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Q. What if a buyer is not able to meet the closing date on the contract? The loan was held up by their lender. Ultimately, it's the lenders fault, but the buyers failed to follow-up with their lender to verify everything was in place.
On the flip side, if a buy submits an addendum to extend the closing date, can the seller deny it?
As far as I know (and I am not an attorney), any time one of the parties wants to amend the contract, the other party must agree. It cannot be changed unilaterally. That would apply to an extension of the closing date, one would think. However, in this buyers market, it would be hard to believe that a seller would not cooperate if it is just a matter of days before the sale could close. Otherwise, the seller could have to wait months or years to find another qualified buyer.
Not being able to meet the close date means negotiations need to take place. Even it the seller wanted to walk,it would self-defeating as the time frame to get a new buyer would be significantly longer than waiting out this buyer. It is very difficult for a seller to cancel an escrow. In California, as long as the buyer is doing everything possible to close the escrow, the seller has to wait them out or go through a lengthly process to try to rescind the contract. Even then, there are no promises. Now, I am sure this varies from state to state and even within the state, so check with your Realtor to find out your options. Here, there would be very few.
If the buyer has made every effort to close, but couldn't because of the delays in processing the loan, the buyer should ask for an extension. The seller can refuse, but that seems self-defeating especially in this market. Underwriter instructions/requirements/changes can delay processing the loan. This is not unusual.
Look at it this way....the extension could be for 1 or 2 weeks.
But by refusing to an extension, the contract could be cancelled, which may take another week to execute. The buyer may refuse the cancel. And this could drag on, and end up in mediation/arbitration/lawsuit. Nobody really wins in an adversarial situation.
Or the seller cancels, buyer agrees....then the seller starts marketing all over again, which could take even longer than the extension before another offer comes.
Or the seller can acquiesce to a reasonable period of time for the extension, and the escrow moves forward.
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