Hurricane interrupting purchase for anyone?

[Pluto777]

I'm getting a little anxious myself. The sellers have also had closing docs since Labor Day and still haven't sent them, although they have been in touch with Fidelity and said they HOPED to get them in last week but I never heard anything, and I sent my weekly check-in to Fidelity this morning asking if they were sent.

Extremely inconsiderate as well as stupid for sellers to foot drag like that. Buyers tie up their money, commit and then are forced to wait because a seller 'can't be bothered' to get to a notary and go collect their money?!? Why even put something up for sale in the first place if you plan to waste everyone's time? I'm not sure what to do here, seems to me like buyers have few options.

 

[erin1715]

Well I sent an email inquiry on Monday to my broker and was informed that the sellers have finally returned their closing packet, so now I'm checking my email every 5 minutes to hopefully see a closing email notice soon! I am SO close!

 

[Pluto777]

Well I sent an email inquiry on Monday to my broker and was informed that the sellers have finally returned their closing packet, so now I'm checking my email every 5 minutes to hopefully see a closing email notice soon! I am SO close!

Congrats Erin : )

 

[erin1715]

Ugh so I still haven't heard about my closing and sent an email inquiry to the title company. Apparently the sellers made an error on their closing paperwork and now they are waiting for them to correct it - ahhh! Come on people!

 

[minorthr]

Sounds like the sellers Im dealing with. They some how managed to send the paperwork for a previous property they sold instead of ours. We were supposed to close last week.

 

[Pluto777]

Ugh so I still haven't heard about my closing and sent an email inquiry to the title company. Apparently the sellers made an error on their closing paperwork and now they are waiting for them to correct it - ahhh! Come on people!

Anyone think they need to start putting some kind of penalty into contracts for sellers who drag their feet? I mean someone in Florida who was in the hurricane I TOTALLY understand and they should be given as much as they need within reason, but does anyone think there is really any excuse for someone to be so lazy that they tie up someone else money (which is a considerable amount in most cases) for weeks or months?

 

[minorthr]

Anyone think they need to start putting some kind of penalty into contracts for sellers who drag their feet? I mean someone in Florida who was in the hurricane I TOTALLY understand and they should be given as much as they need within reason, but does anyone think there is really any excuse for someone to be so lazy that they tie up someone else money (which is a considerable amount in most cases) for weeks or months?

There should be but what could it be ? At this point buyer backs out they lose deposit. Seller backs out nothing happens.

 

[mustinjourney]

There should be but what could it be ? At this point buyer backs out they lose deposit. Seller backs out nothing happens.

Legally speaking you COULD sue for specific performance, but that would take a long time and cost you more money.

So there's really not much that could practically be done.

 

[erin1715]

So I was reviewing my contract and it states we should have closed 60 days from 7/27/17, and here we are still waiting. As of Friday, the title company said they were waiting for the sellers to make a correction on their closing documents. I am getting increasingly frustrated. I just emailed the title company asking if the sellers had returned their correction yet, and if not I want some pressure put on them.

At this point, can I back out and still get my deposit back since we are past the closing date? I likely won't do that but I want to threaten it to move these people alone!

 

[mustinjourney]

So I was reviewing my contract and it states we should have closed 60 days from 7/27/17, and here we are still waiting. As of Friday, the title company said they were waiting for the sellers to make a correction on their closing documents. I am getting increasingly frustrated. I just emailed the title company asking if the sellers had returned their correction yet, and if not I want some pressure put on them.

At this point, can I back out and still get my deposit back since we are past the closing date? I likely won't do that but I want to threaten it to move these people alone!

personally speaking--I only make threats that I'm willing to follow through on. Also -- at this point you'd be cutting off your nose to spite your face. If you back out now, you're looking at a minimum of 10 more weeks and prices have likely gone up. So what good does that do you?

I know every day feels like an eternity. I was in your shoes 14 months ago. I did apply some pressure and said I would walk -- but I was also willing to walk (it was much more of a buyer's market in August 2016). In your situation, the owners did send in the documents already, so you know they're not completely stringing you along. I would give them a few more days minimum.

 

[mustinjourney]

So I was reviewing my contract and it states we should have closed 60 days from 7/27/17, and here we are still waiting. As of Friday, the title company said they were waiting for the sellers to make a correction on their closing documents. I am getting increasingly frustrated. I just emailed the title company asking if the sellers had returned their correction yet, and if not I want some pressure put on them.

At this point, can I back out and still get my deposit back since we are past the closing date? I likely won't do that but I want to threaten it to move these people alone!

One thing to note is that your contract likely has a Force Majeure clause, and the hurricane might cover that.

 

[erin1715]

One thing to note is that your contract likely has a Force Majeure clause, and the hurricane might cover that.

I heard from my broker today that they returned the corrected document, so I hope that's true and this will get closed within a couple days.

 

[minorthr]

personally speaking--I only make threats that I'm willing to follow through on. Also -- at this point you'd be cutting off your nose to spite your face. If you back out now, you're looking at a minimum of 10 more weeks and prices have likely gone up. So what good does that do you?

I know every day feels like an eternity. I was in your shoes 14 months ago. I did apply some pressure and said I would walk -- but I was also willing to walk (it was much more of a buyer's market in August 2016). In your situation, the owners did send in the documents already, so you know they're not completely stringing you along. I would give them a few more days minimum.

This is why I haven't backed out yet. Ive seen contracts similar to mine recently for $10-$20 more a point. Id only be hurting myself if I backed out at this point.