Parents' house sale...closing postponed

[luvwinnie]

my parents' closing was postponed due to something with that guy's child support problems...this better NOT screw up the whole deal...they can't afford to be paying for both places!! Would they have any recourse at this point? I guess you can't blood from a stone though.

 

[Toby'sFriend]

If his mortgage is being denied due to these issues, your parents most likely will not have any recourse. Most contracts are written contigent upon the buyer being able to obtain financing.

Good Luck. I know that it is a really stressful situation.

 

[luvwinnie]

the CLOSING is just wrong though.

 

[Cindy B]

Hey, I had that type of problem on the DAY of closing... we were trying to sell our home in Ohio, but we lived in PA now.

The guy put down the deposit, we signed our papers, Fed Ex'd them over, got his signature, and was waiting for his final papers to be signed by a fax machine..

Then we get a phone call from his realtor. He went to get his money for closing, and his ex wife (soon to be ex wife) liquidated all the money, and he was left high and dry.


This was the DAY of closing, TIME of closing... you at least had a whole day notice.


We got to keep his deposit, but it was still a pain.

 

[luvwinnie]

Didn't you all have to be there in person though, for the closing?

 

[Cindy B]

Nope, we didn't.. not necessary for PA/OH.

Necessary in some states but not these. I would have been royally mad if we had to haul all the way out there for nothing..

 

[Cindy B]

When we bought our home in NJ, we had to be there, not so for OH... kind of nice just to have papers Fed Ex'd over and signed with the key in an envelope.

 

[JAP]

Depends on the lender not the State. You can have anything signed in front of a notary in any state. You do not have to be present for closing. If a title agency is insisting you appear I would talk with the lender.

winnie: in the contract does it specifically state that the contract is contingent upon buyer finaincing? If so, does it give the buyer a specific amount of time to obtain the same? Also, when does the contract expire?

There is a chance that your parents can get out of the contract if the buyer is not fulfulling his part. They are also entitled to the deposit.

These last minute things happen usually the day before or the day of closing. It is very hard to control every aspect. PM me if you need more detailed information. I am a RE Paralegal/Title Agent.

Jen