HELP - Closing going on 4 months! - Posted by Kaitlyn

import · September 13, 2003, 7:04pm

Posted by simplydone on September 13, 2003 at 19:53:28:

why has the purchase & sales allowed a 4 month window? if the P&S is expired - and the buyers are still interested, have them put more earnest money down!! and give them a new deadline to perform on - or lose it

import · September 13, 2003, 7:04pm

Posted by Kaitlyn on September 13, 2003 at 19:04:42:

Hello All,

My mom has contracted to sell her 4 family house in New York City, (June 2003). The buyers were supposed “investors” who signed the contract to buy.

Now its September and the bank still has not given us a closing date! We called our attorney who said we have the mortgage commitment - just no set closing date.

We DESPERATELY need the money (lots of bills, new rents due, plus mortgage due).

The house is worth $380K, my mom contracted to sell for $360K.

Is there anything we can do to make them close soon???
In the event the closing does not take place, what can we do to obtain immediate cash ($15K)?

My mom has good credit, but will now have a late mortgage payment because of this delay. Also, she does not have a job nor files taxes.

Thanks so much for your helpful suggestions.

Kait