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Anyone here wait a really long time for sellers?
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photoshopbabe
wow....
Member since 5/07 2197 total posts
Name:
linda
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Anyone here wait a really long time for sellers?
We are in the process of getting our home-and it's one thing after the other w/the sellers. They are having problems on their end-and we have been waiting FOREVER.
Just wondering if anyone else has these types of probs!!
TIA
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Posted 9/19/12 10:05 AM  |
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Re: Anyone here wait a really long time for sellers?
It does happen that one party or the other to a sale can't close in the time frame that is expected. It's definitely important to hash out the timeline upfront in negotiations, but of course, unexpected things happen.
I find it's more often the buyer side that isn't ready to close, because certain lenders can be really slow with the mortgage process. But sometimes sellers are trying to line up a closing on another property or having a house built somewhere, and that can delay things, too.
I don't know what the specific issues are, or how long the delay has been -- but if it's well beyond the "on or about date" for closing set forth in your contract, then your attorney should be pursuing the matter with the other attorney. If sellers have issues like their next home isn't ready to be occupied, they often have to find a short term solution (hotel, stay with family, etc.).
So I would say talk to your attorney and see what your options are... good luck!
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| Posted 9/19/12 2:31 PM |
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bpmom
Feeling Blessed
Member since 6/07 2963 total posts
Name:
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Re: Anyone here wait a really long time for sellers?
I don't know if this is a long time, but for us we had four months from initial offer to closing. To me, it was FOREVER.
Saw the house in early October, closed in mid-Feb.
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| Posted 9/19/12 3:20 PM |
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photoshopbabe
wow....
Member since 5/07 2197 total posts
Name:
linda
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Re: Anyone here wait a really long time for sellers?
Posted by Century 21 Dallow - Christine Braun
It does happen that one party or the other to a sale can't close in the time frame that is expected. It's definitely important to hash out the timeline upfront in negotiations, but of course, unexpected things happen.
I find it's more often the buyer side that isn't ready to close, because certain lenders can be really slow with the mortgage process. But sometimes sellers are trying to line up a closing on another property or having a house built somewhere, and that can delay things, too.
I don't know what the specific issues are, or how long the delay has been -- but if it's well beyond the "on or about date" for closing set forth in your contract, then your attorney should be pursuing the matter with the other attorney. If sellers have issues like their next home isn't ready to be occupied, they often have to find a short term solution (hotel, stay with family, etc.).
So I would say talk to your attorney and see what your options are... good luck!
The specific issue is that the seller has a credit prob, so they are having a hard time getting their pre approval. We first saw the house in MAY, offer accepted in June. Waiting for them to still SIGN.
Makes me nuts..but people are stupid in this world.
I just have to wait.
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| Posted 9/19/12 3:47 PM |
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Re: Anyone here wait a really long time for sellers?
Posted by photoshopbabe
The specific issue is that the seller has a credit prob, so they are having a hard time getting their pre approval. We first saw the house in MAY, offer accepted in June. Waiting for them to still SIGN.
Makes me nuts..but people are stupid in this world.
I just have to wait.
I don't understand - Are you saying the seller hasn't even signed the contract (after almost 4 months of having verbally accepted your offer)? If you are not in contract, you really don't have anything to guarantee you will get the house, even if the seller can resolve their issues. The seller can change their mind at any time, take another offer, etc.
Also, credit issues can take a long time to be resolved, even if the seller is actively working to resolve them (e.g., working with a credit repair service). And even if they can repair their credit and qualify to obtain financing to purchase another home -- which is what I assume, from your post, they are trying to do -- do you have to wait until they actually find a new home to purchase and close on that new home? It's one thing for a seller to try to negotiate an extended close date so that they have time to find their next home, but I am having trouble understanding why they haven't signed the contract. It sounds like they are not ready, willing, and able to sell now.
I hope you are looking at other homes in the meantime, and contemplating making other offers. There are so many homes on the market now, and prices and rates are still low. I would hate for you to miss out on purchasing a home because you are waiting on this one... It just doesn't sound likely that you will be in this home anytime soon, if ever, based on what you are saying. But of course, I don't know all of the circumstances.
What does your attorney say? Your agent?
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| Posted 9/19/12 9:01 PM |
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