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Updated about 9 years ago,
I'd really appreciate some advice on closing delays on our first
I would love some advice. We are in the middle of our first two properties. I should have already have closed on the first one. The other is right on track to close this week.
The unit had recently been remodeled and was empty when we saw it. We put an offer in that was not taken. The seller took another offer. That deal fell apart and our agent called right away and we put a cash offer in again which was accepted. We disapproved one of the tenants. Rather than cancel the contract the seller agreed to get him out. Paper work was redone that the unit must be vacant before purchase. The seller assured he would be out.
Our agent gave a window for closing that extended the original date out if necessary. Since it had just been inspected for the party with the previous offer or on it I got the same inspector. Basically we got the report and he went back with me to make sure the small items were cured. The tenant refused to let us in to the scheduled inspection. Seller provided proof of payment and billing from the contractor that did the work.
The seller had made an agreement with him to be out by the closing date. Then there was an excuse he couldn't move because of a health issue and couldn't physically do it. Landlord offered moving services at no charge.
I do not think the seller is going to have this tenant out before the extended closing date we offered. If it passes that date we will be going into the cold weather season soon and people just don't move if it can be helped. We do not want to get stuck with an empty unit for the winter. The original date would have had it rented before school started.
I am obviously not a seasoned investor and have only bought my personal homes. Am I being unreasonable by refusing to go past the extended closing date on this property? As far as I am understanding the contact I am within rights to break it at that point and get our earnest $ back. I've got to talk to my agent about this yet. Any advice???