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When buying a home who chooses the closing date?

My brother is buying a home and is giving the retailer 0 this Friday for the ernest money(I think that’s what it’s called). But he needs 10% down at closing and doesn’t have it all yet. How does all that work?

This entry was posted on Thursday, July 29th, 2010 at 9:03 pm and is filed under Business Ian. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

4 Responses to “When buying a home who chooses the closing date?”

  1. I am experienced in Pennsylvania Real Estate. The $500 is indeed called ernest money – also called a deposit. If a realtor is involved in this transaction the terms are likely to all be detailed in a state-specific sales contract. Generally, all terms of a sales agreement contract are negotiable (including: deposit money, closing date, inspection deadlines, acceptable parameters of financing, etc.). He will likely propose a closing date to the seller, if the seller disagrees with any of the proposed terms they will make a counter-offer. Once both buyer and seller have agreed to all terms and initialed any changes to the sales contract then your brother is officially "under contract."

  2. he can request a closing date, but the seller may also have some input as well.he may be able to rent from the owner for a while as he saves for his required deposit.

  3. broccoli brain on July 29th, 2010 at 9:03 pm

    As with most issues in real estate the closing date is negotiable. The smart thing is to have the down payment BEFORE one enters into a purchase contract. Good Luck!

  4. Monika Wilson on July 29th, 2010 at 9:03 pm

    The closing Date is negotiated between buyer and seller. It can be influenced by for example buyer’s mortgage, defects on the title, paperwork, approval and more.

    If you write an offer and you know that you will need a certain about of time to come up with the needed 10% down payment, you as the buyer can pick a closing date which suites you, of course the seller can counter if he wants to close earlier than the date you suggested.

    This is an issue your Realtor (or yourself if you don’t have a Realtor) should explain to the seller (or the seller’s realtor) most sellers will listen to your reasons and most sellers will appreciate your honesty and work with you in regards of closing date.

    Just tell your brother he needs to communicate and let all parties know that he is not able to close before Date X.

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