Agent

Home buyer feels wronged by delayed closing

What can I do if sale doesn't close on time?

DEAR BOB: I am the seller of an income-property duplex that was supposed to close on Friday. My instruction to the closing officer was to wire transfer the sale proceeds directly to my bond fund. But I was phoned about 2 p.m. that day to inform me she had not yet received the loan proceeds and it would be too late to wire transfer so it would have to wait until Monday. As a result of the closing delay, I lost three days of interest, which was about $400. The pro-rated rent received for those three days went to my buyer. Is this a common occurrence? Do I have a justified cause of action against the party that failed to transfer the funds on time? What would you advise? – Jacob B. DEAR JACOB: Wow! That must have been quite a sum of money you received to lose $400 interest for just three days. But please don't have a heart attack just because your sale didn't close on schedule. Purchase Bob Bruss reports online. Frankly, it is a waste of your valuable time to argue about this mod...

Comments