Delayed Closing due to Seller demand letter...options?
Hello All,
Currently at the end of escrow on our first REI. Everything was smooth sailing. Great interest rate and funding - check. Inspections - check. Documents signed by us - check. Wired our down payment - check! Loan ready to funded - check! Loan funded - STILL WAITING! Apparently seller's escrow company requested the demand letter for payoff over a week ago and they "usually get it in 24-48 hours". However, it's being said that someone in the office may have contracted COVID so now everything is backed logged. I feel for the situation, but now I'm faced with my great interest rate expiring by close of day tomorrow. This ultimately effects my bottom line and depending on a new interest rate, could cost me thousands of $$ over the term of the loan, not to mention every day I can't get into the unit to do needed upgrades to get a renter and my first payment is due 8/1. I've been in contact with my agent, who is wonderful and helpful. I just wanted to reach out to other on BP to see other perspectives of my options? Since this could ultimately be a change in my funding "change in interest rate terms", could I all together terminate the sale? Any input and perspectives appreciated.