I’m in a sticky situation that is NOT my fault. What could happen if I’m not able to close by the initial closing date??

I'm in the process of buying a condo. When me and the seller signed the purchase agreement back in June, the closing date was supposed to be on or before August 18.

All of my documents have been submitted and taken care of, and me and my realtor are ready to close now.

But there are a few issues on the seller's side. Apparently, one of their legal documents they submitted had a few pieces of incorrect information on it, or something, and so it had to get returned to them. The actual seller is in a nursing home, and her attorney is taking care of everything, and there appears to be a minor issue with that as well.

The person handling my mortgage at my Credit Union called me today and informed me of all this. She said they've been trying to get a hold of the seller/her attorney to fix these issues, but they haven't been responding. So the process is getting delayed because of them.

I'm wondering, what if it gets to a point where we're not able to close by August 18? I imagine we'll have to add an addendum to the agreement stating I'm ok with pushing back the closing date. But would it be fair for me to ask for something in return? Like, dropping the price of the condo by a few thousand dollars?

It just doesn't seem right for them to be dragging their feet on this…

(in Michigan)

More real estate tips at Program Realty Wix site


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s