Tomorrow is closing deadline and everyone is MIA

[Alicia22]

Tomorrow is my closing day per the sales contract I signed. Last I heard, we were still waiting for the seller to send signed closing documents. That was about 10 days ago, and they have now had them for a total of 2.5 weeks. Now I get no reply from the title company or the broker (messages left 2 days ago). Should I be worried? I really want these points, but I am over all of the delays (first the broker now the seller).

 

[pianomanzano]

Once closing day comes and goes, it's up to do what you want to do. If you want to start the process over again and look for another contract, you're within your rights to request to cancel the transaction and get a full refund (double check your contract about all of that). But if you don't want to do that (which I'd completely understand if it was a great deal), I'd be reaching out to the broker and title company repeatedly until they respond and update the situation. I'd be a little bit more assertive about it if you're trying to plan an upcoming vacation or if there are potential expiring points in the next 3 or so months.

 

[AstroBlasters]

Tomorrow is my closing day per the sales contract I signed. Last I heard, we were still waiting for the seller to send signed closing documents. That was about 10 days ago, and they have now had them for a total of 2.5 weeks. Now I get no reply from the title company or the broker (messages left 2 days ago). Should I be worried? I really want these points, but I am over all of the delays (first the broker now the seller).

This is the problem sometimes with the “great deals”… the sellers are in financial distress and not able to actually close.

I hope that’s not the case for your here, but I would emotionally prepare for it.

 

[Alicia22]

This is the problem sometimes with the “great deals”… the sellers are in financial distress and not able to actually close.

I hope that’s not the case for your here, but I would emotionally prepare for it.

Ugh I hope not. The reason given to me has been coordination with a notary. This deal was agreed to 65 days ago, and it surely doesn’t fall into the “great deal” category. It was a decent deal on a small contract.

 

[Sandisw]

At this point, you have to decided if you want to cancel the contract if the date passes...if you are willing to give it a few extra days, then I would put in writing to both the broker and title agent what your plans are.

I did that with a sale...I gave my seller one week to get documents in and the contract closed or I was walking away...in my case, I was losing the deposit but there was an incentive for direct points that would be expiring and if I wasn't going to get this contract, then I wanted to take advantage of direct...this being RIV, the direct points did have an advantage but was willing to get the resale for the savings of $6K...seller had documents in overnight express the next day and they arrived the day after that.

 

[Alicia22]

At this point, you have to decided if you want to cancel the contract if the date passes...if you are willing to give it a few extra days, then I would put in writing to both the broker and title agent what your plans are.

I did that with a sale...I gave my seller one week to get documents in and the contract closed or I was walking away...in my case, I was losing the deposit but there was an incentive for direct points that would be expiring and if I wasn't going to get this contract, then I wanted to take advantage of direct...this being RIV, the direct points did have an advantage but was willing to get the resale for the savings of $6K...seller had documents in overnight express the next day and they arrived the day after that.

Curious to know whether the seller loses out on anything (besides the sale) if the failure to close is their fault? I mean - in this what is their incentive to close if they have simply changed their mind? Are all the eggs in their basket?

 

[RoseGold]

Curious to know whether the seller loses out on anything (besides the sale) if the failure to close is their fault? I mean - in this what is their incentive to close if they have simply changed their mind? Are all the eggs in their basket?

In theory, they still have to pay the broker their fee if they don't close. So, you would think they are quite motivated.

 

[AstroBlasters]

Ok, so it really hasn’t been that long.

Do you actually know when the seller received the documents or are you just going off when you e-signed?

The title company may have mailed the docs out the next day, but that could have been before a weekend or the seller could have been away on a business trip or spring break when they arrived.

Also, given the volumes at various brokerage firms, I wouldn’t be too concerned about a voicemail that was left on Sunday but believe it is reasonable to follow up on your closing day to ask what your options are.

 

[Alicia22]

Ok, so it really hasn’t been that long.

Do you actually know when the seller received the documents or are you just going off when you e-signed?

The title company may have mailed the docs out the next day, but that could have been before a weekend or the seller could have been away on a business trip or spring break when they arrived.

Also, given the volumes at various brokerage firms, I wouldn’t be too concerned about a voicemail that was left on Sunday but believe it is reasonable to follow up on your closing day to ask what your options are.

I do know based on communication with the title company (before they ceased) that the seller has had the docs at least two and a half weeks and last heard they were “still” trying to coordinate with a notary. In my opinion, 65 days should be sufficient or the sales docs would have stated a longer timeframe. I thought by following up yesterday things might move again, but the silence has me baffled. I never experienced this much silence with other brokers.

 

[bumbershoot]

last heard they were “still” trying to coordinate with a notary.

Just as a thought...
When we bought (direct) in 2009, our local bank had melted down and was about to be shut down. I only knew that I could go to MY bank for a notary, so when they basically said "omg that says 'mortgage' on it and we aren't allowed to touch mortgages with a 10 foot pole" we got a bit nervous! Then I called a bank that wasn't mine and they said they'd sign it for free no problem.

Now, I don't know if resale documents say "mortgage" on them, but depending on their bank they might actually be having trouble finding one. Or maybe they don't know how to find one. etc.