Can Buyer delay closing due to COVID-19

Can Buyer delay closing due to COVID-19

Member since 2020 · 7 posts · 0 votes

Hi,

My home closing is on April 29th and builder finished drywall and they are working on finishing rest of the things.

My lender is asking all the documents(paystub, bank statements, w2) again as the older documents are no longer valid as I signed the contract few months back.

I paid $7500 earnest money to Lennar homes

Now I would like to delay my closing for some time due to job uncertainty, 

I would like to ask them to delay for a month? Should we pay penalty? Any suggestions please.

Atlanta has now shelter in place rule, but still builders are working to close on April 27th, does the rule apply to them?

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  • Member since 2020 · 7 posts · 0 votes
    6y

    Just now I received construction update email from builder saying they finished

    Interior:

    • Tile Installed
    • Cabinets installed
    • Trim installs today
    • We will begin doing mechanical trims next week (electrical, plumbing, HVAC)
    • Countertops will go in next week as well

    Exterior:

    • Brick is finished
    • Porches will begin next week
    • Underground gas lines have been ran.
  • Member since 2019 · 87 posts · 54 votes
    6y

    Hi Vineel,

    I would first reach out to Lennar and ask them. You probably have force majeure language in your contract that can potentially give you some breathing room. If you don't get encouraging feedback from Lennar I would consult with a real estate attorney. They will need to review your contract.

  • Rental Property Investor · North Palm Beach, FL · Member since 2018 · 2k+ posts · 1k+ votes
    6y

    @Vineel Kumar

    Contact your real estate attorney. Delayed closings and price reductions are very common over the last 2 weeks.

  • Member since 2020 · 7 posts · 0 votes
    6y

    Thanks Yoni and Charles for your suggestions!!

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