Delay in Home Closing. How do I Stop the Panic?
December 11, 2013 6:12 AM Subscribe
In appears, due to a combination of factors, we are short the necessary funds needed to close on our home purchase, scheduled for this Friday at noon. What can I do to smooth this situation over with the sellers and myriad of volunteers slated to help us move on Saturday and ease my own massive anxiety on having to delay the closing?
posted by theBigRedKittyPurrs to Law & Government (21 answers total) 2 users marked this as a favorite
In order to cover the 20% down and closing costs we accepted a gift from one of Mr. theBRKP siblings and sold some stock. However, Mr. theBRKP refused to sell the stock until we received the results of the home appraisal. Which was ordered late and over the Thanksgiving holiday, causing a delay.
It is now two days before close and the check from the sale of the stock is still in the mail. Because we are putting down a substantial sum of money, we cannot bring a cashier's check to the close. The funds must be wired into the settlement account before COB on Thursday.
We cannot take an advance on the credit card, as this would tank the sale immediately, even though we would be able to write a check to pay off the card on Monday. We cannot accept additional gift funds, as those funds need to be documented and cleared by the underwriter before closing.
The sellers are very elderly, have been stressed out by this process and will most likely panic when they learn that we are temporarily short the funds. Our agent, who was apprised of this potential development last week (and said she was not going to panic until it was time to panic), is currently unavailable until late Thursday, as she is attending her mother's funeral.
I have considered offering the sellers some money to allow us to move into the home on Saturday as planned (the sellers vacated the home on Tuesday). With the money would come any documentation they would need to see in order to ease their fears that we are trying to steal their home. Could I do this directly with the sellers? And how do I manage the explosions that will erupt from our moving helpers if we can't move this weekend as planned?
We are in PA. Please hope me?