We Have A Contract On A Home Seller Changed The Closing Date 3 Times In 2 Months I Don

When purchasing a home, can the seller change the closing date after the contract has been signed?

No, not unless you agree to it. Your Realtor should be taking care
of this and calling you when anything like this comes up. Don't just let them do this to you.

Can I change my lender after I have got the contract signed ?

First, who issued the "approved" letter?

If it was the people you're dealing with now, you may not even qualify with someone else.

An approved letter is issued today to very few people and then only to people who MEET A PARTICULAR companies lending guidelines. Just because you meet their guidelines doesn't mean you can satisfy another lenders standards.

And, if you're still in negotiations and your current lender finds you're "looking", it may cause problems since they're putting their money up.

But, more important, if you don't have stellar credit, 680 or higher, you can forget about turning over your mortgage until it's at least 2 years old with a perfect payment history, All your credit paid in full and on time.

Any bobbles or misses with on time payments will kill your ability to get a better rate.

A credit rating is a valuable asset to have today. And money is just money. You may not have enough cash but if you've got credit, it's yours.

John

Question about Closing Date Changes?

You need to be up front about that with your lender and the seller.
You need to make sure your lender has everything needed, and that they are ready to close as scheduled.
Until you have loan approval, mortgage commitment, closing is NOT actually scheduled.
READ your contract, the closing date is not a date certain, but says on or about X date.

Can seller back out if closing date not met?

The previous answer, while true, is a little harsh. You are absolutely bound to this contract with your earnest money if you do not meet your closing date, unless your contract has a "loan approval, or loan conditions" deadline that has not passed yet. If by that date you submit in writing your are canceling the contract because your loan didn't go through, you will get your earnest money back.

Your inspection money is gone, unless you can ask the seller's realtor to ask any new buyers (if the owner keeps it on the market) if they will buy your inspection (let's say for half) and avoid getting their own.

What is the reason you can not close, I guess that is the biggest tell all of how to handle the situation.

What happens when a home seller doesnt show up to closing but there is a contract in place?

He would be in breach of the contract. You can sue for specific performance and hold him responsible for all your costs incurred as a result of his failure to complete the contract.

Easy solution--Ask an attorney to write a letter describing what I just said (he'll know details) and send it to seller BEFORE the closing, asap. Seller will get the hint you are not playing around and he can be responsible for some big expenses.

What happens if you dont make your closing date?

Sorry about your job situation. It's getting tough out there. Look at your purchase contract VERY CAREFULLY in the DEFAULT section pertaining to the buyer. That will spell out what you can lose - typically, the entire good faith deposit - but there are exemptions from this, and only if you have NOT already passed the drop dead date. The contract should give some criteria that will allow you, the buyer, to legitimately back out of the deal, although your loan has already been approved, and that is the most common reason to void the contract. Anyway, look at it TODAY. If you are unsure, call your realtor, call your lawyer, but do it TODAY, or you could lose your whole deposit. If you are already past the date of no return, you could have your realtor or lawyer contact the Seller's attorney to explain the situation, and see if they can mitigate damages for you. If the property has only been off the market for a short period of time (with an August closing that sounds likely), and sales are popping in the neighborhood, they may be willing to let you out of the contract and put the house immediately back on the market. If the local market is slow, they may fight you for the whole deposit. It all depends on what the contract says under DEFAULT for the buyer.

What to do if Seller will not move out after closing?

My advice is to talk to your agent. You can even ask him to get his broker evolved. If you have not signed a disclosure allowing the seller to stay for two more weeks after the close of escrow, you can have them kicked out.

However, I think the best way would be either have your agent to talk their agent explaining your saturation and let them know why they have to leave when the escrow closes.

You can also make up a deal with the seller and your current landlord. Charge the seller for a month or two weeks rent and get a one month extension from your leasing office by explaining the situation.

How many days notice am I entitled to when closing date is changed?

We are buying a home, and the original closing date was March 12th. That date had to be moved due to some last minute paperwork issues, but we were given a couple of weeks notice, and that was fine. Now the closing date is the 21st of this month. We are packing, getting garbage service ready, getting our homeowners insurance, a PO box, etc. We were told by our realtor this morning that the attorney is "trying" to get everything done by that date, but he has two other big closings to do before ours.

We are 4 days before closing!! The addendum signed by all parties states that closing is "to be March 21st or earlier if all documents are ready". So my question is this: How much notice are we entitled to if they change the date yet again? Can they call us the day before closing and change it?

This is so frustrating!!! (If it matters any....we live in Illinois)