delays on closing sale of home

What is the name of your state? California

I accepted an offer to sell my home on nov 16 2002. I had stipulated that i could not move until 1-13-03 due to waiting for my new home to be completed. the buyer agreed, On 1-13-03 the sale did not close because the buyer had changed lenders and was in the process of finalizing another loan which was not complete. as of 1-21-03 the sale has still not closed. how long do I have to wait? My new home is complete and I cannot move due to a promise of a down payment financed by the sale of my current home. I continually get a closing date of another "day or two"

[HomeGuru]

[quote]Originally posted by rocknroll54
[b]What is the name of your state? California

I accepted an offer to sell my home on nov 16 2002. I had stipulated that i could not move until 1-13-03 due to waiting for my new home to be completed. the buyer agreed, On 1-13-03 the sale did not close because the buyer had changed lenders and was in the process of finalizing another loan which was not complete. as of 1-21-03 the sale has still not closed. how long do I have to wait? My new home is complete and I cannot move due to a promise of a down payment financed by the sale of my current home. I continually get a closing date of another "day or two"

**A: read your contract. There is a contractual date for closing and then there is a reality closing date. You or your agent should be requesting a financing update on a daily basis with the lender.

I have read it and see a couple of dates. The original purchase agreement says Jan 8. This date was given as an approximation by the buyers agent. My agent wrote down what I asked for which was a close of Jan 13 with me vacating the property within 72 hours. My agent is speaking with the buyers agent and the title company on a daily basis to make sure things are moving. I have had to cancel movers and am unable to reschedule without a firm date. This will put me in a tight spot on the 72 hour vacate when this actually happens.

[HomeGuru]

Keep on rocking.

Well here is an amusing update. I called the buyers mtge co. They told me that the buyer actually obtained 2 different mortgages on the same property at the same time. This is due to her not cancelling the the process of the first one before going out and seeking another with a supposed better rate. Both loans somehow came through and they will not release the funds until they are done cancelling one. Something about this could constitute mortgage fraud,whatever that is. They tell me that the buyer will be able to sign her papers on Friday which gets me my funds wired by Monday. More wait and see I guess.

[HomeGuru]

Let us know next week.

Meant to get back sooner but no internet access during move. Buyer finally came through after a 2 week delay and sale went through. Realtor told me I could nix the deal but since I had a new home builder waiting for funds from the sale I was in the position of just having to wait.
Me cancelling the deal due to buyer missing close date would have netted me her whopping deposit of $1000 and the chance to start the sale process all over again. Seems like once you enter into a sales contarct in California the buyer holds all the cards. If I ever do this agin I will ask for a large deposit written into the contract to act as buyer motivation.

[HomeGuru]

Thanks for the update.