Extending closing date - Can seller drop me for someone else?

**Brisco** · 03-12-2008, 08:16 PM

Nevermind my fault.

**JJohnson1985** · 03-12-2008, 08:53 PM

FHA loans have less strict guidelines than conventional I believe. So how were you denied an FHA and granted a conventional? Are you with the same lender?

I believe to answer (or not really answer) your question, you have to read the contract. Sorry I'm not any help.

**carlam** · 03-13-2008, 03:01 AM

The answer is yes the seller may "drop" you if you can not meet the contract closing date. However, in this market it is probably unlikely, unless they have a potential buyer in the wings. You need to file an extension and have it signed by the seller. They may come back with a request for a non-refundable deposit in case you can not close in the extended time period. Make sure you allow a little extra wiggle room to get the loan process completed in time allowed. Use verbage like: "Requesting extension of closing date to on/or before (date)." Count business days, not days on calendar since banks don't work weekends.

**Mike Taylor** · 03-13-2008, 05:13 AM

Obviously it is impossible to tell you without reading the contract, but my guess would be yes the seller can drop you and keep your earnest money. However, in this market the seller would be nuts not to give you 10 more days.

**Greg** · 03-14-2008, 02:05 PM

It depends on where you are and what your contract says. In NC closing dates are not carved in stone and if the buyer can prove they are trying to close the seller can not cancel the contract.

I had one that went 3 months over the deadline.