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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 41555
Experience:  Texas Attorney for 30 years dealing in real estate
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My closing was to be today, 15 August. My agent just

Customer Question

My closing was to be today, 15 August. My agent just informed thr closing is being delayed because of paperwork delays by mortgage co.; back to underwriting for review.
I am seller in Hawaii, buyer purportedly here also ready to move in upon closely.
All household goods, and Mail forwarded (including critical meds) what recourse do I have?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Hawaii.
JA: Have you talked to a lawyer yet?
Customer: No. Didn't have a reason to. Should I?
JA: Anything else you think the lawyer should know?
Customer: Original date was July 29th. For timing reasons, both buyer and, I (seller) agreed to 15th August. Agent dual representation. Sight unseen, all paperwork (?) completed.
Almost daily assured by agent of going fine.Termite and inspections complete. It is a VA loan.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.

Hi and welcome to JA. Ray here to help you tonight.

If buyer here could not close you can keep earnest money here and relist it here as contract expired.You are not obligated to another extension.If you agree to it here the buyer ought to compensate you say $75 a day until it closes and a final date to close here.Again thats your option here , you can keep the earnest money and walk away since the loan has not closed and the deal has not been completed.

You can also ask for more that $75 a day to sign another extension, you negotiate this , it is your call.VA loans are notoriously problematic and commonly delayed here.If you seek a new buyer don't agree to a sale with another VA buyer here.

I appreciate the chance to help you tonight.Either you get more money here form buyer to extend or take the earnest money and move on to a new seller.Those are the options here.