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MShore
MShore, Attorney
Category: Legal
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Experience:  Negotiate, Draft, and Review many complex commercial agreements each year.
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We have been under contract to sell our home since 5/11/11.

Customer Question

We have been under contract to sell our home since 5/11/11. Two closing dates have past already and we don't have a new one. The buyers are going through USDA. Everything is suppose to be at the lenders now. The buyers realtor did not do a very good job of representing the buyer. The water test was not done right and finally came in on Friday. It's suppose to have a 48-72 hour turn around time, which should have been up today. How much longer should it be before closing and do I have any legal rights? We were orginally suppose to close on 6/7/11. We have been kept out of the loop. We moved out of our home last week because the 2nd closing date was suppose to be 6/23/11. We are currently living in extended stay and all of our stuff is in storage. We have an offer on another house but cannot go forward because we still have not be given a time frame for closing. Is there anything we can do?
Submitted: 2 years ago.
Category: Legal
Expert:  MShore replied 2 years ago.
Thank you for the post, I am happy to assist you by answering your questions. IS the delay due to any fault of the buyer?
Customer: replied 2 years ago.
I'm not sure the water test was not ordered with the inspection so that caused the delay. Not sure what else as we have not been in the loop so much.
Expert:  MShore replied 2 years ago.
ok, are you past the due diligence period? If so, you can cancel the sale and keep the earnest money deposit (provided the contract does not grant the buyer an extension of the due diligence period or you waive your right to cancel for extension of the due diligence period). Please let me know if you have any follow up questions.
Customer: replied 2 years ago.
Relist: Other.
I wanted to know what could be done to complete closing
Expert:  MShore replied 2 years ago.
To complete closing, you have the option of threatening to file suit against the seller for specific performance (moving forward towards closing) if the seller's negligence contributed towards the delay. In the alternative, if the seller's broker has been negligent and this is the reason for the delay, you can report the broker to the real estate commission with the object of a threat of suspension of the broker's license would compel the broker to move more swiftly towards closing.For your reference see http://www.ncrec.state.nc.us/forms/rec401.pdf

Please let me know if you have any follow up questions.
Customer: replied 2 years ago.
I am the seller it's the buyer and his agent that did not complete the appraisal within the due dilegence period. Nor did they order the required water test for USDA loans until the second closing period. We do not have a closing date as of yet. This has been going on since 5/11/11. This is also the second contract we have had with this person. The first he had to back out of due to his bebt to income ratio. We have moved out of the home and are living in a extended stay at 75.00/night. We have a storage unit at 250.00 / mth. We have also place a 1000.00 of ernest money on a home that we are scheduled to close on contingency of the other house selling. We will lose our due dillegence money of 200.00 and apprasial fee of 475.00 if we are unable to close. We made the offer on the new house based on information that this house would be closing by 6/23/10 the original closing was 6/10/11. As of today we don't have a closing date at all. Do we have any options?

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