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We recently bid on a house and agreed to pay full asking price. We made some minor changes to the contact, which were all agreed to by the sellers attorney, signed the contract and then returned. It has been three weeks and the seller has still not signed. The seller is elderly andfrom what we understand, still wants to sell us the house, just not yet. We have no time frame on when they are going to sign the contract. The closing date was supposed to be in three more weeks. What can we do? Our mortgage rate lock is going to expire son Arghh! Thank you.
We recently bid on a house and agreed to pay full asking price. We made some minor changes to the contact, which were all agreed to by the sellers attorney, signed the contract and then returned. It has been three weeks and the seller has still not signed. The seller is elderly andfrom what we understand, still wants to sell us the house, just not yet. We have no time frame on when they are going to sign the contract. The closing date was supposed to be in three more weeks. What can we do? Our mortgage rate lock is going to expire son Arghh! Thank you.
Well if there's no timeframe, he/she technically doesn't have to rush to sign it. Why didn't you put a timeframe on it?
So basically you are not in contract if she never signed it. Did you give a down payment? I would have a back-up plan and still search for other homes. I am surprised that your attorney did not press the other attorney for her to sign. They could have included in the contract that seller can close at her comfort from such and such a date to let's say a year from the date of contract. I would be nervous. What reason does she give for not wanting to sign the contract. I woud assume that if you actually go to closing without her signature, none of the terms that she TOLD YOU she agree to would she actually have to commit to. This could mean repairs and so on. Yikers. I am interested in other people's take on this situation.
Unless the seller signs you are not "under contract".
As someone said start looking for other houses and tell these people that if they do not sign before XX date you are taking your offer back. If you paid a downpayment then ask for the check refunding it.
I thought I might have the same issue on a house, there were multiple contracts out.
I pretty much put a condition to my offer that the seller sign the contracts within 24hrs from when I return the contracts. Thankfully the seller was on the up and up anyway and intended/did sign the contracts
Have your attorney press for signed, as said before, you really don't have anything until the seller signed contracts
We recently bid on a house and agreed to pay full asking price. We made some minor changes to the contact, which were all agreed to by the sellers attorney, signed the contract and then returned. It has been three weeks and the seller has still not signed. The seller is elderly andfrom what we understand, still wants to sell us the house, just not yet. We have no time frame on when they are going to sign the contract. The closing date was supposed to be in three more weeks. What can we do? Our mortgage rate lock is going to expire son Arghh! Thank you.
I think you need a new attorney.
Nothing closes in 6 weeks from buyer's signature on contract on Long Island. More like 12 weeks or more from when contract has both signatures.
How can you have a closing date if the contract was never signed by the seller?
If you needed to attempt to close so fast, why didn't your attorney put a timeframe on the contract presented to the seller?
Get rid of that attorney and find a competent one. This is ridiculous.
As for the part where the seller "wants to sell us the house, just not yet" I would say it sounds like they are not motivated to sell until they are darn good and ready and expect you to wait as long as it takes for who knows what:
(a) them to get accepted to senior housing
(b) them to make sure that your offer is the absolute highest received
(c) them to have a move-in date on what they are buying
etc. etc. etc.
Forget this house. Apply for another interest rate. Start over. Use a competent attorney because if this one told you you could close in 6 weeks from when you signed the contract, they obviously don't have experience as a real estate attorney on LI.
If the seller is refusing to sign there is not much that you can do except wait or walk away. If I were you I would have your attorney fax a letter to their attorney that states that if you do not have a signed contract withing x days you are withdrawing your offer.
If the seller is refusing to sign there is not much that you can do except wait or walk away. If I were you I would have your attorney fax a letter to their attorney that states that if you do not have a signed contract withing x days you are withdrawing your offer.
Exactly!
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