Author Topic: Settlement delayed  (Read 1679 times)

lavagirl

  • 5 O'Clock Shadow
  • *
  • Posts: 79
Settlement delayed
« on: January 19, 2016, 01:15:36 PM »
Hi guys,

I need some advice- I'm selling my condo and we originally agreed on Feb 1st as the settlement date.  The lender says they're set for Feb 19th as the settlement date. Now my renter is moving out Jan 31st so I'll have to pay the mortgage and hoa dues for February out of pocket (no rent proceeds for February).  Should I just pay the mortgage or call my bank and ask them not to charge me for February since the loan will be paid off in February? Does it matter either way?

Thanks!

MsPeacock

  • Handlebar Stache
  • *****
  • Posts: 1527
  • Location: High COL
Re: Settlement delayed
« Reply #1 on: January 19, 2016, 03:29:08 PM »
Any proceeds from the sale will be adjusted to the date of closing. So, you might pay for February, but you will get 1/2 (or so) the month's equity back at closing, same w/ house insurance, etc. I would not ask the bank to make any adjustments this close to closing as it will likely mess things up. Mid-month closing and routine and the bank will know what to do.


Dicey

  • Senior Mustachian
  • ********
  • Posts: 10144
  • Age: 61
  • Location: NorCal
Re: Settlement delayed
« Reply #2 on: January 19, 2016, 04:08:14 PM »
This is a tricky one. If the bank hasn't approved their loan yet, there's nothing your buyers can do. Pushing them could cost you the sale. I suggest you talk to your agent to see if he/she has any suggestions. Do not make a late payment under any circumstances, as it could end up on your credit report. I think MsPeacock's advice is spot-on.

True story: when I sold my last property, the closing date kept getting pushed back. The buyer worked for a company that makes a snack that I like. I said I'd need to be bribed with them to agree to another push back. She provided me with a tote filled with every variety of the snack the company makes. At the bottom of the tote, I was thrilled to eventually discover she'd included free coupons for even more. Score!

LeRainDrop

  • Handlebar Stache
  • *****
  • Posts: 1841
Re: Settlement delayed
« Reply #3 on: January 19, 2016, 04:11:33 PM »
True story: when I sold my last property, the closing date kept getting pushed back. The buyer worked for a company that makes a snack that I like. I said I'd need to be bribed with them to agree to another push back. She provided me with a tote filled with every variety of the snack the company makes. At the bottom of the tote, I was thrilled to eventually discover she'd included free coupons for even more. Score!

Great story -- that is awesome!