Are they going to close us on time?

[scarah]

What is the name of your state? Delaware

The first part of my question is looking for those of you that seem to have a lot of experience buying and selling a home. The second is a legal question.

To answer two questions that I know will be brought up (I've read through enough of this board!); we are using a Realtor and a lawyer.

We are set to close on a house this coming Tues, the 16th. We are using the same mortgage company that we used for our previous home because we had a really good experience with them, though in another state. We started the mortgage process in July. I have gotten any documentation to them that they have asked for within 24 hours. The most recent request was this past Wed, the 10th. The paperwork wasn't sent to the closing department until Thurs, the 11th. In people's experience, are they going to get all the paperwork together and to our lawyer for closing by the 16th? It seems to me that they are cutting things a bit close.

My second issue is that I know the sellers are flying here from California for the closing (seller and buyer are together for closings in this state). I also know that they are buying a place there, but I don't know when their closing is set for. If our closing is delayed due to the mortgage company and we get sued for damages by the sellers, do we have any recourse against the mortgage company?

Thank you for your time.

 

[nextwife]

If Delaware closings are anything like WI closings (table funded, good funds at closing etc.) then, depending upon the responsiveness of the seller's current mortgage company as to providing the payoff, it certainly is possible to have a closing scheduled on a Friday afternoon, and close the next business day. It's not uncommon around here to receive a callsin the morning to complete a closing later that same day, and it's been done. Funds get wired, docs are created and emailed to everyone in .pdf format for review.

As to liability, it depends upon who is at fault for a closing failure, and how long the delay ends up being. Unfortunately, many out of state lenders these days wait until the executed doc package is email;ed to them BEFORE they wire out the funds, leaving the closing office unfunded if the closing occurs too late in the day to receive the wire. This is called a "dry closing", and leave the party unfunded until the next day when the checks can be cut..

 

[HomeGuru]

What is the name of your state? Delaware

The first part of my question is looking for those of you that seem to have a lot of experience buying and selling a home. The second is a legal question.

To answer two questions that I know will be brought up (I've read through enough of this board!); we are using a Realtor and a lawyer.

We are set to close on a house this coming Tues, the 16th. We are using the same mortgage company that we used for our previous home because we had a really good experience with them, though in another state. We started the mortgage process in July. I have gotten any documentation to them that they have asked for within 24 hours. The most recent request was this past Wed, the 10th. The paperwork wasn't sent to the closing department until Thurs, the 11th. In people's experience, are they going to get all the paperwork together and to our lawyer for closing by the 16th? It seems to me that they are cutting things a bit close.

**A: the answer is most likely no; closing will be delayed.

***********
My second issue is that I know the sellers are flying here from California for the closing (seller and buyer are together for closings in this state). I also know that they are buying a place there, but I don't know when their closing is set for. If our closing is delayed due to the mortgage company and we get sued for damages by the sellers, do we have any recourse against the mortgage company?

Thank you for your time.

**A: the answer is most likley not.