When you are buying or selling a Spring Texas house, your life evolves around the closing date. For weeks you have been coordinating schedules. You set a date for the movers. You lined up a babysitter for the kids. You scheduled time off from work. You called the utility companies to establish service. You are ready to go. You are just waiting on the closing date to arrive.
Then BOOM out of nowhere and just three days before the closing date, your lender says “your loan has not met all of the final loan conditions and we can’t give your loan the clear to close until it does”. Translation – we will not be closing your loan on time. But why is your loan not closing on time? You gave the lender every document he requested as soon as you possibly could. And last week your lender told you everything was on schedule.
As a Spring Texas Realtor, I have heard more excuses from lenders than the kid who forgot his homework. Heck, some of the kid’s excuses are more believable than the ones I receive from the lenders. Lenders will tell you they will do their best to meet your closing date but they will NOT guarantee it.
So what happens, when due to no fault of your own, you can’t meet the closing date? In Spring Texas, the sellers can either agree to extend the real estate contract’s closing date, sue for specific performance, or terminate the contract and receive your earnest money as liquidated damages. The best option for you would be for the sellers to extend the closing date but the sellers do NOT have to extend the closing date. They may be fed up with your lender’s lame excuses and decide to take your earnest money and put their house back on the Spring Texas real estate market.
How many excuses does a lender have for not closing on time? An infinite number – a quantity without end.
We entrusted Jill Wente with the sale of our current home and purchase of a new home. From the beginning... read moreWe entrusted Jill Wente with the sale of our current home and purchase of a new home. From the beginning she was extremely up front and honest about exactly what we would need to do to get our house sold. We had an incredibly tight timeline, that she explained would be difficult to make - but she helped us make it happen and our house was under contract in 2 days! She had recommendations for all our home repair needs and they were all professional and fairly priced. She worked hard to really sell our offer for our new home - she was able to pull off the tight timeline, securing a rent back from our old house so we had time to move out, and a contingency for our new home. Definitely exceeded our expectations. She was so helpful along the way - as first time home sellers we really relied on her and we feel lucky to have worked with her! You will not regret working with Jill! read less