AimeeM Posted December 20, 2016 Share Posted December 20, 2016 (edited) Thanks everyone! Edited December 20, 2016 by AimeeM Quote Link to comment Share on other sites More sharing options...
Guest Posted December 20, 2016 Share Posted December 20, 2016 Ugh. I'm not sure I understand all the issues, but my efforts at this point would be on finding a way to reduce the stress for your mom. Real estate law is pretty dang specialized, and to me, it seems that your mom has not had an agent who has advocated for her. If they delay the closing date, THEY should bear some of the consequences of that change, and a good agent would have made sure that was the case. However, it is too late to change horses in midstream. So what I would do is find a place for your mom to land for a week, or whatever, where she can hole up and be comfortable while she is in limbo. It need not cost a ton of money, but having a PLAN can take the stress way down. Her stuff can be stored for a couple of weeks. I'm sorry that this didn't all work out. I hate this stuff. I hate it so bad that I don't think I will ever sell a home I am living in...it's just too much to deal with. Quote Link to comment Share on other sites More sharing options...
AimeeM Posted December 20, 2016 Author Share Posted December 20, 2016 She really can't just store her things. Against advice, the loan she secured was such that she isn't able to use ANY credit until after she closes on her new house and clears up her credit (complicated and I don't really understand it - but to me it sounded like she took out more of a home loan than she could actually afford) and to store her entire household would cost... well, thousands, especially since it would have to be moved by a moving truck (and, again, finding someone to move it on Christmas weekend isn't something I can imagine as even possible), stored, then moved again. Quote Link to comment Share on other sites More sharing options...
fraidycat Posted December 20, 2016 Share Posted December 20, 2016 I think your Mom needs to contact a real estate lawyer. Since the buyers missed their original close date, I would think she should have some say in when the new one is, if at all. I really don't know the legalities of it, but I wouldn't just go off of what her RE agent is saying - due to the fact that the agent is probably hoping for a nice fat Christmas commission check. Your mom is just as capable of saying SHE needs 8 more days just as they buyers did. Quote Link to comment Share on other sites More sharing options...
Guest Posted December 20, 2016 Share Posted December 20, 2016 She really can't just store her things. Against advice, the loan she secured was such that she isn't able to use ANY credit until after she closes on her new house and clears up her credit (complicated and I don't really understand it - but to me it sounded like she took out more of a home loan than she could actually afford) and to store her entire household would cost... well, thousands, especially since it would have to be moved by a moving truck (and, again, finding someone to move it on Christmas weekend isn't something I can imagine as even possible), stored, then moved again. Ugh. I'm sorry. Is there any way you can front her the money for storage/rental until after closure? Please don't answer...Im not prying...just trying to find a solution. We have had movers on holidays as not everyone has a lovely life where holidays hold any sentiment at all. :0/ I've had to deal with this, and I am sorry for all the sadness represented in ALL of this. Quote Link to comment Share on other sites More sharing options...
AimeeM Posted December 20, 2016 Author Share Posted December 20, 2016 (edited) Ugh. I'm sorry. Is there any way you can front her the money for storage/rental until after closure? Please don't answer...Im not prying...just trying to find a solution. We have had movers on holidays as not everyone has a lovely life where holidays hold any sentiment at all. :0/ I've had to deal with this, and I am sorry for all the sadness represented in ALL of this. I don't mind answering. It'll help me sort through things. The idea of carrying the costs for an as-yet-to-be-determined amount of time is... very daunting. I think if we knew that the sale and buy were definitely going through, it wouldn't feel that way. Edited December 20, 2016 by AimeeM Quote Link to comment Share on other sites More sharing options...
Seasider Posted December 20, 2016 Share Posted December 20, 2016 Her realtor needs to go toe-to-toe with the buyers' agent and make sure that they are actually going to be able to close. She needs to be able to tell your mom specifically what is causing the delay - nothing nebulous. Make sure the buyers are not changing things simply due to their personal cost/convenience issues. Their offer to buy is a legal contract with specific dictates. If they can't close on the scheduled date, but your mom could, they owe her some reassurance that the are good for the sale and won't leave her hanging. Her agent should be representing her interests and communicating more effectively with her. If they aren't meeting the terms of the contract, they could be found to be in breech, nothing is a "done deal" until all parties sign on the dotted lines. What does the sales contract specifically spell out about delayed closings? FWIW, it is not uncommon for a closing date to be changed, and that often inconveniences everyone. IME real estate transactions are blind to holidays (except federal banking ones). But I still say her realtor should be giving her more detailed reasons for the change. 3 Quote Link to comment Share on other sites More sharing options...
TranquilMind Posted December 20, 2016 Share Posted December 20, 2016 Time for some hardcore negotiating. That Realtor or your mom (or you) need to figure out if she is tied to a nonperforming buyer first. Your mom did get an approval letter, right? Call that mortgage lender and state that you are the Seller and need to know if this buyer can close by the deadline? The contract must have a deadline for closing. Have they missed it already? If so, they can only renegotiate dates at your mom's consent. You also need to know the closing deadline for the house she is buying. This could be a mess if she doesn't have plenty of time. No one will close on Saturday/Christmas Eve. She needs to get demanding and state that since the closing date was missed, she will be staying in her home for (pick time period) past closing. And this closing needs to happen on Friday, period. Get it done. And get all agreements in writing in an Addendum to the Purchase Agreement. I've rarely had a closing where I haven't had to handle everything myself and keep it on track. I've usually had to get pretty aggressive too. 3 Quote Link to comment Share on other sites More sharing options...
AimeeM Posted December 20, 2016 Author Share Posted December 20, 2016 Her realtor needs to go toe-to-toe with the buyers' agent and make sure that they are actually going to be able to close. She needs to be able to tell your mom specifically what is causing the delay - nothing nebulous. Make sure the buyers are not changing things simply due to their personal cost/convenience issues. Their offer to buy is a legal contract with specific dictates. If they can't close on the scheduled date, but your mom could, they owe her some reassurance that the are good for the sale and won't leave her hanging. Her agent should be representing her interests and communicating more effectively with her. If they aren't meeting the terms of the contract, they could be found to be in breech, nothing is a "done deal" until all parties sign on the dotted lines. What does the sales contract specifically spell out about delayed closings? FWIW, it is not uncommon for a closing date to be changed, and that often inconveniences everyone. IME real estate transactions are blind to holidays (except federal banking ones). But I still say her realtor should be giving her more detailed reasons for the change. Her real estate agent is not even a little bit helpful. We advised her to try to get out of that contract shortly after she listed with her. I can't go into more detail about the realtor issue, but to say that asking her realtor to do anything is pointless. I'm not sure what her contract says about delayed closings. Quote Link to comment Share on other sites More sharing options...
Seasider Posted December 20, 2016 Share Posted December 20, 2016 Time for some hardcore negotiating. That Realtor or your mom (or you) need to figure out if she is tied to a nonperforming buyer first. Your mom did get an approval letter, right? Call that mortgage lender and state that you are the Seller and need to know if this buyer can close by the deadline? The contract must have a deadline for closing. Have they missed it already? If so, they can only renegotiate dates at your mom's consent. You also need to know the closing deadline for the house she is buying. This could be a mess if she doesn't have plenty of time. No one will close on Saturday/Christmas Eve. She needs to get demanding and state that since the closing date was missed, she will be staying in her home for (pick time period) past closing. And this closing needs to happen on Friday, period. Get it done. And get all agreements in writing in an Addendum to the Purchase Agreement. I've rarely had a closing where I haven't had to handle everything myself and keep it on track. I've usually had to get pretty aggressive too. Yes to all this, even the last bit. I've had a couple of great agents, but many that I've had to shepherd along to get things done in a timely fashion. Quote Link to comment Share on other sites More sharing options...
Seasider Posted December 20, 2016 Share Posted December 20, 2016 Her real estate agent is not even a little bit helpful. We advised her to try to get out of that contract shortly after she listed with her. I can't go into more detail about the realtor issue, but to say that asking her realtor to do anything is pointless. I'm not sure what her contract says about delayed closings. Can you go over the agent's head to the broker s/he works under? 4 Quote Link to comment Share on other sites More sharing options...
Guest Posted December 20, 2016 Share Posted December 20, 2016 Her real estate agent is not even a little bit helpful. We advised her to try to get out of that contract shortly after she listed with her. I can't go into more detail about the realtor issue, but to say that asking her realtor to do anything is pointless. I'm not sure what her contract says about delayed closings. Is her realtor the BROKER or a minion? If not the broker, go to the broker to get some spine on this. Quote Link to comment Share on other sites More sharing options...
AimeeM Posted December 20, 2016 Author Share Posted December 20, 2016 (edited) Time for some hardcore negotiating. That Realtor or your mom (or you) need to figure out if she is tied to a nonperforming buyer first. Your mom did get an approval letter, right? Call that mortgage lender and state that you are the Seller and need to know if this buyer can close by the deadline? The contract must have a deadline for closing. Have they missed it already? If so, they can only renegotiate dates at your mom's consent. You also need to know the closing deadline for the house she is buying. This could be a mess if she doesn't have plenty of time. No one will close on Saturday/Christmas Eve. She needs to get demanding and state that since the closing date was missed, she will be staying in her home for (pick time period) past closing. And this closing needs to happen on Friday, period. Get it done. And get all agreements in writing in an Addendum to the Purchase Agreement. I've rarely had a closing where I haven't had to handle everything myself and keep it on track. I've usually had to get pretty aggressive too. The realtor isn't going to be helpful at all. She's part of the issue, imo. I have no clue what my mother received or didn't, in terms of an approval letter, but I know that they had a set close date (with the closing attorney) for last week that was postponed by the buyer. They didn't renegotiate another close date - they just sent Mother an email stating that an additional 8 days was needed. She may have consented and just not told me, though, without really thinking through dates and logistics. I do not have the authority, from her, to call on her behalf. Edited December 20, 2016 by AimeeM Quote Link to comment Share on other sites More sharing options...
AimeeM Posted December 20, 2016 Author Share Posted December 20, 2016 Is her realtor the BROKER or a minion? If not the broker, go to the broker to get some spine on this. A minion, I believe. We've advised her to go higher up. And not only recently. Quote Link to comment Share on other sites More sharing options...
AimeeM Posted December 20, 2016 Author Share Posted December 20, 2016 Can you go over the agent's head to the broker s/he works under? I can't (haven't the authority to do so on her behalf). We've advised her to. Weeks ago. Quote Link to comment Share on other sites More sharing options...
Seasider Posted December 20, 2016 Share Posted December 20, 2016 Is the buyer a friend of the agent's? I hate it when that happens... Quote Link to comment Share on other sites More sharing options...
AimeeM Posted December 20, 2016 Author Share Posted December 20, 2016 Is the buyer a friend of the agent's? I hate it when that happens... I think it's more that the buyer's agent is a friend of Mother's agent. But I would imagine the issues are the same as they would be if it were the buyers themselves :P 1 Quote Link to comment Share on other sites More sharing options...
zoobie Posted December 20, 2016 Share Posted December 20, 2016 If your mother isn't going to take your advice and won't give you authority to act in her steed, then stop trying. You're only frustrating yourself and spinning your wheels. Mmhmm her, redirect her back to the authority she's chosen, and change the subject: "wow, sounds like something to ask your realtor about. So, I'm thinking ham for Christmas. Any particular sides you want?" We have had to do that with family members who won't take legal advice despite asking for it and the core issue being our expertise. It is really difficult to let it go. 6 Quote Link to comment Share on other sites More sharing options...
Happy Posted December 20, 2016 Share Posted December 20, 2016 I'm late to the party and I no longer see your original post, but I am a Realtor. If you want to PM me with any questions, I'd be happy to tell you of my experiences with delayed closings. A lender is usually at the root of a delay. 1 Quote Link to comment Share on other sites More sharing options...
TranquilMind Posted December 20, 2016 Share Posted December 20, 2016 The realtor isn't going to be helpful at all. She's part of the issue, imo. I have no clue what my mother received or didn't, in terms of an approval letter, but I know that they had a set close date (with the closing attorney) for last week that was postponed by the buyer. They didn't renegotiate another close date - they just sent Mother an email stating that an additional 8 days was needed. She may have consented and just not told me, though, without really thinking through dates and logistics. I do not have the authority, from her, to call on her behalf. Ask her. I don't know how your mom is, but I needed to nudge mine along to make things happen as she got older. 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.