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Visitor
vinceshining
Posts: 3
Registered: ‎11-16-2012
0

not closing on time... what happen next

Hello all and happy thanksgiving.  can anyone help me on this problem.  I made an offer on a home (REO) and my offer was accepted.  The offer was only except verbally and I was giving 40 day to close.  But the paper was never given to us 9 days later, so it is almost impossible to close on the giving due day.  We already got a loan and approval letter, which meant we are very close to getting all the money for escrow.  But since this is holiday and thing don;t get done these time.   Does anyone know what going on if we can't closed by the listing agent due date?  Anyone dealt with this situation before? What happen the  the listing agent not willing cooperated wtih the buyer and give them accurated and realistic time frame to get the deal done.  we all know loan move very slowly these day .  Do I lost out on my deposit?   What do I do to protect myself??  thank

Platinum Super Contributor
Nanomug
Posts: 10,050
Registered: ‎05-30-2009
0

Re: not closing on time... what happen next

Nothing verbal matters in real estate.  Once a contract is ratified then escrow is opened.  

 

Earnest money should not have been deposited/cashed without a contract.  Where is the money?  

 

 

Visitor
vinceshining
Posts: 3
Registered: ‎11-16-2012
0

Re: not closing on time... what happen next

I wrote 15k check deposit   Our closing date about to pass but the listing agent only allow a few day pass the holiday.   Honest with u , my agent is very weak and I really don't know what happen , but we only have a few days after the four day holiday whisk is useless. My loan broker ask for 2 weeks to close the deal.  As far as the verbal  , that what my agent told me.   What do I do now.  I did everything I can but the bank don't move according to us. What else can I do. 

Silver Trusted Contributor
RE_Guy
Posts: 985
Registered: ‎12-08-2008

Re: not closing on time... what happen next

vinceshining -

 

Your agent needs to get the closing extended.  This happens all the time and is no big deal, unless the listing agent has another agenda -- right now prices are increasing so just maybe the owner wants out on the contract.  Your agent should know how to handle this type of situation.  I don't know all the facts, but you could always throw the seller a bone to extend the date.  (Bone=money).  Also you could argue that closing was delayed because of the sellers actions but that won't always get you the house.  If you are disappointed in your agents performance, call his/her broker and voice your concerns.

 

Of course, all this is just my opinion.