TRID and Inflexible Sellers -- Deal Blowing Up

[Brian Kraft]

Man, today has been frustrating. I'm supposed to close on the purchase of a duplex in Aurora, Colorado this Friday, but my lender dropped a bombshell on me today. I'm fully approved, but they are saying the red tape that is TRID has caused them to have to push things back by 1 day. One day--no big deal, right? Well, the sellers are straight up refusing to move the closing date by one day. They understand it can't happen the day we had hoped, but they clearly want the deal to blow up for--who knows exactly what reasons. And, to make matters worse--I don't have a leg to stand on because it's my side that can't perform and come to the table with the loan and we're already past the loan objection deadline. Fantastic. They could technically not sell to me and also take off with my $5,000 EM--plus I'd be out inspector, appraisal, etc costs--not to mention an inordinate amount of time that I and others here on BP have put into this deal.

So, the latest idea is--if I can come to the table with all cash, we can close on Friday, and I can then refi in a few weeks. The lender is on board with that plan. The only issue is--I don't have that cash (I'm bringing $90k, but it's the remaining ~$200k that I was getting a conventional loan on). There's a couple folks I personally know that may (??) be willing to loan me the money on such short terms (1-3 weeks is what the refi lender is telling me), but I'm not super hopeful.

I'm wondering if anyone has any thoughts about how to make this work in some way. I'd really appreciate any ideas you may have to share. Feel free to post here or also feel free to PM me. Thanks!  

[Patrick Connell]

You need to send an email to your lender telling them that they NEED to close on time or nobody is getting paid, including them.

If they can't move it up by 24 hours then they are a horrible lender, TRID or not. Get in their *** and tell them to make it happen, otherwise the deal is dead, they don't get paid, you won't be working with them again, and sharing your experience with others.

It'll happen, you just gotta push.

The other question I have is, are the closing dates on your state contracts a hardline "time is of the essence" clause or if one party can close reasonably close to the close date you're still ok. In Texas, we have a closing date on our contract, but if the buyer ends up being a day or two late, seller still can't just end the Deal and take the EM.