Buyer not returning closing docs??

[momtwoboys]

How much of a deposit did they put down?

How much of a deposit did they put down?

1,751.00

 

[momtwoboys]

Would tick me off to no end.

same, so we went with another resale company for our new purchase. the title company took long enough to send closing documents which made me feel the buyers felt that they could just casually take just as long esp if they have no idea how this works and arent organized clearly

 

[aceshigh73]

Whats weird is, if they default, they will lose the $$ whether they just dont sign by deadline or if they just changed their minds and told the broker previously.

 

[momtwoboys]

Whats weird is, if they default, they will lose the $$ whether they just dont sign by deadline or if they just changed their minds and told the broker previously.

the broker has kept saying they are sending them back, and that this is quite normal and how I need to not worry...... yet here we are days away from the closing date listed in contract and out of the times we have bought or sold we never ever came anywhere close to the date set in the contract

 

[Robbie Cottam]

the broker has kept saying they are sending them back, and that this is quite normal and how I need to not worry...... yet here we are days away from the closing date listed in contract and out of the times we have bought or sold we never ever came anywhere close to the date set in the contract

I'm almost wondering if the broker is sitting on the docs for some reason....
I can't come up with great reasons why the broker would do that .....

Nothing other than the buyer is backing out or the broker has failed you somewhere is making any sense right now.

Sorry you are being put though this, I know I would be losing my mind......and temper...

 

[Sandisw]

I'm almost wondering if the broker is sitting on the docs for some reason....
I can't come up with great reasons why the broker would do that .....

Nothing other than the buyer is backing out or the broker has failed you somewhere is making any sense right now.

Sorry you are being put though this, I know I would be losing my mind......and temper...

I wonder if it’s because legally, they need that date to come and go before it can be deemed default?

If it is the buyer, which does sound like it is, the broker may be stuck and really no answer is going to make sense.

 

[momtwoboys]

I wonder if it’s because legally, they need that date to come and go before it can be deemed default?

wondering the same? or if these buyers are that dumb and saw aug 17 close by date and just have been going on there merry way?? Either way we have bought and sold before and this has never been the experience so will be glad when its over and either sold or not at this point. we have offered and accepted and went to rofr on a new contract that we had our eyes on and it will go much faster is our guess!!!!

 

[Robbie Cottam]

I wonder if it’s because legally, they need that date to come and go before it can be deemed default?

If it is the buyer, which does sound like it is, the broker may be stuck and really no answer is going to make sense.

While that is true,
I would hope the broker does not refer to a default as “normal”…

Again, I would hope, if a buyer was going to default, they would at least have the personal respect to be forth coming. Cancel the transaction knowing they are going to lose there deposit either way..

 

[momtwoboys]

While that is true,
I would hope the broker does not refer to a default as “normal”…

Again, I would hope, if a buyer was going to default, they would at least have the personal respect to be forth coming. Cancel the transaction knowing they are going to lose there deposit either way..

i am told to not worry so much and that they havent felt any indication that they are backing out..... I have been trying to be patient but we are just so irritated

 

[Sandisw]

While that is true,
I would hope the broker does not refer to a default as “normal”…

Again, I would hope, if a buyer was going to default, they would at least have the personal respect to be forth coming. Cancel the transaction knowing they are going to lose there deposit either way..

I don’t think they would call it that. Sellers have the right to delay sending in documents close to closing date and buyers must have the same right.

IANAL, but, if I was the broker, I would not allow anything to happen with the deal until the date passes…even if the buyer says something indicating they will default…just could get messy without a legal document from the buyer.

 

[Robbie Cottam]

i am told to not worry so much and that they havent felt any indication that they are backing out..... I have been trying to be patient but we are just so irritated

That’s good….
I feel your pain!
I would be losing it!

I personally feel I would have rather been told something along the lines of “I’m not sure what is going on, I don’t have a good answer for you”

To say it is normal for the buyers to drag the process out forever, makes me thing the broker gave the buyer way too much time….

I have closed on home sales in 4 weeks….
And yes the bank and the closing attorney were not happy

 

[momtwoboys]

That’s good….
I feel your pain!
I would be losing it!

I personally feel I would have rather been told something along the lines of “I’m not sure what is going on, I don’t have a good answer for you”

To say it is normal for the buyers to drag the process out forever, makes me thing the broker gave the buyer way too much time….

I have closed on home sales in 4 weeks….
And yes the bank and the closing attorney were not happy

same for us when we sold and bought a home!!!!!

 

[Robbie Cottam]

I don’t think they would call it that. Sellers have the right to delay sending in documents close to closing date and buyers must have the same right.

IANAL, but, if I was the broker, I would not allow anything to happen with the deal until the date passes…even if the buyer says something indicating they will default…just could get messy without a legal document from the buyer.

I know I’m paraphrasing but the op said the broker referred to this delay in this transaction as normal….

I also agree that the buy can wait to the last day to sign, but why?

Also makes me question why the closing time
Is so protracted.

I also agree this Could, get messy, if the broker moved to cancel the deal before it expires, you are correct.

However, if this is your business,
And people drag there feet all the time,
One would think, you would have a standard termination agreement, so that you don’t keep people on the hook, basically burn time, they are never getting back.

With all the sad resale stories I have heard, it almost makes me want to get into the Dvc resale business….

I hear closing and notary’s can be conducted real time online in Florida ….

This deal could have been close on July 18th….

Maybe I’ll look into that in my spare time….

 

[momtwoboys]

I know I’m paraphrasing but the op said the broker referred to this delay in this transaction as normal….

I also agree that the buy can wait to the last day to sign, but why?

Also makes me question why the closing time
Is so protracted.

I also agree this Could, get messy, if the broker moved to cancel the deal before it expires, you are correct.

However, if this is your business,
And people drag there feet all the time,
One would think, you would have a standard termination agreement, so that you don’t keep people on the hook, basically burn time, they are never getting back.

With all the sad resale stories I have heard, it almost makes me want to get into the Dvc resale business….

I hear closing and notary’s can be conducted real time online in Florida ….

This deal could have been close on July 18th….

Maybe I’ll look into that in my spare time….

and yes we figured by july 18th we would been closed and had the proceeds check by july 31 latest. so we are not happy at all with this transaction.

 

[Robbie Cottam]

I’m sure somebody (everybody) will tell me why my idea CANT work but has anyone looked into and online Dvc closing company….
I don’t want to duplicate efforts!

 

[Sandisw]

I know I’m paraphrasing but the op said the broker referred to this delay in this transaction as normal….

I also agree that the buy can wait to the last day to sign, but why?

Also makes me question why the closing time
Is so protracted.

I also agree this Could, get messy, if the broker moved to cancel the deal before it expires, you are correct.

However, if this is your business,
And people drag there feet all the time,
One would think, you would have a standard termination agreement, so that you don’t keep people on the hook, basically burn time, they are never getting back.

With all the sad resale stories I have heard, it almost makes me want to get into the Dvc resale business….

I hear closing and notary’s can be conducted real time online in Florida ….

This deal could have been close on July 18th….

Maybe I’ll look into that in my spare time….

IMO, I think the comment by the broker was simply a way to not worry the seller. I don’t think it should be made into a big deal.

Not all sellers are going to be as well versed as some of us here on the DIS, and certainly not as well versed as this seller.

So, I take that comment to be more of “don’t worry because it happens”. The date of closing isn’t out of normal timeline. It was 70 days from offer. I have sold many and always wanted a closing date at least 60 days to make sure there was time for everything.

Frustrating situation, no doubt. And, it is odd that buyers haven’t sent in funds and documents yet, but I guess I can’t blame the broker or title company for trying to not worry the seller.

 

[Robbie Cottam]

IMO, I think the comment by the broker was simply a way to not worry the seller. I don’t think it should be made into a big deal.

Not all sellers are going to be as well versed as some of us here on the DIS, and certainly not as well versed as this seller.

So, I take that comment to be more of “don’t worry because it happens”. The date of closing isn’t out of normal timeline. It was 70 days from offer. I have sold many and always wanted a closing date at least 60 days to make sure there was time for everything.

Frustrating situation, no doubt. And, it is odd that buyers haven’t sent in funds and documents yet, but I guess I can’t blame the broker or title company for trying to not worry the seller.

Guess we will find out in 4 days

 

[supersnoop]

I know I’m paraphrasing but the op said the broker referred to this delay in this transaction as normal….

I also agree that the buy can wait to the last day to sign, but why?

I guess the buyer could be struggling to pull the money together, or they want to earn interest on their cash until the last possible moment. I'd be more interested in acquiring the asset and using it, so I doubt waiting until the last minute is "normal."

 

[momtwoboys]

just got word from the agent that we should close tomorrow.

 

[Robbie Cottam]

just got word from the agent that we should close tomorrow.

cool, congratulations
glad i was wrong

it would be interesting to see when the docs where signed