Legal Question in Real Estate Law in Virginia

I am buying a new construction home in a development. I have been approved for a mortgage through a mortgage broker. The lender had set a 12/19/12 closing date, but now is behind in processing and needs to make the closing with a January date. I have already paid in advance for some internal changes to the unit. The seller or developer refuses to extend the closing into January, but will extend to 12/28/12. The lender seems to not be able to make that date. The seller says they will put the unit back on the market if the closing is not complete by 12/28/12. This purchase is through a county sponsored program at a reduced price. The seller would have the opportunity to put the unit back on the market at full price. I really need to move in December, but do not know what to do about the sellers refusal or the lender being late on the date. Your advice?

Asked on 12/15/12, 9:22 am

Michael Hendrickson Law Office Michael E. Hendrickson

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See if you can persuade your lender to move things along

more quickly to accommodate the seller's 12/28/2012 closing date.

If blame can be laid for this situation, it would seem to lie

more with your lender than with the seller (in my opinion),

Answered on 12/16/12, 6:24 am

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