In NC, if you are getting a loan, the buyer automatically gets to extend closing 15 extra days past the original closing date if the delay is due to the lender/bank and not caused by the buyer. At a minimum, there would be a delay in closing so the new position can be verified and possibly 30 days of pay stubs on the new job. Buyer contingencies could prevent both parties from closing the deal. As you can see, issues can fall on both the buying and selling side to delay closing. The term “legitimate” itself would need more analysis. In Colorado where I work, closing dates are firm and contractual unless both parties agree to an extension. If the buyer misses closing, what happens next is determined by case law and convention in the relevant state. The buyer missing the closing date due to loan processing can be minimized or eliminated with buyers who have secured pre-approval. Might not be the same in ALL states. Fixed Closing Date. Closing sales takes time, energy and effort. When the property is under contract, it is the seller’s responsibility to ensure the mortgage is paid. Westcoe Realtors suggest that the buyer release a portion of his deposit money absolutely, such that the seller is entitled to keep it if the buyer fails to close on the new closing date. In cases where the buyer has not been pre-approved, several complications could arise that could delay closing, such as making amends to negative credit reports, or struggling to obtain significant down payments. Your realtor calls the realtor for the Seller to canvas the possibility of an extended closing…. Tulips grace spring gardens with large, colorful flowers as long as the succulent bulbs don't attract unwanted attention from rodent pests. Personal issues can also delay a closing… After funds for the sale have transferred, this could be much harder to accomplish. This date may be rather arbitrary, but a tentative 30, 60 or 90 day closing date could be set and when the actual closing date can be set, then an addendum to your purchase contract can be drawn and signed by both you and the seller. A program like HomeLight Cash Offer might help you meet the seller in the middle, presenting a cash offer but still allowing you to finance the purchase as the buyer. The buyer agreed to a deal wherein they stated they would be paying cash; this is most likely what got them under contract. Your buyers are about to close on a vacant house and must be out of their current property no later than the end of the month. So, as a buyer you can use a longer settlement period to plan post settlement renovations if necessary. When a Homebuyer Wants to Delay Closing. ready to go. With a little cooperation between the buyer and seller, it's easy to work things out and make sure the You have a home of your own that you are trying to sell but for any one of a number of reasons, either the home hasn’t sold or you can’t get a closing date that coincides with the one for your new purchase. "If the buyer no longer wants to purchase this home, they might ask their attorney to try to negotiate to cancel the contract with as … There are tons of reasons why a mortgage is denied after a pre-approval is issued, but none make the delay in closing any easier for a seller. In sales the buyer wants to delay closing the deal or delivery is common. Must I give my buyer a closing extension? In the majority of cases nobody is trying to slow down or delay the closing on purpose. Obviously the amendment could be done without the $90 per day, but atleast it gives the buyer and buyer's agent notice that your seller doesn't intend to wait around for them to get their financing on track. This can happen because for one, the buyer wants the rights to their entire property, and also because the title and the boundary lines might not match up.