As a cooperative and prepared buyer, how worried do I have to be that the purchase agreement will expire tomorrow and we still don’t have a closing date?
I am attempting to purchase a home in Maine. We signed a purchase agreement in February, with a closing date on or by April 30. The contract also includes an additional 30 days after April 30 for seller delays. The clock is running out on this purchase agreement.
Although this purchase was a bit of an impulse buy (long story) I’ve been ready to close since February. Financing is set and closing costs are ready to go. I did make one critical mistake and didn’t get my own realtor. That’s why I’m on the Internet looking for advice.
The seller is building a new property, and that home isn’t ready. The builder has kept stringing them along. They’ve been told that the new property would be ready on April 30, then May 14, then May 31, and now “most likely some time in June”. This means that the closing date keeps getting pushed. We almost closed once, but the realtors offer was to close, allow the sellers to stay there rent free until their new property was ready, without any written vacate agreement. That was a hard pass for us. Since then, the realtor has completely ghosted us.
If we don’t have an addendum to extend the purchase agreement before it expires, where does this leave me? I want this house and I’m willing to put up a fight for it. I know the seller and I can easily call the seller if necessary. The seller wants to move, but doesn’t want to deal with transitional housing arrangements due to health issues. I am sympathetic to the buyer and have no problems signing an addendum for an additional sixty days. At some point though, I’m going to buy and and take possession of that home at the price I negotiated in February.
Any advice will help.