Closing Blues...

[Ali Samana]

I am buying 2 units in CC as rental units. The closing date on the original contract was for June 1st, obviously that has come and gone. My realtor draged up the amendment to the original contract and sent it over to me. I signed and sent it over to him for the seller to sign. The seller (or her realtor) hand wrote the following statement on there:

"seller agrees to extend the closing date and earnest money is non-refundable if buyer backs-out."

Is this normal? I am not sure I want to agree to that. The new closing date is supposed to be 12 June. Should I reject it and take my risk losing this deal, or should I just accept and move on?

[Jon Holdman]

Lender means your lender? Meaning you're the one who couldn't close on the scheduled date and closing is delayed on your account? Then I think the clause is fair. A bank will typically charge you $100/day on a REO, so you would have a $1200 charge at closing for this delay.

If the seller prior to this time delayed getting you info that your lender was wanting, you should have requested the closing be adjusted at that time.