...

The problem is on or about Nov 30 can really mean the end of Dec. THe "or about" give either party leeway on the date so really they have time.

Re: Well, it was a smooth road...

Re: Well, it was a smooth road...

The same thing happened to me with my house. The sellers delayed, delayed, delayed. Kept pushing the date back.

Nothing you can really do except deal with it.

They also may not want the burden of having to move during the holidays.

As far as the November 30th date goes, that theoretically gives them till December 30th, but that can easily be pushed into January. The lawyers would send a time of essence letter and even that takes a week or two to take effect.

Sorry. I definitely know how you feel.

One thing to keep in mind and this may make you feel better. My seller came running back to me a few weeks later saying she wanted to close much sooner. Like December. Mainly because outside of NY, they do closings much faster and she needed the money from the sale of the house I am buying to move forward with that new out of state house.

So it may happen sooner. But being already November, I can easily see this going into January. Crappy.

Re: Well, it was a smooth road...

Posted by rkoenke

Posted by alli3131

The problem is on or about Nov 30 can really mean the end of Dec. THe "or about" give either party leeway on the date so really they have time.

Right! but the 15th of january brings them past the "acceptable" date doesn't it?

i am just being picky.

Re: Well, it was a smooth road...

OMG I AM SO SORRY!!!!

Re: Well, it was a smooth road...

sooooo sorry to hear that.....i hope it all works out for you

Re: Well, it was a smooth road...

Thanks guys.

i think that maybe the atty is talking out of his butt b/c the sellers go to florida for six weeks and want to be done with the move by then, which is in january.

so, my fingers are crossed that he got his clients screwed up and will have a different story tomorrow.

in the meantime.. can you guys give me any advice on lock ins? do you get a different rate for a longer amount of time? or do you get a better rate with a shorter lock in?

Message edited 11/18/2009 7:11:00 PM.

Re: Well, it was a smooth road...

At Bethpage today, the guy told me that the rate is what it is. You can lock it in for up to 45 days for no cost, or 60 days for a fee.

Every bank treats lock-in fees differently, but I think it's the same idea everywhere. Whatever rate you qualify for, you get, but you may or may not have to pay to lock in the fee for a certain amount of time.

Re: Well, it was a smooth road...

wow we had a very similiar situation. the sellers rushed us into contract but then the house they were supposed to move into fell through. then all of sudden they dragged there feet. we almost got screwed on our rate. we were locked in for i believe 60 days. then in order to extend it there was fee of about $1,000 well the kicker is the seller wanted US to pay the extension fee yes thats right, they were dragging their feet, wanted more time AND wanted us to pay for the fees!! my attorney argued with them & they end up eating the fee.

unforunately, that "on or about" can mean anytime from that date plus 45 days after. so you can't do anything until after 45 days & start pulling the "breach of contract" card. just be very careful not to lose your rate & ask about the extension fees....

sorry you are going through this