Closing time for selling

mrs.iceNovember 14, 2012

Hi everyone...slight lurker here but I'm having a rough time with my realtor and would like some input...So we found a buyer for our condo last month. When the sales contract was signed by both parties the closing date given was November 16. The buyer's lender came back and said that they would need more time so we updated the contract to say on or before November 30.

I contacted our realtor at the beginning of this week asking for a date because I have to set up movers (who wanted more than a week or 2 notice) and also get my stuff together to move out. He said that he still doesn't know and we won't know until the lien letters have been received and the lender has generated the closing documents. So basically we won't know until a few days before closing. I am so mad right now..does this make sense? Why can't they give a date?

TIA!

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sylviatexas1

I'm sorry your sale has been delayed but you're not having a rough time with your Realtor;
you're having a rough time with the buyer's lender.

which is unfortunately sort of normal.

Since the lender controls the money, the lender controls the closing schedule.

Maybe you could check with another mover?

I wish you the best.

    Bookmark   November 14, 2012 at 4:55PM
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rrah

One thing to keep in mind is that this is frustrating for everyone involved, and as the above poster said, kind of normal the last few years. I would suggest scheduling the move for the 30th and have your Realtor write up something that indicates you will be in the house until then.

    Bookmark   November 14, 2012 at 5:12PM
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ncrealestateguy

Closing dates are not "Time Is Of The Essence" dates. (drop dead dates). here in NC, the delaying party has 14 days past the scheduled close date to get closed w/o penalty.
Schedule the movers for the 30th. They are used to being rescheduled, sometimes several times for the same move.
Don't blame the agents, unless they are not conveying to the lenders the importance of you hitting the scheduled date. The squeaky wheel does sometimes get some oil.
What are lien letters?

    Bookmark   November 14, 2012 at 6:06PM
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kirkhall

I'd be hesitant to assume you have a sale.
Unlike the others recommending you be ready to move, I'd just wait until I was sure it was going to go through... Lien letters doesn't sound good.

    Bookmark   November 15, 2012 at 11:15AM
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frozenelves

We had 2 closings fall apart about 2 days before closing. This was about 15 and 11 years ago. It was normal to be out of the house on the day of closing and surrender the keys. That would mean packing ahead of time and having a place to live and switching utilities. We had sold our appliances and everything was in boxes. Our buyers delayed everything by a week and then couldn't get approved. The whole thing was a nightmare. I was so angry that the lender could get us that close and then deny the buyer. We had to unpack our entire house and put it back on the market. We had to drive out of town everyday to get our mail at the "new" house we didn't get. To this day, that "new" house shows up on my credit report because we turned on utilities.

The 2nd time we were moving out of state and had a big moving company pack us and move us. That has to be done before the closing day in order to be moved out at the time of closing. It was our buyer's buyer's who suddenly couldn't get their financing. Meanwhile, everyone of my belongings were on a moving truck and in limbo. The scary thing was that the money that was going to pay for the packing and moving was coming out of our house proceeds. We were young and struggling without the 7k that I needed to get my stuff back if the sale fell through. I literally went crazy and called the lender in question with all sorts of threats and whatnot but basically told him how his actions were affecting us. I don't know know what I could have done but miraculously he had them approved within the next 2 days even though we were told they weren't going to close. We lived in limbo for 2 weeks with our stuff on that truck.

In both cases, the lender shouldn't have let things get so close to closing without an approval. We weren't told of any problem until 2 days before. The lenders need to be held more accountable for these type of situations. Or closings need to be set only after everything is approved and in order with a window of like 2 weeks so the seller can have time to pack and move with confidence that the sale will not fall through.

Maybe it is different now, I don't know. If I do ever sell, I am going to protect myself more somehow. I'm not going through that again.

    Bookmark   November 15, 2012 at 9:58PM
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mrs.ice

Thank you all for your feedback!!!

This past Wednesday after we were told we still wouldn't have a date our realtor told us that they were still pushing for a close for the 16th. But all the communication to us prior had been probably won't be until the end of the month. Then we got a call saying they could do the closing Friday (today). I couldn't get my mover here in time so now it is the 26th.

I realize like some have said it isn't the realtors fault but he told us that every time we'd ask for a projected date he thought we were so anxious to get out but in reality it was because I wanted to get things lined up and figured out.

I'm just glad we have it all squared away and now I am just waiting to find out when my new house will be ready to move into :)

@frozenelves8: WOW I started panicking just reading your reply. I am so overly organized and disciplined with time and what I need to do that I can't even imagine going through that!

I agree the lenders need to be held responsible for this. I guess it makes sense that just because someone offers a price for your home and then signs a sales contract a lot of things can fall through. Just like I told my husband when we got the offer on our condo, I am excited and will celebrate but not until after the closing because then it is for real.

Thanks again!

    Bookmark   November 16, 2012 at 10:48AM
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