Can you start a contract in March and close in JULY

[email protected] Posted: Mar 12, 2004 01:52 AM

Can you start a contract in March and close in JULY

without the seller backing out or taking another bid???

kittyke Posted: Mar 12, 2004 08:16 AM

Re: Can you start a contract in March and close in JULY

I definitely think that is possible, as long as no major problems come up during the process.

Kelly9904 Posted: Mar 12, 2004 08:25 AM

Re: Can you start a contract in March and close in JULY

Yes, we just started our contract and the original closing date was July 1, because one of the parties was building a home and it wasnt scheduled to be finished until June 1. Due to some changes on the part of the people we are buying from our date has moved to June 1.
People may stipulate a July closing date because they want their kids to finish school before moving.

ChristineC68 Posted: Mar 12, 2004 09:17 AM

Re: Can you start a contract in March and close in JULY

Yes. When my mother bought her co-op she signed the contract in April and didnt close until August - due to lack of communitcation between the banks, lawyers, board, etc. With the contract they are legally bound to follow through with the sale barring any exceptions that are noted in the contract.

Charly Posted: Mar 12, 2004 09:19 AM

Re: Can you start a contract in March and close in JULY

We did our contract in Jan and are closing at the end of April. They wanted to close in June, but our lease is up and we wanted to be by the summer!

So its definitely possible. It really depends on the sellers current situation. They may already have closed on their new house and can't afford to keep paying on both....or they may still be looking and could really use the extra time.

AtticaQT Posted: Mar 12, 2004 02:18 PM

Re: Can you start a contract in March and close in JULY

Posted by [email protected]

without the seller backing out or taking another bid???

Short answer - YES! As long as a contract is in place then the seller cannot back out or take another bid. If the contract is expiring - and more time is needed - the parties can stipulate to an extension - which is usually not a problem at all. I've heard of contracts going on for over a year....

ss2002 Posted: Mar 12, 2004 03:00 PM

Re: Can you start a contract in March and close in JULY

Yup, very possible. We went into contract in March and closed August 1. I did have to stay on top of everything to keep the process moving along, though...

070502 Posted: Mar 12, 2004 03:00 PM

Re: Can you start a contract in March and close in JULY

Yes, my mom is doing it right now. It took about a week and 1/2 for the lawyers to get there stuff together and they are in contract right now with a May 15th Closing Date.

Her buyer has 100,000 dollar downpayment so they don't see a problem.

RedHead Posted: Mar 12, 2004 07:40 PM

Re: Can you start a contract in March and close in JULY

Yup we went into contract in dec 02 and didn't close till June 03!

Cindy Posted: Mar 12, 2004 08:01 PM

Re: Can you start a contract in March and close in JULY

As long as both parties agree. My parents went to contract when they sold their house in April and closed end of August.

August2004 Posted: Mar 13, 2004 06:53 PM

Re: Can you start a contract in March and close in JULY

absolutely !!!! That is exactly the timeframe FI had last year. I believe he closed in early July and they went into contract on Ash Wednesday.

kelly4 Posted: Mar 13, 2004 08:26 PM

Re: Can you start a contract in March and close in JULY

It is 100% possible! We did it... ent to contract in march and closed on july 27th!

Good luck! and congrats!

LIPrincess00 Posted: Mar 14, 2004 11:09 AM

Re: Can you start a contract in March and close in JULY

We just signed our contract and it says 5/15 (on or about) as our closing date. My lawyer, re agent and broker all said that I actually have until 6/15 if I want to close (without penalty). The house is empty so I know they want to close right away, my feeling is when it happens it happens.