Deal falling apart, please help!

[Richard S.]

Looking for some advice. I am the buyer of an out-of-state SFR in a hot market. Home passed inspection, appraised right at the sales price. There were some title issues which took a few weeks to clear up, then the seller's LLC paperwork was out of order and wasn't resolved until the day after the scheduled close. It took another six days to get everything through underwriting and the bank set the close date 8 business days later (12 calendar days). Seller says the closing date should have been set a day or two after and is insisting on an unreasonable daily fee to cover his carry ($90/day, so a little less than $1000). This is just 6 business days away so if he walks, he'll go another 45-60 days to close with another buyer and I will be out inspection, appraisal fees as well as the property itself.

Is he being reasonable? Should I walk or pay?

[Steve Vaughan]

The delay was caused by the seller's LLC paperwork. Charge THEM a stupid delay fee! Are they serious? I'd say hell no and threaten specific performance if they don't sell as agreed @Richard S.

Is this a property in Cleveland?  Hope it's a good one!