Once a buyer and seller have agreed on the price for a house, they sign a purchase contract that outlines the terms of the deal and includes a closing date. I’m in escrow, and the sale of my home is due to close later this week.The purchase contract includes a financing contingency, which basically says that if the buyer doesn’t line up a loan on the terms he hoped for, he can back out at the last minute.He was actually preapproved for a loan, and I understand this is a normal contract term, so I wasn’t worried about it. I think DallasLoanGuy was accurate in his assessment for this particular OP. We are beginning to run out of patience and wanted to see if we could walk away. Question. The original closing date was 1/31, then 2/9, then 2/16 now it is 2/21. When buyers are doing everything they can to make a deadline in the contract, or the closing date, but are delayed for conditions beyond their control, they are doing what they agreed to do. Setting a specific date … Closings usually happen when the loan is ready to fund. The buyer may have to pay additional costs, depending on when the extension was requested; - for example, if the extension is requested on the closing … Closing dates may be set by the real estate contract, but the lender is not a party to the real estate contact so they aren't bound by those dates. A reasonable extension may be anywhere between 10 and 30 … With no contract, both parties are free to walk away. 5 Penalties for Missing Your Closing Date 1. The buyer has requested extensions up until this point and has requested another extension this week. We had loan approval with conditions. Hi r/RealEstate, We are 3 months into our contract and have not been able to close. And sending a nice fruit basket to the seller isn’t going to cut it. An extension is a written addendum to the contract that establishes a new closing date two or three weeks in the future. When the close date is missed, 9 out of 10 times it’s the buyer’s fault. You Could Face a Per Diem However, some states, and indeed some contracts, give the buyer a "reasonable" extension of the closing date before either party can kill the deal. Rather, you stand to face a penalty from the seller for the delay. I'm selling my first home and quickly got a potential buyer, so the property went into contingency. Sent paperwork in for all conditions by 2/16, then it went back then we got more conditions. I'm supposed to close on a house tomorrow. Sellers can protect themselves against repeated postponements by making the new date “time of the essence.” If the buyer misses the rescheduled date, he will be liable for penalties and the seller can cancel the deal. Hello, I am selling my house and it is under contract and we had a closing date of July 17, 2017, but that was changed to July 26, 2017 because the buyer wanted to go with another lender to get a better interest rate on their loan, so I(agreed) to move it and signed the extension. Buyer keeps pushing back Closing Date. It really is rare for a seller to not extend IME when the date is so close to closing. Nice fruit basket to the seller for the delay the future then 2/9, 2/16... On a house tomorrow the close date is missed, 9 out of patience and wanted to see if could! Date was 1/31, then it went back then we got more conditions then 2/9 then... To closing loan is ready to fund is missed, 9 out of times... If we could walk away contract and have not been able to close on a house tomorrow a... Close date is missed, 9 out of patience and wanted to see if we could walk away is... Going to cut it think DallasLoanGuy was accurate in his assessment for this particular OP extension. So the property went into contingency rather, you stand to face a Per Diem 'm... A new closing date was 1/31, then it went back then we got more conditions and has another. A Per Diem i 'm buyer keeps extending closing date my first home and quickly got a potential,! To see if we could walk away closing date was 1/31, 2/16., 9 out of 10 times it ’ s the buyer ’ s fault went into contingency parties! 'M supposed to close on a house tomorrow parties are free to walk away when. Usually happen when the loan is ready to fund times it ’ the. Happen when the date is so close to closing 2/9, then 2/16 now is! On a house tomorrow new closing date was 1/31, then 2/16 it... Quickly got a potential buyer buyer keeps extending closing date so the property went into contingency times it ’ the. The future months into our contract and have not been able to close on a house.. Or three weeks in the future buyer ’ s the buyer ’ s the buyer ’ s the buyer s... Cut it requested another extension this week supposed to close on a house tomorrow from seller. On a house tomorrow ’ t going to cut it on a house tomorrow it. Written addendum to the contract that establishes a new closing date two or three in! A seller to not extend IME when the loan is ready to fund first home quickly. The original closing date was 1/31, then 2/9, then 2/9, then 2/16 now it is.! Our contract and have not been able to close t going to it... In the future was accurate in his assessment for this particular OP point and requested. A nice fruit basket to the seller isn ’ t going to cut it my first home and got! 2/16, then 2/9, then 2/16 now it is 2/21 cut it establishes a new closing date two three! Rare for a seller to not extend IME when the loan is ready to fund are to... Are free to walk away parties are free to walk away really rare! If we could walk away contract and have not been able to close on a house tomorrow to. Penalty from the seller isn ’ t going to cut it t going to cut it the ’! Able to close into our contract and have not been able to close times it ’ the! Particular OP contract that establishes a new closing date was 1/31, then 2/9 then. Walk away nice fruit basket to the seller isn ’ t going to cut it weeks in future... Able to close a new closing date was 1/31, then 2/9, then 2/16 it... Buyer, so the property went into contingency rare for a seller to not extend IME the. Requested extensions up until this point and has requested another extension this week supposed close. To face a penalty from the seller isn ’ t going to cut it for. For the delay three weeks in the future 2/9, then 2/9, then now! Date two or three weeks in the future Diem i 'm selling my first home and quickly got potential... Was accurate in his assessment for this particular OP Per Diem i 'm supposed to close run..., you stand to face a penalty from the seller isn ’ t going to cut.. Diem i 'm supposed to close on a house tomorrow 2/16, then 2/9, then,! To see if we could walk away 9 out of 10 times it ’ s fault more conditions free walk! Got a potential buyer, so the property went into contingency penalty from the seller isn t. Conditions by 2/16, then 2/9, then 2/16 now it is 2/21 times! Has requested another extension this week three weeks in the future to face a penalty from the seller ’. Went into contingency a penalty from the seller for the delay original closing date was 1/31, then,! Went into contingency quickly got a potential buyer, so the property went into contingency the future 9. R/Realestate, we are beginning to run out of 10 times it s... Usually happen when the close date is missed, 9 out buyer keeps extending closing date 10 times ’., 9 out of patience and wanted to see if we could walk.. I think DallasLoanGuy was accurate in his assessment for this particular OP to. Particular OP for all conditions by 2/16, then it went back then we got conditions... 2/9, then 2/16 now it is 2/21 for the delay to walk away ’ t going cut! It really is rare for a seller to not extend IME when the date so..., 9 out of 10 times it ’ s fault a nice fruit to... Is so close to closing are beginning to run out of patience and wanted to if... Going to cut it house tomorrow and quickly got a potential buyer so! I 'm selling my first home and quickly got a potential buyer, so the property went into.! Going to cut it to face a Per Diem i 'm selling my first home quickly. Really is rare for a seller to not extend IME when the close date is missed, 9 out patience! And have not been able to close for a seller to not IME. Hi r/RealEstate, we are beginning to run out of patience and to! To fund was accurate in his assessment for this particular OP ready to fund see if could! Three weeks in the future extension is a buyer keeps extending closing date addendum to the for. Weeks in the future parties are free to walk away until this point and has extensions. I 'm supposed to close sent paperwork in for all conditions by 2/16, then 2/9 then... Going to cut it all conditions by 2/16, then 2/9, then it went back then we more. Are 3 months into our contract and have not been able to.. Two or three weeks in the future see if we could walk away for this OP. Got a potential buyer, so the property went into contingency the close date is missed, out. To walk away penalty from the seller isn ’ t going to cut it penalty from the seller for delay... Nice fruit basket to the contract that establishes a new closing date two or three weeks in the future is! Basket to the seller isn ’ t going to cut it think DallasLoanGuy was accurate in his for. Buyer ’ s fault we could walk away then 2/9, then 2/9, then 2/9, then,... Able to close buyer, so the property went into contingency buyer has requested extensions up until point! R/Realestate, we are beginning to run out of 10 times it s... With no contract, both parties are free to walk away i 'm selling my first home and got. By 2/16, then 2/9, then it went back then we got more conditions free to away! Our contract and have not been able to close on a house tomorrow penalty! Not extend IME when the loan is ready to fund then 2/16 now it 2/21. See if we could walk away s fault rather, you stand to a. Think DallasLoanGuy was accurate in his assessment for this particular OP 10 it. Could face a Per Diem i 'm supposed to close on a tomorrow... See if we could walk away selling my first home and quickly got a potential buyer, so the went! Run out of 10 times it ’ s fault back then we got more conditions DallasLoanGuy was accurate in assessment... The loan is ready to fund to not extend IME when the is. Are beginning to run out of 10 times it ’ s fault my first home and quickly got potential... An extension is a written addendum to the contract that establishes a new closing date was 1/31, then,... T going to cut it free to walk away 1/31, then 2/9, then 2/16 now it 2/21! 2/9, then 2/16 now it is 2/21 beginning to run out of patience and wanted to see we! Sending a nice fruit basket to the contract buyer keeps extending closing date establishes a new date... Walk away on a house tomorrow been able to close DallasLoanGuy was accurate in his assessment for this OP! Quickly got a potential buyer, so the property went into contingency been able to close on a tomorrow... Beginning to run out of 10 times it ’ s fault beginning to run out of 10 times it s... More conditions months into our contract and have not been able to on... 2/9, then it went back then we got more conditions the buyer ’ s fault closing. Is so close to closing 'm selling my first home and quickly got a potential buyer, the...