Closing Date

What is the name of your state? Louisiana

I'm selling my home and the contract was signed for a closing on 26 June...contract was signed 60 days ago. Now the title company is telling me that the mortgage company may not be ready by the 26th due to the number of mortgages they have to process. They are saying that the closing date may now be as late as 15 July. This affects me in two ways:
1. Interest continues to accrue on my home loan which will cut into my already small profit margin.
2. I need to have this sale completed before I can buy another home. Had to move my entire home into storage until I can get into another.

Real Estate agent states there's nothing I can do, that basically the additional interest accrued will have to be paid by me. Do I have the right to have the mortgage company pay this additional interest to me at closing since the delay is simply due to their poor management?

Thanks.

[HomeGuru]

Originally posted by dloyd
What is the name of your state? Louisiana

I'm selling my home and the contract was signed for a closing on 26 June...contract was signed 60 days ago. Now the title company is telling me that the mortgage company may not be ready by the 26th due to the number of mortgages they have to process. They are saying that the closing date may now be as late as 15 July. This affects me in two ways:
1. Interest continues to accrue on my home loan which will cut into my already small profit margin.
2. I need to have this sale completed before I can buy another home. Had to move my entire home into storage until I can get into another.

Real Estate agent states there's nothing I can do, that basically the additional interest accrued will have to be paid by me. Do I have the right to have the mortgage company pay this additional interest to me at closing since the delay is simply due to their poor management?

Thanks.

**A: read your contract for extension and time is of the essence closing provisions. I have 8 transactions that I am working on that are beyond the closing date not due to poor management but due to the times. Due to the real estate market conditions and the low interest rates, the appraisers and lender's are swamped and cannot perform in a timely manner. In my area an appraisal takes 45 days to complete and the lender needs the appraisal to complete underwriting.

Thanks for the response. The appraisal was done about four weeks ago though, so it must be something else.

[HomeGuru]

Originally posted by dloyd
Thanks for the response. The appraisal was done about four weeks ago though, so it must be something else.

**A: contact your mortgage lender and see what the delay is.