What to do about a closing date that the seller won’t extend?

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What to do about a closing date that the seller won’t extend?

I am buying a new construction home in a development. I have been approved for a mortgage through a mortgage broker. The lender had set a tclosing date for the19th of this month but now is behind in processing and needs to make the closing with a sale date of next month. I have already paid in advance for some internal changes to the unit. The seller or developer refuses to extend the closing into next month but will extend to the 28th of this month. The lender seems to not be able to make that date. The seller says they will put the unit back on the market if the closing is not complete by the 28th. This purchase is through a county sponsored program at a reduced price. The seller would have the opportunity to put the unit back on the market at full price. I really need to move in.

Asked on December 15, 2012 under Real Estate Law, Virginia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Given the problems that you have written about as to the desired closing date of the unit that you wish to purchase, I suggest that you consult with a real estate attorney to review the purchase agreement to see what legal options that you may have.


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