Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated almost 8 years ago,
Any REAL recourse when a property doesn't close on time?
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?