Closing in four days--Seller still showing apartment
I recently signed a contract for a Cobble Hill co-op unit. We are scheduled to close on Tuesday of next week. I just found out that even though we’re scheduled to close in 4 days, the seller has still not signed the contract (the “executed contract”). I was told that the seller will be signing…
I recently signed a contract for a Cobble Hill co-op unit. We are scheduled to close on Tuesday of next week. I just found out that even though we’re scheduled to close in 4 days, the seller has still not signed the contract (the “executed contract”). I was told that the seller will be signing the contract on Monday, the day before closing. I also just learned that the seller is having another open house this Sunday, just 2 days before we close.
I fully understand that a seller can and should continue to show his/her property until the buyer signs the contract, and for back-up offers, but in this case, I signed and returned the contract a while ago, and we’re supposed to be closing in a few days. Is this standard? Thank you.
So, did you close or what? Status update please!
my atty advised me not to have the walk-through on the same day as closing, as you will not have time to react if anything is wrong.
agree that co-ops do not even consider new purchasers without a contract. does this co-op have a board? have you been formally approved by it?
also, did your attorney do a lien search?
honestly, i would take your attys assurances with a grain of salt, and would call a second attorney for a reality check, as this is all very non-standard and i would be very concerned.
typically open houses cease only when the contract is signed. if you truly do not have a signed contract, then it is not surprising that they are still showing the apt.
OP, a “walk through” is not the same as an inspection.
An inspection is done by a professional engineer BEFORE you go to contract. If your attorney did not insist on this step for you, your attorney is not performing standard due diligence. Bring an engineer with you on the walk-through. It costs about $500 and is worth every penny. Don’t hire one that the attorney or broker recommends btw. Get your own. Look on Forum archives for recommendations of inspectors.
please report on what happens! hope it goes ok despite the weirdness.
Sorry, but your lawyer is a smuck, he shouldn’t have allowed it to get to this. I don’t blame you.
Nevertheless, I hope things do work out for you.
I love it blt14, the broker gets to keep their name out there at your expense…The possibility is still open for an offer to come in that trumps yours, but highly unlikely since you are sitting with cash and ready to close.
Hopefully at worst this will be a great learning experience for you, and your deal will go off without a hitch.
Please do let us know how everything turns out for you next week. Judging by the exceptional response rate for your post, seems like alot of people are concerned and pulling for you.
Cheers!
So, lawyer assures me everything is fine and that closing will proceed as scheduled. Says walk through can be morning of closing or night before. Attributes contract not being signed to holiday delays, sellers were away, etc. Speculates open house is more about broker keeping name out there more than anything else??? I wasn’t worried before because this lawyer came highly recommended. But after reading all your posts I am worried. I’ll have to see what happens next week. Thanks again for replies.
Actually, if you use a family lawyer, you don’t have to worry about your lawyer wanting the deal to go through in order to get paid. On the other hand, you have to put up with dealing with a family member.
I agree with those saying in Brooklyn real estate, everyone is working for the seller. That was our experience too. Even the buyer’s people are working for the seller, because everyone makes their money only if the deal goes through. So literally your only leverage at all as a buyer is to give deadlines and threaten to back out. If you are the only offer there’s no reason you can’t do that. Only when there are multiple offers do sellers have less ability to threaten to walk away. But one offer? Forget it, you’re the one with the power.
Did you do your inspection? I didn’t see it mentioned. Make sure you do an inspection. It’s not just for houses. Have the inspector tell you if he sees any major repairs in the co-op’s near future, because you will be helping pay for it. Like if he thinks the boiler will need to be replaced for the whole building within the next few years, or new roof, things like that.