Bit of a long one so I’ll start off with a TLDR.
TL:DR – Unprepared seller estate and unresponsive agent have us wanting to back out of a deal, but it would effectively make us temporarily homeless.
Purchasing a home in a rural Texas town, currently renting an apt.
We made an offer on a estate home, vacant for a couple years, in late August. At that time, house had already been on market for over 30 days. Agent was to arrange inspection but forgot about it, had to scramble at the last minute, and we had 2 hours from the time we were handed the inspection report to make a decision on proceeding with the house. There were issues (small plumbing issue, garbage disposal not functional, one AC condenser unit dead) but we decided to move forward anyway.
Original closing date was Sep 30, but sellers were unprepared. My agent didn’t bother telling me that it was going to be missed, I had to contact the Title company directly so I could know to take off work or not. Agent only sent over an amended contract via email late in the day on the day of original close without explanation. We granted an extension until Oct 15.
I’ve just received word, again from the Title company, that they still have not received everything they need from the sellers so we won’t be making close this Friday. Over the weekend I was assured by my agent we were good to go despite the fact I drove to the house and they still have property there along with 3 cars that have not been moved.
At this point, the house has been on market for nearly 90 days and we have been under contract for 45. Sellers can’t get everything together by then? Can’t remove their property? We have not decided yet on next course of action. We can grant another extension but whats really the point, how much time could they possibly need to get ready to close?
Wifey (to be) is really dead set on the house – its huge and needs a lot of cosmetic renovation. She looks at it as a blank canvas. Personally I would like to grant an extension with the condition that the seller’s cover our closing cost. We were fairly generous in not asking for money back to cover the inspection issues and are now in a position where we are probably going to have to live in a construction zone. If we are lucky we’ll get the floors and walls done before we have to move in.
If the sellers balk then realistically we have no way to get into a home before move-out date. We don’t have enough cash to make a cash offer, just a standard 20% down – so any house we pick will have to go through mortgage process. There is also very little stock in this town, maybe 3 or 4 comparable homes, and those are sitting because they are overpriced by 15-20%. Apt lease is up at end of Oct, however I received a 1 month extension until Nov 30. Must be out by then, apt is rented out already for Dec 1.
Do you think I (we) would be justified in asking for closing costs with the ultimatum the deal would be off or am I just being petty? This has been the most stressful situation and I honestly cannot tell if anger towards both seller and my agent is clouding my judgement.