Changing closing date during 10-day cool-down period?

[llee]

Hi,

I made an offer to purchase a townhome (part of site project, brand new inside, not outside). I asked for closing March 2009 and a price reduction. They took my price reduction offer, but moved my closing date to January 2009. I accepted it and it kick started my 10-day "cool-down" period.

Now, when I think about it, I will be pretty busy in January/February for other personal commitment. I really like to stick with the original March 2009 closing instead. Can I add an amendment to it, or does the whole negotiation process start from stratch (price, date, etc)? Once I get my lawyer and banker conditional waiver within 10-day, am I in a better position to change the closing date with the agreed price (ie, see.. I am serious and I am qualified, but I just want to change the date)?

Thanks,
Lucas

 

[RedlineBrett]

Closing date is the same as price or any other variable within a deal. They likely gave you the price so that you would take a quicker closing to relieve them of inventory they are already building out. If you now want your possession date back again you will most certainly have to re-negotiate it!

QUOTE (llee @ Oct 8 2008, 09:55 AM) Hi,

I made an offer to purchase a townhome (part of site project, brand new inside, not outside). I asked for closing March 2009 and a price reduction. They took my price reduction offer, but moved my closing date to January 2009. I accepted it and it kick started my 10-day "cool-down" period.

Now, when I think about it, I will be pretty busy in January/February for other personal commitment. I really like to stick with the original March 2009 closing instead. Can I add an amendment to it, or does the whole negotiation process start from stratch (price, date, etc)? Once I get my lawyer and banker conditional waiver within 10-day, am I in a better position to change the closing date with the agreed price (ie, see.. I am serious and I am qualified, but I just want to change the date)?

Thanks,
Lucas

 

[PeterKinchMortgageTeam]

QUOTE (llee @ Oct 8 2008, 08:55 AM) Hi,

I made an offer to purchase a townhome (part of site project, brand new inside, not outside). I asked for closing March 2009 and a price reduction. They took my price reduction offer, but moved my closing date to January 2009. I accepted it and it kick started my 10-day "cool-down" period.

Now, when I think about it, I will be pretty busy in January/February for other personal commitment. I really like to stick with the original March 2009 closing instead. Can I add an amendment to it, or does the whole negotiation process start from stratch (price, date, etc)? Once I get my lawyer and banker conditional waiver within 10-day, am I in a better position to change the closing date with the agreed price (ie, see.. I am serious and I am qualified, but I just want to change the date)?

Thanks,
Lucas

Remember, you won`t be able to hold a rate until March, but most lenders will until january which protects your ability to qualify. If rates rise during the period that the rate is not held, you may no longer be able to qualify. The lending environement is changing very rapidly, and if a committment cannot be held, there is no assurance that the rate and product that you are looking for will still be available.

 

[llee]

QUOTE (CanadianMortgageTeam @ Oct 8 2008, 09:38 AM) Remember, you won`t be able to hold a rate until March, but most lenders will until january which protects your ability to qualify. If rates rise during the period that the rate is not held, you may no longer be able to qualify. The lending environement is changing very rapidly, and if a committment cannot be held, there is no assurance that the rate and product that you are looking for will still be available.

Due to new organizational restructuring at work announced today, bad economy and uncertainty, flat (or down) real estate market in the next few years, is it OK if I walk away from the deal (even though I should be financially qualified) due to my gut feeling, within the 10-day period?

I am just not fully confident I got what I wanted (closing date is not what I wanted). I see people in the same condo complex are listing lower and lower rental fee, properly due to higher vacancy rate closer to the winter. Based on the recently listed rental fee ($1280/mo), the property is just cashflow $0.

Am I preceived as not a serious buyer from the realtor and banker, due to my gut feeling?

 

[Thomas Beyer]

QUOTE (llee @ Oct 8 2008, 03:07 PM) ... is it OK if I walk away from the deal (even though I should be financially qualified) due to my gut feeling, within the 10-day period?
...

Is it OK to go to Safeway and steal an apple because you feel like eating one ? Surely, they won`t notice .. they have so many apples ..

OF COURSE IT IS NOT OK !!!

Of course, also, people do it all the time .. just as apples or cars or TVs are stolen every day ...

The question is: what is your liability besides losing your deposit and your reputation with this builder and the involved realtor. Probably little ..

QUOTE (llee @ Oct 8 2008, 03:07 PM) Am I preceived as not a serious buyer from the realtor and banker, due to my gut feeling?

OF COURSE YOU ARE.

These are uncertain times. If you can`t operate in these times or decide it is not prudent, don`t buy. No problem. Sit on your hand or wait or get educated. If you need excitement, go to Vegas !

 

[bigbabba]

QUOTE (llee @ Oct 8 2008, 03:07 PM) Due to new organizational restructuring at work announced today, bad economy and uncertainty, flat (or down) real estate market in the next few years, is it OK if I walk away from the deal (even though I should be financially qualified) due to my gut feeling, within the 10-day period?

I am just not fully confident I got what I wanted (closing date is not what I wanted). I see people in the same condo complex are listing lower and lower rental fee, properly due to higher vacancy rate closer to the winter. Based on the recently listed rental fee ($1280/mo), the property is just cashflow $0.

Am I preceived as not a serious buyer from the realtor and banker, due to my gut feeling?

if you are not comfortable with the sale then don`t buy, no point of buying just for the sake of buying

 

[MikeMcCrae]

If you don`t get what you want in a deal then of course you should not buy. Coming from Alberta I don`t understand the 10 day cool down but if it is a matter of law then yes you should walk away if you are not comfortable. Buyers remorse is a common thing and fear is a major issue in big purchases. As always Thomas makes good sense. Get more education and don`t buy till you are ready.

 

[Thomas Beyer]

QUOTE (bigbabba @ Oct 8 2008, 06:37 PM) if you are not comfortable with the sale then don`t buy, no point of buying just for the sake of buying

Correct, but be also be mindful of the consequences, re committed deposit or reputation !!