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Updated over 13 years ago,
Delayed closing, losing money by day!?
I am buying a quadruplex that takes in $2400 in rent a month. Original closing was set for the 12th but do to appraisal/inspection delays it has been pushed back to the 20th, maybe 21st.
The closing was pushed back because on the day of the appraisal/inspection (a Friday), the seller's plumber had an emergency and had to cancel the AM appt to put in a new water heater. The seller was slow in getting another plumber out there and needless to say the 10 AM appraisal/inspection was pushed back until 5:30PM... not enough time for the appraiser to get the paperwork in and thus the underwriters didn't get moving until the next monday...
Further delays are due to I don't know what, I am starting to get pissed at my loan officer for not answering my questions as thoroughly as before.
My question is that since I will be credited a prorated rent for the month of June, am I literally losing $80/day ($2400/30days) by having the closing date pushed back? From my calculations, this amounts to as much as $720.
If so, any recourse in getting this credited back to me?