Ifa seller delays closing, how does the buyerget them to pay for any increase in the finance rate?
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Ifa seller delays closing, how does the buyerget them to pay for any increase in the finance rate?
My wife an I are under contract and are trying to close on a house. There are some seller title issues (divorce lawsuit and mechanics lien on the seller’s property). These all has delayed the closing by over 30 days. We “should” close in approximately 2 weeks but our low-interest mortgage financing expires in a few days. How do we get the seller to pay for this percentage increase since it appears unlikely that bank will extend this rate any further? By contract, we have the option of walking away, but we really want this property.
Asked on October 9, 2010 under Real Estate Law, Florida
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Technically, you may not be able to. Your contract controls and it looks as if your onlylegal recourse is to walk from the deal (this is a quite typical provision). But as a practical matter, perhaps given the poor real estate market you may be able to negotiate a reduction in the purchase price. You should run this by your attorney if you have one; if not, you should see one and for an hour or so of their time they can help walk you through some options.
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