I don't think we are going to close....

[MBTigger]

Sellers have had closing documents for one month.
The closing date period specified on the contract is one week away.

I am torqued that these folks have had 20K of my money sit fallow for a month when it could be either earning interest or put to a contract where people ACTUALLY WANT TO SELL!

Should I be as upset as I feel right now? Sure, If I reneg on the deal sellers get earnest money. What do I get if the sellers reneg?

MB

 

[DebbieB]

Sellers have had closing documents for one month.
The closing date period specified on the contract is one week away.

I am torqued that these folks have had 20K of my money sit fallow for a month when it could be either earning interest or put to a contract where people ACTUALLY WANT TO SELL!

Should I be as upset as I feel right now? Sure, If I reneg on the deal sellers get earnest money. What do I get if the sellers reneg?

MB

My bet is they don't have enough equity and owe money to close. Have you contacted the agent or closing company? If they back out, they owe the agent the commission, they don't owe you anything but your money back.

 

[davidl81]

Sellers have had closing documents for one month.
The closing date period specified on the contract is one week away.

I am torqued that these folks have had 20K of my money sit fallow for a month when it could be either earning interest or put to a contract where people ACTUALLY WANT TO SELL!

Should I be as upset as I feel right now? Sure, If I reneg on the deal sellers get earnest money. What do I get if the sellers reneg?

MB

It sucks, but it is one of the realities of buying resale. It does not always go perfectly smooth. Call your broker tomorrow and get an update. I do agree that I would be upset, but it’s kind of the risk we take buying resale.

 

[EatMoreVeg]

I was in a similar situation very recently where the sellers were no-contact for a month after closing documents were sent. Luckily I have a policy that I don’t send closing funds until all the paperwork has been received so at least my money was still in my bank account.

Read your contract carefully. Mine stated that closing documents has to be returned or postmarked within 7 days of receipt. When I brought this up to my broker, they acknowledged that I had full rights to walk away from the contract and the sellers would be found in default. I gave the brokers an additional 2.5 weeks to try and follow up with the sellers but apparently no answer/no response to anything. So I decided to walk away. Our closing date had also passed at this point.

My deposit was returned to me in full but I had to argue to have the sellers cover the processing fee since the title company took the initial deposit via credit card. It was a minor 3.5% fee compared to the cost of the contract but I wasn’t about to be out anything because of someone else’s decision. It was frustrating for sure.

 

[MBTigger]

My bet is they don't have enough equity and owe money to close. Have you contacted the agent or closing company? If they back out, they owe the agent the commission, they don't owe you anything but your money back.

That has not been their current excuse, but idea make me wonder....

 

[poofyo101]

Sellers have had closing documents for one month.
The closing date period specified on the contract is one week away.

I am torqued that these folks have had 20K of my money sit fallow for a month when it could be either earning interest or put to a contract where people ACTUALLY WANT TO SELL!

Should I be as upset as I feel right now? Sure, If I reneg on the deal sellers get earnest money. What do I get if the sellers reneg?

MB

I just closed on 2 contracts that I waited for 6 months for the sellers to return closing docs...and they finally did.

 

[TonyCnLV]

I just closed on 2 contracts that I waited for 6 months for the sellers to return closing docs...and they finally did.

Thats crazy sorry to hear that but glad they finally buttoned things up. this was seriously my biggest fear seeing posts of sellers backing out or just MIA randomly. Luckily I sent our docs back same day they were sent to me and the sellers completed theirs in less than 4 days. Whew. Best of luck to the OP hope it works out.

 

[EatMoreVeg]

I just closed on 2 contracts that I waited for 6 months for the sellers to return closing docs...and they finally did.

Damn that’s a long time! Do you know what the hold up was?

 

[ABE4DISNEY]

Sellers have had closing documents for one month.

I feel your pain--I am 23 days out--no papers and broker and closing agent have been trying to get them to turn in the paperwork.

That has not been their current excuse, but idea make me wonder....

Yeah, same here. I also know the individual who purchased the "sister" contract to the one I have. Both of us are getting slightly different stories/excuses.

I am hanging tight as it is a good deal. However, it has crossed my mind that maybe they are dragging their feet in hopes that I will back out so they can re-list.

 

[poofyo101]

Damn that’s a long time! Do you know what the hold up was?

international seller who didn't make an effort to get the closing docs done due to the closures to embassies etc.

 

[AaronEuth]

Exactly what abe posted. We've been waiting almost 2 weeks past the original 14 days when the closing documents were sent. Abe found some more recent contracts that are similar and priced way above market value (+40%), where ours were definitely a deal. I think the sellers are hoping to relist once we both go away for what they percieve as the actual value. They're smaller OKWE so the data sample is small.

 

[lovin'fl]

That has not been their current excuse, but idea make me wonder....

Did they say it was because of COVID issues...getting notary and whatnot? I was a recent seller of 3 contracts and 1 buyer took almost 2 weeks to get their funds in. I got our signed and notarized docs FedExed the next day
From getting them emailed to me. They claimed COVID made it tough to get funds wired.

 

[EatMoreVeg]

Did they say it was because of COVID issues...getting notary and whatnot? I was a recent seller of 3 contracts and 1 buyer took almost 2 weeks to get their funds in. I got our signed and notarized docs FedExed the next day
From getting them emailed to me. They claimed COVID made it tough to get funds wired.

Lies.

 

[poofyo101]

Don't worry. you guys are going to close. Just give them some more time. MY seller didn't get a sense of urgency for 6 months until I was going to back out.

 

[soniam]

Did they say it was because of COVID issues...getting notary and whatnot? I was a recent seller of 3 contracts and 1 buyer took almost 2 weeks to get their funds in. I got our signed and notarized docs FedExed the next day
From getting them emailed to me. They claimed COVID made it tough to get funds wired.

We didn't have any issues wiring the money, from within the US. I went to the bank drive-thru and gave them the form that I filled out that was online. The only issue we had was that my bank re-transcribed all of the info onto a different form but didn't put in some identifying info about the actual contract. Title company ended up calling them, and then the bank called me. I gave them the info again and said it was on the form that I handed to them. We did return the closing docs and pay later than I wanted, but still within 14 days of receiving them, because we were on vacation at WDW when we got the docs. We even emailed them about being delayed due to vacation.

 

[RoseGold]

In fairness, wiring can take a couple days sometimes. Pre-covid, my broker didn’t like the paperwork I had set up for a non-Disney real estate wire, and it took two FRUSTRATING visits on consecutive days to get it sorted out. I can see a few days delay. Maybe not two weeks....

 

[ABE4DISNEY]

OP,
Keep hanging on--hoping it works out for you.

Exactly what abe posted. We've been waiting almost 2 weeks past the original 14 days when the closing documents were sent.

Aaron--
Let's blitz them all tomorrow. I will email my agent & broker; you email yours.

 

[MBTigger]

Once again, nothing gets done until the last minute! Closing finalized today!