Buyer not returning closing docs??

[momtwoboys]

We got closing docs july 17!! rushed to bank for notary on 18 and fedexed back to title co, they were recieved on wed july 19 thAM. this after waiting a month for closing docs from title co! Are the buyers flaking? how long is normal for a buyer to get their stuff sent back?

 

[UrsulaWantsYourSoul]

As excited and fast as buyers usually are… sellers and companies sometimes are slower. Sometimes it helps to post in the Closing time thread and share experiences there.
From offer made to points in account was around 72-75 days total for my last two resales. Some parts of the process went much faster than expected. Some… seemed crazy slow. It’s the mixed blessing of resale. Direct has points the same day. Resale saves thousands of dollars (with some drawbacks) but has to wait 2-3 months for the points.

 

[intamin]

As excited and fast as buyers usually are… sellers and companies sometimes are slower. Sometimes it helps to post in the Closing time thread and share experiences there.
From offer made to points in account was around 72-75 days total for my last two resales. Some parts of the process went much faster than expected. Some… seemed crazy slow. It’s the mixed blessing of resale. Direct has points the same day. Resale saves thousands of dollars (with some drawbacks) but has to wait 2-3 months for the points.

It’s weird in this case that the buyer is the one dragging their feet here. Usually people can’t wait to get their points loaded.

 

[momtwoboys]

As excited and fast as buyers usually are… sellers and companies sometimes are slower. Sometimes it helps to post in the Closing time thread and share experiences there.
From offer made to points in account was around 72-75 days total for my last two resales. Some parts of the process went much faster than expected. Some… seemed crazy slow. It’s the mixed blessing of resale. Direct has points the same day. Resale saves thousands of dollars (with some drawbacks) but has to wait 2-3 months for the points.

in this case we are the sellers and got everything notarized and sent back asap. Not sure why the buyers are dragging. we have bought and sold resale before and this is a first. Usually a buyer is quick to want the contract.

 

[MagicDVC]

in this case we are the sellers and got everything notarized and sent back asap. Not sure why the buyers are dragging. we have bought and sold resale before and this is a first. Usually a buyer is quick to want the contract.

Maybe they are financing and need to get to a notary to sign documents. Maybe they didn't get their funds in order during the wait for ROFR. You are still at 5 business days since you received the closing documents. I'd give them a little faith they still want the contract, I know I couldn't part with the escrow deposit.

 

[momtwoboys]

Maybe they are financing and need to get to a notary to sign documents. Maybe they didn't get their funds in order during the wait for ROFR. You are still at 5 business days since you received the closing documents. I'd give them a little faith they still want the contract, I know I couldn't part with the escrow deposit.

hmm ok. was told they didnt need financing and we were one month after rofr for the closing docs so they had lots of time.

 

[Robbie Cottam]

Summer time,
Kids out of school,
Maybe it is not a priority,

The buyers aren’t planing on using the point this summer,

I think you just have to let the clock run on this one.

 

[UrsulaWantsYourSoul]

in this case we are the sellers and got everything notarized and sent back asap. Not sure why the buyers are dragging. we have bought and sold resale before and this is a first. Usually a buyer is quick to want the contract.

Ah - misread this obviously. Yes much more atypical for buyers to drag feet! Yup - probably on vacation or waiting on funding or something. Hope they respond soon - chaching!

 

[DebbieB]

in this case we are the sellers and got everything notarized and sent back asap. Not sure why the buyers are dragging. we have bought and sold resale before and this is a first. Usually a buyer is quick to want the contract.

I bought a resale in early 2020 and I felt bad my paperwork was delayed a week because I was withdrawing from my 401K for the first time and it took time to connect my bank account to receive the deposit. Then I had to go into the bank to get a cashier’s check.

 

[KalamityJane]

I’m a buyer that took a while to get closing docs in because the company messed up the documents and it took over a week to get that resolved (on a Fri), then a couple of days to get notarized and FedExed it back on Wed but I don’t think the company got it until Friday. So about 2.5 weeks to get papers back.

 

[momtwoboys]

well we all got closing docs on july 17, and we had to get things notarized and sent back as the seller. the buyers still havent sent their closing docs back. this afer the title co took a month to send closing docs after rofr. we have been waiting to get this done so we can offer on something else.

 

[Sandisw]

well we all got closing docs on july 17, and we had to get things notarized and sent back as the seller. the buyers still havent sent their closing docs back. this afer the title co took a month to send closing docs after rofr. we have been waiting to get this done so we can offer on something else.

It definitely is out of the oridinary for a buyer to take this long.

Hopefully it happens this week!

 

[momtwoboys]

It definitely is out of the oridinary for a buyer to take this long.

Hopefully it happens this week!

closing is set for aug 17, so 13 business days left! closings dont happen on weekends right? and what happens after all this and they bail? are we responsible for the commision? who gets their deposit?

 

[Sandisw]

closing is set for aug 17, so 13 business days left! closings dont happen on weekends right? and what happens after all this and they bail? are we responsible for the commision? who gets their deposit?

It has never happened to us, but if the buyers default, my understanding is that you should be given a portion of the buyers deposit.

No commission will be owed but you will have to start again.

 

[accm]

I'd ask the title company to follow up with the buyer, but there are lots of reasons why it could be taking them a while. They could be traveling, or if they have no need for the points right now, it could just not be a priority.

 

[momtwoboys]

It has never happened to us, but if the buyers default, my understanding is that you should be given a portion of the buyers deposit.

No commission will be owed but you will have to start again.

what determines how much of the deposit goes to us and the resale company? Just wondering outloud here cause I dont have a good feeling about this.

 

[Robbie Cottam]

what determines how much of the deposit goes to us and the resale company? Just wondering outloud here cause I dont have a good feeling about this.

Do you have a copy of the p&s, or what ever documents
Maybe you agreement with the resale company…. It should be listed

how long did the contract give the buyer close

 

[Stargazer65]

I waited a long time once, 7 weeks I think. The seller actually missed the closing date. I was about to pull out, but they called up and apologized and promised them the next day.

 

[Sandisw]

what determines how much of the deposit goes to us and the resale company? Just wondering outloud here cause I dont have a good feeling about this.

I have read before it was split evenly. But that would be a question for the title company or it may be in your documents.

 

[Sandisw]

I waited a long time once, 7 weeks I think. The seller actually missed the closing date. I was about to pull out, but they called up and apologized and promised them the next day.

Sellers can sometimes get delayed because of the notary, but this is a buyer who is MIA. My guess is it is a financial hiccup.