what if you can't close by the closing date on your contract?

What does your purchase agreement say? Hopefully it says that you can cancel the contract if your lender is unable to fund your mortgage at closing. You need competent legal advice right away. Stopping by your attorney's office might be a good start.

don't most contracts have an on or about closing date? i always thought there was a 30-day wiggle room.

sounds like you need to talk to your attorney immediately. And you definitely shouldn't pay him everything if you don't close. If the bank didn't give you a mortgage it may be grounds for getting out of contract depending on what your mortgage says.

You may also have the possibility of just asking the seller to agree to extend the contract since they have gone this far, they probably don't want the deal to fall through. Or maybe they do if they are having second thoughts. Regardless you should talk to an attorney before talking to the seller.

What aboutready said is correct.

JD: it also depends on if you want to back out of the deal. If so, then let things drag on. If not, then keep calling the mtge people. Sadly, this is the norm for NYC - a lot of foot-dragging by the lender (esp. if you went directly to lender and not broker). How long do you have the rate lock for? FYI, we've never closed on the agreed-upon closing date, usually 1-2 months out.

Hi There, If you need a top NYC Real estate attorney who will push big time, please contact me and I will refer you to him.
With regards to the appraisal, there are new guidelines called HVCC. and that regulates the process of ordering the appraisal, from whom, and who may contact the appraiser.
If you need me to clarify a few issues in the market please contact me.

Sincerely,
Joel

Not a lawyer. NOT A LAWYER. Don't take my advice as legal advice. Call a lawyer.

However, in practice, this is happening all the time, b/c the banks are so backed up.

You make a communication with seller's attorney, let them know what's happening, and that you still intend to close.

While contractually, you are probably in default and they probably could keep your earnest money, in this market they don't want to.

Anecdotally, we just had a buyer run late, ask us as seller's side for 30-day extension, run through that too, and close about seven weeks past her contract date. Seller did not want to keep her down payment, he wanted her to close, and her attorney and the brokers kept communication going until she finally did.

ali r.
{downtown broker}

sounds like, you need to start fresh with a real lawyer, regardless of the sunk cost
i have had great experience with dru white of thomas and white

my understanding is that at least 2 30 day wiggle periods are a non-issue for either the seller or the buyr--it once worked against me as i waited on a seller for 50 days past contract spec'ed closing date; with my family "happily" living with my parents while waiting--

As AR said, the usual form of NY real estate contrast says that a closing shall occur on or about x date. There is no magical rule as to how soon after that date the closing must occur. Once that date passes, the seller usually (assuming s/he too is ready to close) will send a "time is of the essence letter" essentially demanding a closing within 30 days, which is when the clock really starts ticking.

If your contract does not say on or about it is not possible to provide guidance without seeing the contract, but it is highly unlikely that the seller has any drastic remedies. The contract on my house had a fixed closing date and a per day penalty for each day thereafter that the closing is not complete, but that was inserted by me to ensure that the seller left before the start of the summer.

Same thing has happened to me. Usually the seller and sellers broker start stirring up a minor uproar bec they are anxious to close. Hopefully you or your broker or your attorney can settle them down and impress upon them that you are making every effort to get the deal done.

My mother has just gone through this - although she was the seller. There is a built in 30 day window, however you can work out the details with the seller beyond that. Her date was August 1st...the closing was yesterday (Oct 27th.) This market is still not in a strong position and I would think that a seller would be more than willing to work with you. You should consider upgrading attorneys - this will certainly assure the buyer that you are serious.

We're in contract and waiting on our mortgage . The guy responds to my emails but the process is taking so long. He has not given me offical approval and has had all of our financial documents for 3 weeks.
Locked in for 60 days on Monday, hopefully that's enough time. Hoping to close by Nov. 30th or at least be able to get the homebuyers tax credit,

AR right again. I had this happen, from aug 8 to sept 10 we were delayed due to the bank needing more time, it wasn't a big deal, just stay in close communication w/ seller or seller's lawyer or whatever, and with your mortgage person... 60 days in this climate is a slightly ambitious due to the backlog at the banks.

Unless the original contrast says "time is of the essence" WRT the closing date, either party has an automatic right to a 30 day extension for any or no reason. This date can be further extended for many reasons" agreement by both the parties, other dates adding up to being after the date (like if you have x days to get financing, y days after that to close, etc. and it puts it past the date). Almost every contract has a clause about the Right of First Refusal in the case of a Condo, or Coop Board Approval in the case of a Coop.

But most importantly, as was pointed out already, the answer is always READ YOUR CONTRACT and see what it says. It is rarely difficult to figure out.