The buyer has requested extensions up until this point and has requested another extension this week. The original closing date was 1/31, then 2/9, then 2/16 now it is 2/21. Closings usually happen when the loan is ready to fund. Sellers can protect themselves against repeated postponements by making the new date “time of the essence.” If the buyer misses the rescheduled date, he will be liable for penalties and the seller can cancel the deal. The buyer may have to pay additional costs, depending on when the extension was requested; - for example, if the extension is requested on the closing … You Could Face a Per Diem Hello, I am selling my house and it is under contract and we had a closing date of July 17, 2017, but that was changed to July 26, 2017 because the buyer wanted to go with another lender to get a better interest rate on their loan, so I(agreed) to move it and signed the extension. 5 Penalties for Missing Your Closing Date 1. A reasonable extension may be anywhere between 10 and 30 … I'm supposed to close on a house tomorrow. We are beginning to run out of patience and wanted to see if we could walk away. When buyers are doing everything they can to make a deadline in the contract, or the closing date, but are delayed for conditions beyond their control, they are doing what they agreed to do. With no contract, both parties are free to walk away. We had loan approval with conditions. Setting a specific date … And sending a nice fruit basket to the seller isn’t going to cut it. Rather, you stand to face a penalty from the seller for the delay. It really is rare for a seller to not extend IME when the date is so close to closing. Sent paperwork in for all conditions by 2/16, then it went back then we got more conditions. Question. Hi r/RealEstate, We are 3 months into our contract and have not been able to close. I’m in escrow, and the sale of my home is due to close later this week.The purchase contract includes a financing contingency, which basically says that if the buyer doesn’t line up a loan on the terms he hoped for, he can back out at the last minute.He was actually preapproved for a loan, and I understand this is a normal contract term, so I wasn’t worried about it. Once a buyer and seller have agreed on the price for a house, they sign a purchase contract that outlines the terms of the deal and includes a closing date. When the close date is missed, 9 out of 10 times it’s the buyer’s fault. However, some states, and indeed some contracts, give the buyer a "reasonable" extension of the closing date before either party can kill the deal. An extension is a written addendum to the contract that establishes a new closing date two or three weeks in the future. 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