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JWG421
Our miracle is here
Member since 12/12 2507 total posts
Name:
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Buying new home so Stressful
I am completely stressed over buying a condo
our commitment/contract expires the 17th which is this monday.
We been trying to get this closing date scheduled but something keeps coming up on the sellers end.
So, my real estate broker called me to tell me that the sellers cannot close on our purchase until they close on the new property they are moving to, hopefully this week
What happens if they dont? what happens w our commitment rate?
and if we close how long can they actually not give us ownership?
UPDATE: just got a call from my attorney- the seller hasnt been approved from the new condo board to where they are moving! they cannot move out
How is this possible
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Posted 8/10/15 2:54 PM  |
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Paramount
Sweet!
Member since 7/12 4289 total posts
Name:
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Buying new home so Stressful
I'm sorry its so stressful.
Seriously.
You csn go to your bank and see if you can get an extension. Otherwise, you have to start looking again with NO guarantee THEY will be ready.
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| Posted 8/10/15 3:18 PM |
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luvbuffet
LIF Adult
Member since 7/10 6470 total posts
Name:
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Re: Buying new home so Stressful
good luck! it took me 8 months to close 
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| Posted 8/10/15 3:34 PM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: Buying new home so Stressful
My understanding was that they legally can only push the closing out 30 days from the original on or about date and then after that they have to close and if they need to continue to stay in the home, they would have to pay you rent. Them not having a place to go isn't a good enough reason to not close - they're legally bound to the contract at this point.
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| Posted 8/10/15 3:39 PM |
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JWG421
Our miracle is here
Member since 12/12 2507 total posts
Name:
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Re: Buying new home so Stressful
Posted by luvbuffet
good luck! it took me 8 months to close
what happened w your mort rate? it expires
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| Posted 8/10/15 3:43 PM |
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luvbuffet
LIF Adult
Member since 7/10 6470 total posts
Name:
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Re: Buying new home so Stressful
i honestly dont remember anything happening but me screaming at the bank and crying., rate stayed the same.
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| Posted 8/10/15 4:00 PM |
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Michelle1110
My family is complete
Member since 1/12 2338 total posts
Name:
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Re: Buying new home so Stressful
Posted by luvbuffet
good luck! it took me 8 months to close
Ugh!!!!!!!! Is the contract contingent upon their purchase of new place? If not, they should be SOL not you
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| Posted 8/10/15 4:01 PM |
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JWG421
Our miracle is here
Member since 12/12 2507 total posts
Name:
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Re: Buying new home so Stressful
I am ready to kill someone
we currently rent now and we told our landlord we would be out end of next month
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| Posted 8/10/15 4:02 PM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Re: Buying new home so Stressful
Posted by Michelle1110
Posted by luvbuffet
good luck! it took me 8 months to close
Ugh!!!!!!!! Is the contract contingent upon their purchase of new place? If not, they should be SOL not you
I was wondering the same thing.
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| Posted 8/10/15 4:02 PM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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Buying new home so Stressful
I'm going through the home buying process right now too and anxiously waiting for the owner to either accept or counter our offer!!! Lots of positive vibes for you!!
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| Posted 8/10/15 4:32 PM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: Buying new home so Stressful
Posted by jessnbrian
Posted by Michelle1110
Posted by luvbuffet
good luck! it took me 8 months to close
Ugh!!!!!!!! Is the contract contingent upon their purchase of new place? If not, they should be SOL not you
I was wondering the same thing.
Exactly. Unless they specified in the contract that closing was contingent on the purchase of another home, then they have to close on the condo. I would contact your attorney again. They cant just not close because they don't have somewhere to go yet.
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| Posted 8/10/15 4:47 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Buying new home so Stressful
Posted by jessnbrian
Posted by Michelle1110
Posted by luvbuffet
good luck! it took me 8 months to close
Ugh!!!!!!!! Is the contract contingent upon their purchase of new place? If not, they should be SOL not you
I was wondering the same thing.
The date in the contract is an on or about date though....they still have 30 days past that to close and then you need to give them a time is of the essence letter which gives them another 30 days.....SO they really have way more time than that date int he contract.
It sucks but all this is actually very common.
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| Posted 8/10/15 4:49 PM |
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JWG421
Our miracle is here
Member since 12/12 2507 total posts
Name:
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Re: Buying new home so Stressful
the on adn about day was 7/20 i believe
The attorney is asking to see if we can close next week and then have ownership end of month
this is crazy
i have the worst attorney for a 1st time home buyer
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| Posted 8/10/15 4:51 PM |
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SLPRunner
LIF Adult
Member since 12/13 1101 total posts
Name:
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Re: Buying new home so Stressful
Posted by HomeIsWithU
My understanding was that they legally can only push the closing out 30 days from the original on or about date and then after that they have to close and if they need to continue to stay in the home, they would have to pay you rent. Them not having a place to go isn't a good enough reason to not close - they're legally bound to the contract at this point.
This. Sellers when we bought the house weren't ready to go. We were able to stay in our apartment do we closed and they basically paid us rent. Then they wanted to extend but we said no. They had to put stuff in storage and live with family until their next place was ready.
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| Posted 8/10/15 6:54 PM |
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hmm
Sweet
Member since 1/14 8016 total posts
Name:
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Buying new home so Stressful
spending large amounts of money for any purchases is Stressful!!
god luck, and take a deep breath.
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| Posted 8/10/15 7:15 PM |
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JWG421
Our miracle is here
Member since 12/12 2507 total posts
Name:
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Re: Buying new home so Stressful
i am freaking as we are waiting on the sellers response
THANK GOD my attorney is all over this
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| Posted 8/11/15 11:08 AM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Buying new home so Stressful
Posted by JWG421
the on adn about day was 7/20 i believe
The attorney is asking to see if we can close next week and then have ownership end of month
this is crazy
i have the worst attorney for a 1st time home buyer
your attorney needs to (if they haven't) send a time is of the essence letter. This starts the final clock ticking.
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| Posted 8/11/15 11:21 AM |
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Mara1017
LIF Adolescent
Member since 5/11 696 total posts
Name:
Mara
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Buying new home so Stressful
Unless the contract provides that the sale is contingent on the closing of their new purchase it is not. Also, the on or about date means 30 days before or after that date. When I was closing on our house the sellers started playing games for similar reasons. I made it clear to my attorney that we wanted to hold the seller to closing within 30 days of the on or about date and she took the steps that were needed (I do not remember exactly what steps they were but we did close within the 30 days). With regard to securing your rate there is the ability to extend it (at a cost of course) which you may have to do if you see they are not closing by the date your rate expires.
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| Posted 8/11/15 11:45 AM |
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JWG421
Our miracle is here
Member since 12/12 2507 total posts
Name:
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Re: Buying new home so Stressful
So i checked in w my attorney
he hasnt heard anything and told me to hold tight until Friday
Really? HOW
lets work up a plan B, i need sleep
a place to live etc
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| Posted 8/11/15 12:47 PM |
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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
Name:
S
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Buying new home so Stressful
Call your mortgage broker and find out about what you need to do about your mortgage commitment- when I was buying my house we were told if the mortgage commitment expired we had to REDO the entire application. We closed at 4 pm on the last day of our mortgage commitment. As for closing then taking possession of the apartment- I was advised against doing this since once you close you are the owner and the previous owners become your tenants- it opens up the possibility for other issues if they do not want to move out. I trust the attorney who handled my closing- she is a family friend for 30+ years and strongly suggested we did not do this.
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| Posted 8/11/15 1:20 PM |
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