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Updated about 8 years ago on .

User Stats

226
Posts
97
Votes
Kalimah Jenkins
  • Investor
  • Marietta, GA
97
Votes |
226
Posts

Any REAL recourse when a property doesn't close on time?

Kalimah Jenkins
  • Investor
  • Marietta, GA
Posted
I am selling a property to a buy and hold investor and accepted a reduced price for a "time is of the essence" quick closing. I just learned that we won't close on the stated date because the purchasing agent didn't get the contract and escrow to their attorney for 6 days after we went binding. So, the title is not back in time to close. There will be a couple of days delay. My question is do I have any real recourse? Should I complain to the agent's broker? It is literally the only reason we cannot close. I was also using the funds to close another deal and now don't have those funds available. I can still close the other deal so it's more of an irritant but as I stated, I accepted less for a quick close. What would you do?