Wish me luck that we close on June 1st or near it

They still didn't get the C/O's for the house and it could delay our closing. My lock-in rate is only good til June 15th. The lawyer says its not looking good for June 1st. I hope everything works out.

Thanks! My lawyer is trying to push it. We'll see. I can pay to keep the interest rate if I have to. I'm not sure how much though.

good luck!!!!
i hated closing!!!! so long and drawn out....and for nothing. when you finally get there, it's so anti-climactic...you just sit there and sign a bunch of papers....and then it's over.....
i'm sure you'll get it in time!!!!

Good Luck Karissa
Keep the faith

Karissa, I don't know, that is what I was asking can you? I would ask your lawyer if maybe they have an expedite fee? But I honestly have no clue.

I am keeping my fingers crossed for you though!

Karissa,

We ran into the same situation with the lock in. Basically, it was the sellers that were holding up the closing. Since that was the case and it was not the bank, we pretty much told our attorney that we want to hold the sellers liable for the costs to keep the rate. ONce the attorney brought that to the sellers attention - we closed within 2 days - which was the last day our rate was effective.

Can't hurt to try!!!

Good luck!

Good Luck with everything!! I'm sure it will work out!!

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Posted by Oct04Bride

Karissa,

We ran into the same situation with the lock in. Basically, it was the sellers that were holding up the closing. Since that was the case and it was not the bank, we pretty much told our attorney that we want to hold the sellers liable for the costs to keep the rate. ONce the attorney brought that to the sellers attention - we closed within 2 days - which was the last day our rate was effective.

Can't hurt to try!!!

Good luck!

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What a good idea!

The only way you can get compensated for something like this is to look at your contract and the 'approximate date' of closing thats listed there.

Whats the date listed on the contract? Usually a seller is allowed 30 days grace after that date to close without penalty. After that then yeah, the lawyer can demand compensation (and usually get it).

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Posted by DjPiLL

The only way you can get compensated for something like this is to look at your contract and the 'approximate date' of closing thats listed there.

Whats the date listed on the contract? Usually a seller is allowed 30 days grace after that date to close without penalty. After that then yeah, the lawyer can demand compensation (and usually get it).

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That's true...but we agreed to close on April 1st...our rate was up on the April 12th. They closed on 12th, but they asked us to let them 'rent' until the end of the month or they wouldn't close. We agreed - put money in escrow for any possible damage. Everyone walked away happy. Like I said - it can't hurt to try.

Our sellers were threatening to stay until June 30th (after school let's out) and my lawyer said technically they can do that with no penalty. I think that's crazy - what's a 'closing' date for then. Is that true?

GOOD LUCK!!! I Know how you feel..

I betcha if you read the contract line for line... it will say something to the effect of 'approximate closing date'. No closing date written into any contract is ever set in stone. There are way too many variables to deal with (like the bank).

Closing and doing a rent-back is a possible solution to avoid losing a rate lock. Just keep in mind that if you do this, you legally become a landlord and you have to abide by all the tenant laws that your state governs you on.

Is your seller out now? Or are they still renting from you?

Karissa still keeping my fingers crossed for you!!!!

Good Luck!!!

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Posted by DjPiLL

I betcha if you read the contract line for line... it will say something to the effect of 'approximate closing date'. No closing date written into any contract is ever set in stone. There are way too many variables to deal with (like the bank).

Closing and doing a rent-back is a possible solution to avoid losing a rate lock. Just keep in mind that if you do this, you legally become a landlord and you have to abide by all the tenant laws that your state governs you on.

Is your seller out now? Or are they still renting from you?

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They are out. At the closing we had the lawyer draw up papers that they must leave by the 30th of the month. It's all ours!!

Thanks for the advice everyone. The electrician is going today to update the electric in the extensions and the inspector still needs to come out to check that everything was done correctly by the electrician. Hopefully it will be done quickly.