We just found out from our agent that the seller wants to push back closing from July 1 to July 27 because the tenant currently occupying the house is saying she cannot move out because she hasn’t found a new place to live. Rentals in the area have doubled in price since she signed her 2-year lease in 2019 so I imagine that’s part of the issue. She also has a high school kid and probably needs to stay in the school district.
She has known the house was for sale since at least February and our offer was accepted in mid April. We had already originally (in April) agreed to close on July 1 because the seller wanted to accommodate the tenant’s existing request to stay an extra month (her lease was originally up on May 31; they had extended to June 30).
Our 1-year lease on our apartment is up July 31 and besides that we already booked a painter, flooring guy, scheduled movers for July 15, etc.
The seller does have to pay us daily penalties starting one week after the original July 1 closing date.
I’m so upset and worried the tenant is just going to keep pushing and pushing her move-out date and that the seller will say to hell with it and default on the whole contract after 30 days past July 1.
We were so excited to finally get an offer accepted in this market and the seller otherwise has been really great. But we still don’t know how much leverage we have and whether we should be really worried about this.
If anyone has dealt with this or has advice/pointers (or words of comfort) we’d appreciate it.