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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Choosing the closing date of escrow... Posted by Ward-CA- on June 28, 2002 at 6:54 PM In Reply to: close of escrow posted by gonzalo on June 27, 2002 at 11:14 AM : Mr Ward, I am about to close on a property, however there is a problem. On the Contract signed by me and the buyer, it says that "close of escrow shall occur on June 27". Well, it happens that today is June 27, and my buyer's lender still have not gotten the loan documents ready for closing, and so we won't be able to close today. Since the lender is friends with the Buyer, I am a litle concerned that they might be doing that on porpose so that when july 1st payment comes due for my mortgage, I will pay it instead of my buyer. From what I understand this would reduce me profits. However I might be wrong. Pherhaps that is something that would come out of my procceeds anyway. Is there a way I can prevent that from happening in the future? Perhaps by puting a contingency? Like saying that if we don't close by that date, then the price of the property goes up by whatever my mortgage payment is? Is that a good Idea? Your imput is very appreciated : Gonzalo ===================== The picking of closing dates is done to minimize the amount of money needed up front to close a deal. It won't result in one side getting a better deal than what was agreed upon. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Mr Ward, I am about to close on a property, however there is a problem. On the Contract signed by me and the buyer, it says that "close of escrow shall occur on June 27". Well, it happens that today is June 27, and my buyer's lender still have not gotten the loan documents ready for closing, and so we won't be able to close today. Since the lender is friends with the Buyer, I am a litle concerned that they might be doing that on porpose so that when july 1st payment comes due for my mortgage, I will pay it instead of my buyer. From what I understand this would reduce me profits. However I might be wrong. Pherhaps that is something that would come out of my procceeds anyway. Is there a way I can prevent that from happening in the future? Perhaps by puting a contingency? Like saying that if we don't close by that date, then the price of the property goes up by whatever my mortgage payment is? Is that a good Idea? Your imput is very appreciated : : Gonzalo : ===================== : The picking of closing dates is done to minimize the amount of money needed up front to close a deal. It won't result in one side getting a better deal than what was agreed upon. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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