However, depending on the contract the seller may not be able to legally cancel the sale. While it’s not usually in the best interest of the seller to walk away from the sale as they’d have to start the selling process all over again, they may want out if they believe can get a better offer, the negotiations got contentious, or they’re simply frustrated by the delay. Unfortunately, the seller could opt to cancel the sale altogether. While traditionally the earnest money deposit would be returned to you at closing, which you could then put towards the down payment or closing costs, in this scenario, your earnest money deposit will be nonrefundable. Your earnest money deposit, or your good faith money proving to the seller you have the funds to purchase the home, will be relinquished to the seller for all the trouble. This penalty shouldn’t cause you to fall spectacularly into debt, but the additional financial burden can make meeting the new closing deadline much more stressful. Typically, the per diem rate is one-thirtieth of the seller’s housing expenses. Once the closing date passes, the seller can choose to extend the closing deadline and charge you a per diem, or daily rate, not only for the inconvenience, but to cover the additional mortgage, tax, and insurance payments the seller still needs to make as a result of the postponed date. 5 Penalties for Missing Your Closing Date 1. Rather, you stand to face a penalty from the seller for the delay. And sending a nice fruit basket to the seller isn’t going to cut it. When the close date is missed, 9 out of 10 times it’s the buyer’s fault.
Whether the inspection reveals substantial damage, you have trouble obtaining homeowners insurance, or your financing falls through, all can cause you to miss your close date throwing a strain on the deal. But, it’s also during this time when your previous champagne-popping excitement can end quite abruptly. During this time buyers will get an inspection and finalize their financing with their lender. Once your offer is accepted, you typically have 30 to 45 days before your closing date.
You still have to make it through closing, where unfortunately, many buyers stumble before they can reach the finish line. So your offer was accepted by the seller? Congratulations! While it’s an exciting moment, you may want to hold off on popping the bubbly - the home isn’t quite yours just yet.
0 kommentar(er)
