Legal ways for seller to delay closing for 6 days

[rctjbo]

Colorado . . . I need to delay closing on the sale of my current home by 6 days in order to take advantage of the new $6500 tax credit when I purchase my next home. Buyer is not willing to grant delay even though I gave them 2 extensions when they ran into problems on their sale & financing (which, ironically, pushed them into the timeframe where they will now get the $6500 tax credit when they complete the purchase of my home). Is there a way for me to stall the closing process for 6 days - claim undue hardship? Get the flu? Break a leg?

I do not believe the buyers have any serious reasons for not granting the delay - they are just frustrated by the long process (on their sale & finance) and anxious to get into their "new" home in time to unpack and celebarte Thanksgiving.

Thanks

 

[CraigFL]

How about splitting your $6500 with then for the extra time? Remember, it could be a burden on them too...

 

[JETX]

Is there a way for me to stall the closing process for 6 days - claim undue hardship? Get the flu? Break a leg?

No, no and no.

 

[rctjbo]

How about splitting your $6500 with then for the extra time? Remember, it could be a burden on them too...

Don't think it's any serious burden for buyer - just convenience. Split $6500? - no I've already given them enough concessions.

Talking to an attorney today . . . thanks

 

[nextwife]

Can't you close with your buyers, pay in a hefty "escrow to guaranty occupancy" to the title company and a per diem equivilant to their daily cost of owning and close on your purchase in 6 days (if the buyers agree to delayed occupancy)? Or close, move out for a few days into a Residence INN, and close on the purchase in 6 days? Lots of people move out earlier than the date of the replacement house availablity.

To get the credit, isn't it the date you BUY that's the important date?

 

[rctjbo]

Can't you close with your buyers, pay in a hefty "escrow to guaranty occupancy" to the title company and a per diem equivilant to their daily cost of owning and close on your purchase in 6 days (if the buyers agree to delayed occupancy)? Or close, move out for a few days into a Residence INN, and close on the purchase in 6 days? Lots of people move out earlier than the date of the replacement house availablity.

To get the credit, isn't it the date you BUY that's the important date?

I have no purchase at this point; going to find temporary quarters for a month or two.

To qualify for the tax credit when I do purchase (within the next couple of months) I have to meet the IRS' ownership & use test on the house I'm selling. To qualify I must continue to own & use this house until Nov 19, 2009. Prior to the new stimulus amendment signed into law on Nov 6 I had agreed to close on Nov 13 (a little shy of my qualification date); the buyer is refusing to delay and I'm trying to figure out how to unilaterally cause that to happen. Thanks for your input.

 

[Zigner]

I have no purchase at this point; going to find temporary quarters for a month or two.

To qualify for the tax credit when I do purchase (within the next couple of months) I have to meet the IRS' ownership & use test on the house I'm selling. To qualify I must continue to own & use this house until Nov 19, 2009. Prior to the new stimulus amendment signed into law on Nov 6 I had agreed to close on Nov 13 (a little shy of my qualification date); the buyer is refusing to delay and I'm trying to figure out how to unilaterally cause that to happen. Thanks for your input.

As you were told...offer $3,000

 

[LeeHarveyBlotto]

the buyer is refusing to delay and I'm trying to figure out how to unilaterally cause that to happen.

There's no legal slight of hand that gets you what you want without the risk of the deal falling apart.

 

[rctjbo]

As you were told...offer $3,000

Maybe I'll start a little lower - let you know what happens; the buyer still hasn't closed on their house sale; who knows, maybe his closing will stall again and the shoe will be on the other foot (one can only hope).

thanks for the input.