Q: Seller stalled approx. 3 weeks. Now-because of the delay-we have to jump through a new set of hoops with the financing.
The changes to our financing will take approx. a month-it involves the IRS and there's no way around it. My question: Is it still the seller at fault here for the delay? Or, are we, the Buyers, now at fault? :(
A: It all depends on what is written in the contract for sale and purchase. Most have financing contingency clauses that have very specific timelines in order to perform certain tasks, Without seeing the agreement, it is virtually impossible to answer the question. The same goes for the Sellers stalling. Time is usually of the essence in these contracts, but again, I would have to see the actual agreement.
A:
It depends upon the written contract. It has time lines that apply.
I suggest you consult with a real estate attorney in your area if the seller makes a fuss about this new delay. Hopefully all will stay on track to get the closing done.
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