Closing Delayed

15 years ago

We finally got a contract on our mobile home with land, and had a thirty day closing which suited us great. Then the day before closing, we found out that the lender decided they needed a survey (which they either hadn't realized or failed to tell the buyer/agent?)... so we delayed the closing in order to do that. Well, the survey was done about three weeks ago, we are now one month past our original closing date, and still no word. Is this normal? Should I be worried? We've been assured that all is going well and the lenders were simply waiting on this one thing before going to closing. But it's now been two months since we signed the contract, and I'm getting nervous. Any ideas what is going on? Thanks in advance!

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Comments (10)

lyfia
15 years ago
Do you have a realtor or attorney? What do they say?
AngieAnders
Original Author
15 years ago
My realtor just says we are waiting for the survey to be complete. I know, of course, that it should already be complete. I don't think my realtor knows exactly what is going on either. Is it typical to wait for a month on a survey delay?
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Anyone else having delays with home closing?
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Ohhhh, Pleeeeze!!!!! I thought my brother and I were going to kill each other!!! We have been waiting for a close on our mom's home (she has moved into an apartment) since the end of Feb.! The home had been on the market for what will be two years this Sept. The home is 60+ years old, needs updating, is on a main street and had been a combo Doctors office in the front and his private home in the back. We had a bunch of what we thought were low but acceptable offers at the begining, which endend up never going anywhere. For what ever reason, I guess it is just the market, we would have buyers make offers that we would accept, sign the non binding offer to purchase papers with a small refundable deposit and just sit back and wait for the market to continue to spiral downward and walk away for something more attractive!!!! And we had this happen 3 times! After price drop, and more price drops (almost $300K on a what started as a $700K home - the market just kept on dropping and dropping and we were trying to keep up with it) and getting a new REA, we finally had an offer that was acceptable to all in in Jan. '09. Soooooo, we went through inspection, did several repairs and then waited, and waited and waited for the buyer to get financing. He did not want to go the conventional route as he was trying to get a business loan for the property and there were lots of hoops he had to go through in order to get the loan. It was to take time and we understood that. Nothing seemed to be happening except the closing date being moved back every few weeks. April's closing came and went so we finally called our lawyer and told him to tell the buyer that he had one more week to get his financing in order or the home would go back on the market. We knew the buyer was very interested in the property so we gave him a first right of refusal. Then, Surprise! our lawyer got a call from the buyers' lawyer saying the buyer was just having too much trouble getting financing together and we should just put the house back on the market!!!! GEEEEEZ, Thanks!!! We did tag him for our lawyers fees but there was not much else we could do! We put it back on at the last price we listed in Jan. and got another offer immediately for more than the first buyer offered!! Our closing is now set for August and we are on top this daily. Just crossing our fingers. What is sad, though, is we have not been upfront with our elderly mom and don't want to upset her. On the other hand we listed our own home and had an accepted offer in 12 weeks, closing at the begining of Aug, and everything is going very smoothly. Let's hope it stays that way!!
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lyfia
15 years ago
Not where I'm at. I would be on my realtor to find out where things are really at as that is part of what I will be paying him/her for. Did you re-sign papers that pushed the closing out a month. Do you have a new closing date set? If so it might be a different story.
AngieAnders
Original Author
15 years ago
We did resign papers to extend the closing and the contract to the end of this month. No word on a closing date has been discussed. It's always "soon, soon, maybe this week".
barker_tx
15 years ago
we purchased a DW and a SW on 5 acres last year - our delay was getting an appraisal - not every appraiser can correctly appraise what we were purchasing - our closing ended up being two weeks later than originally planned, we were told "2 days from now" then "3 days from now", then
"tomorrow", etc..... for 2 weeks - the aggravating part was my DH was getting ready to start chemo/radiation and we had all kinds of stuff to deal with at the cancer center at the same time (along with me working full time) so yes, it was very frustrating.

I would call whoever is handling your side of this transaction (realtor, lawyer?) every day.

Carolyn
Carolyn
lyfia
15 years ago
I would ask your realtor to call the buyers realtor to find out what the deal is. If they don't have a realtor then have him contact the buyers and find out where things are at. Ie what is the hold-up.
AngieAnders
Original Author
15 years ago
Well, I heard from our REA today and now the lender is asking for a water test. I am baffled! Why at this late date, a month past our scheduled closing, would they suddenly decide they needed a water test? I am wondering how many more things they will pull out of their hats to delay this closing.

Our agent says the problem is with the lender, but she can't ethically call the lender herself to see what is going on. As far as we know, they intend to go ahead with the loan. I can't understand having a water test, when they waived an inspection. Maybe next they will ask for an inspection...
theroselvr
15 years ago
Angie, from what I learned when we sold, we had to have a water test even if they did not have an inspection and the seller paid for it. Ask your agent if it's something that is needed to close.

Do you have a well?
lyfia
15 years ago
Angie if you have a well I can understand the lender wanting this info. They want to make sure the property is habitable and may not have known about that until the survey showed it.
AngieAnders
Original Author
15 years ago
Yes, we do have a well. I guess that explains the latest delay, if the survey revealed that and they had not known about it. Thanks for helping me understand the workings of this!

Closing Delayed

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Closing Delayed

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