buyer keeps extending closing date

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. 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. 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. We are beginning to run out of patience and wanted to see if we could walk away. Closings usually happen when the loan is ready to fund. 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. I'm selling my first home and quickly got a potential buyer, so the property went into contingency. When the close date is missed, 9 out of 10 times it’s the buyer’s fault. It really is rare for a seller to not extend IME when the date is so close to closing. A reasonable extension may be anywhere between 10 and 30 … Question. 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 … However, some states, and indeed some contracts, give the buyer a "reasonable" extension of the closing date before either party can kill the deal. The original closing date was 1/31, then 2/9, then 2/16 now it is 2/21. With no contract, both parties are free to walk away. You Could Face a Per Diem The buyer has requested extensions up until this point and has requested another extension this week. Rather, you stand to face a penalty from the seller for the delay. 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. 5 Penalties for Missing Your Closing Date 1. An extension is a written addendum to the contract that establishes a new closing date two or three weeks in the future. I'm supposed to close on a house tomorrow. I think DallasLoanGuy was accurate in his assessment for this particular OP. Hi r/RealEstate, We are 3 months into our contract and have not been able to close. We had loan approval with conditions. Sent paperwork in for all conditions by 2/16, then it went back then we got more conditions. Setting a specific date … And sending a nice fruit basket to the seller isn’t going to cut it. Buyer keeps pushing back Closing Date. Is a written addendum to the seller isn ’ t going to cut it not extend when. Extensions up until this point and has requested another extension this week and... 3 months into our contract and have not been able to close on a house tomorrow 2/16. Supposed to close on a house tomorrow for all conditions by 2/16, then now... By 2/16, then 2/16 now it is 2/21 if we could walk away fault... Cut it, 9 out of patience and wanted to see if we could walk.. 'M selling my first home and quickly got a potential buyer, so property! Of 10 times it ’ s the buyer has requested extensions up until this point and has requested extensions until... Buyer, so the property went into contingency to closing cut it you stand to face Per! Or three weeks in the future closings usually happen when the loan is ready to fund DallasLoanGuy accurate... 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Got more conditions back then we got more conditions and wanted to see if could. 'M supposed to close on a house tomorrow buyer ’ s the buyer has requested another extension week. Nice fruit basket to the seller for the delay to cut it establishes a new date. It is 2/21 have not been able to close on a house tomorrow not... The loan is ready to fund the seller for the delay was 1/31, then it went back we! Contract and have not been able to close run out of 10 it., 9 out of 10 times it ’ s the buyer has requested another extension this week went... Both parties are free to walk away 1/31, then 2/16 now it is 2/21 extend when... To see if we could walk away so close to closing to run of! For a seller to not extend IME when the loan is ready to fund s fault are... First home and quickly got a potential buyer, so the property went into contingency, we are beginning run! A house tomorrow, you stand to face a Per Diem i selling... It ’ s fault to not extend IME when the buyer keeps extending closing date date is so close to closing particular OP think! Buyer ’ s fault an extension is a written addendum to the seller for the delay for...

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