Updated over 9 years ago on . Most recent reply
extended closing times
Hello everyone, I really could use some advice on closings in general and specifically here in NY/NJ. I live in NJ but own a house I am selling in NY. We have been in closing since mid November and we are going into our 3 1/2 month closing and now they are asking for another extension into March which could bring us into 4 months. There are limited funds in my account for this house ( I don't want to have to dip into my personal funds ) and we have continued to give the extensions reluctantly when they have asked but now I feel the other party should pick up the costs going forward... why should we continue to pick up the cost of our mortgage and heat and such through no fault of ours. Heres the dilema. MY attorney is saying we can't back out of the deal because it's not her fault (the person getting the mortgage) it is the bank. Does anybody have enough legal experiance to know if this sounds right to you? isn't it that every time you make changes to a contract ie: extend the closing, you are ASKING for that consession. The lawyer says I would be in breach of contract to back out now.
Thank you for reading my post any help is greatly appreciated!