Okay, here's the scenario - I am pretty far along in the process of purchasing an UES coop. The mortgage has been finalized, and the Board has approved my application. We're basically just waiting to close at this point. A specific closing date was communicated prior at the time I was bidding and if it wasn't explicit in the contract, it was definitely agreed to implicitly, as it has consistently... [more]
Okay, here's the scenario -
I am pretty far along in the process of purchasing an UES coop. The mortgage has been finalized, and the Board has approved my application. We're basically just waiting to close at this point. A specific closing date was communicated prior at the time I was bidding and if it wasn't explicit in the contract, it was definitely agreed to implicitly, as it has consistently been reiterated throughout the process to the seller's broker with no pushback. However, due to unknown circumstances, the buyer now insists on delaying the closing date.
Since I have relied on this date to close - extending it significantly would come at considerable expense to me (I'm currently month to month on my rental).
What would you do in this situation? I think it would be right for me to be compensated, but I don't have the leverage to walk away at this stage.
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Response by Rent_or_Buy
about 16 years ago
Posts: 165
Member since: Feb 2009
that sucks -- buyer has 30 days from later of board acceptance or closing date in K
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Response by Rent_or_Buy
about 16 years ago
Posts: 165
Member since: Feb 2009
sorry seller has -- well buyer too -
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Response by mmarquez110
about 16 years ago
Posts: 405
Member since: May 2009
That sucks. We're in a slightly similar position where we were supposed to close over a month ago but the bank took so freaking long. We're actually closing and then renting back to the seller bc the mortgage is expiring very soon even though we just got the clear to close. Freaking ridiculous.
However, we have to move out and find somewhere to live for 5 or 6 days. We have no leverage bc the seller can delay until the middle of January to close. The seller blames us for holding up the closing on the place that they are buying, even though everyone knows it was the bank. Unfortunately there's nothing we can do about it. All I can do is spit vitriol about the mortgage person we worked with all over the internet.
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Response by RE2009
about 16 years ago
Posts: 474
Member since: Apr 2009
how long is long?
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Response by mmarquez110
about 16 years ago
Posts: 405
Member since: May 2009
Really freaking long. Here is the timeline:
I had already been in contact with the loan officer over the summer about another property so he already had a lot of our info. We told him about the 2nd property we wanted to buy in early October and gave him a signed contract the 3rd week in October. There were some negotiations btw us and seller which took extra time around then which delayed things.
We got a commitment with an error in it in late Oct. Appraisal came in at sale price early November. Got a new commitment in early Dec again with the wrong info on it. A correct commitment took another week. Finally got the clear to close a couple of days ago.
I was under the impression we would have been cleared to close by Thanksgiving since the appraisal was the main condition and it came in fine in early November. Here we are a month later...
I'm still not even confident we're going to close before the commitment expires. The loan officer told us recently that the expiration date on the commitment is not the same one as in his computer. Totally frustrating experience, but I'm sure this will be hilarious in hindsight.
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Response by nyc10001
about 16 years ago
Posts: 2
Member since: Dec 2009
sounds like a nightmare. which bank are you using?
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Response by mmarquez110
about 16 years ago
Posts: 405
Member since: May 2009
BOA. I've heard from others as well that BOA is taking a long time. WF told me they could go quicker, but I don't know if they were just trying to get my business and then they also would stall. Our guy was just like a straight up liar and obfuscator and would say whatever necessary to keep me from leaving.
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Response by mmarquez110
about 16 years ago
Posts: 405
Member since: May 2009
In the future I would go with a local branch bc I think they would find it harder to just lie to your face.
that sucks -- buyer has 30 days from later of board acceptance or closing date in K
sorry seller has -- well buyer too -
That sucks. We're in a slightly similar position where we were supposed to close over a month ago but the bank took so freaking long. We're actually closing and then renting back to the seller bc the mortgage is expiring very soon even though we just got the clear to close. Freaking ridiculous.
However, we have to move out and find somewhere to live for 5 or 6 days. We have no leverage bc the seller can delay until the middle of January to close. The seller blames us for holding up the closing on the place that they are buying, even though everyone knows it was the bank. Unfortunately there's nothing we can do about it. All I can do is spit vitriol about the mortgage person we worked with all over the internet.
how long is long?
Really freaking long. Here is the timeline:
I had already been in contact with the loan officer over the summer about another property so he already had a lot of our info. We told him about the 2nd property we wanted to buy in early October and gave him a signed contract the 3rd week in October. There were some negotiations btw us and seller which took extra time around then which delayed things.
We got a commitment with an error in it in late Oct. Appraisal came in at sale price early November. Got a new commitment in early Dec again with the wrong info on it. A correct commitment took another week. Finally got the clear to close a couple of days ago.
I was under the impression we would have been cleared to close by Thanksgiving since the appraisal was the main condition and it came in fine in early November. Here we are a month later...
I'm still not even confident we're going to close before the commitment expires. The loan officer told us recently that the expiration date on the commitment is not the same one as in his computer. Totally frustrating experience, but I'm sure this will be hilarious in hindsight.
sounds like a nightmare. which bank are you using?
BOA. I've heard from others as well that BOA is taking a long time. WF told me they could go quicker, but I don't know if they were just trying to get my business and then they also would stall. Our guy was just like a straight up liar and obfuscator and would say whatever necessary to keep me from leaving.
In the future I would go with a local branch bc I think they would find it harder to just lie to your face.