Can a seller refuse to extend closing date?

The seller could also refuse to extend the closing date, and the whole deal could fall through. In a best-case scenario, the seller could simply agree to extend the closing date with no penalty. After all, if the deal doesn’t close, the seller will also have to start all over again.

Why would a seller ask for an extension?

In today’s market, it’s often difficult for buyers to remove their financing contingencies on time unless they are paying all cash and don’t need to go through the rigors of mortgage underwriting. Due to no fault of the buyers, they often need to ask the sellers for an extension in order to satisfy a contingency.

What to do if seller delays closing?

If the seller has not complied with the contract and continues to delay, hire a real estate lawyers to file a lawsuit against them. Ask for specific performance of the contract so the seller is forced to comply with the contract and so you can take both legal and equitable ownership.

What happens when a seller defaults?

If a seller defaults in any way, you, as the buyer, have similar options. You can sue for monetary damages for breach of contract, termination of the contract and return of the deposit (and possible repayment of expenses), and/or specific performance — in other words, forcing the completion of the sale.

What happens when a seller refuses to close?

If the seller backs out for a reason that isn’t provided by the contract, the buyer can take the seller to court and force the home sale. The seller may have to pay the buyer’s legal fees and court costs. The buyer’s escrow money is also returned, with interest.

What happens if a seller refuses to give you an extension?

But, standing on principle could result in a dead deal. If you won’t grant an extension because a seller refused to grant you one in a previous transaction, you could find your home is back on the market. Buyers have a choice. They don’t have to buy your house, no matter how much they like it.

Should you ask the seller to fix something after a home inspection?

If you could have identified the repair when you first walked through the home, it’s not a good idea to request the seller fix it after the home inspection. You knew about the peeling paint in the kitchen when you made the offer and the seller expected that you factored that minor flaw into your offer price.

Can a buyer use a home inspector to renegotiate a contract?

Buyers commonly attempt to use the home inspector’s findings to renegotiate their purchase agreements. They typically ask the seller to reduce the sale price or make repairs. Sellers are under no obligation to make concessions, and if they refuse to alter the original contract, the buyer may back out.

How long does it take to get a home inspection back?

Usually, the 5-10 business days allowed in the contract includes both conducting the inspection and requesting any repairs in writing. In a buyers market, buyers sometimes have more time, but in a sellers market, they usually have to act quickly. Should sellers attend the home inspection?