Q: New construction home how much time is considered reasonable notice to delay closing by the builder?
We were informed on Feb2 our closing date was feb 26 and final walk thru Feb 19. Additionally we were told to order the appraisal and secure our loan for the purchase date of Feb 26
The appraiser completed the appraisal and we secured our loan with a 38 day lock and submitted our 30 day notice to vacate our apartment on Feb 15
On feb 18- notified us they were canceling the walk thru and having to push our closing to April 1. The reason for delay was back ordered items and weather, but these were known factors the week prior, (bad weather was predicted and they still insisted the date would not change) when we had confirmed the walk thru/closing dates on Feb 12
Because of the delay, we will be with out housing for 2 weeks, we will loose the loan rate that expires on March 12 (given the climate of rates puts us at a disadvantage) , and we have to order another appraisal.
Do we have any recourse and is there any expectation of a reasonable notice to a buyer to delay closing?
A: I would have to read your contract with the builder to be able to fully answer this question, but I suspect that it is silent on it. Generally, reasonableness is determined on a case-by-case basis and is a question for the jury.
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