Home Sellers being there at closing (long and vent-like)

[robbie3982]

Ok, I''m pretty annoyed right now. When we put the offer on our house we put the closing date as April 15th. The contract said that we must close on or before this date. The only reason we used a date that far out (really not that far out since we made the offer on 3/1) was because we weren''t sure if we''d qualify for the mortgage on just DH''s salary or if we''d need mine as well. Since I''m starting a new job and we weren''t sure if we''d need a pay stub or if my offer letter would be good enough we had to make it late enough that I''d have my first paystub just in case. It turns out we do qualify based solely on DH''s salary so we can close ASAP. Our agent made it clear to their agent from the beginning that we were relocating from out of state and we wanted to close ASAP and had only used the closing date in the contract for the reasons stated above. Everyone told us that the thing that would really determine how quickly we could close would be how quickly we could get our mortgage in place. Well, the mortgage is ready to go and now we''re still waiting on radon (which was only supposed to take 2 days and we''re now on day 4 grrr) and the dye test (apparently their agent couldn''t find a plumber to do it even though ALL houses sold in the township have to have this required dye test so it wasn''t like it was a big surprise...).

It was originally looking like we''d be able to close this Friday, but since the radon and the dye tests are taking longer than expected and the sellers are already living out of state (NC, so about an 8hr drive) it was looking more like next Friday so that we''d have time to renegotiate based on inspection findings.

Now they''re saying they can''t close until the week of the 24th. This Friday is my last day at my current job and I took the whole week of the 17th off between jobs so that we could get everything packed up and moved in before I start my new job on the 24th. Now it''s looking like I''m going to have to take time off from the new job in my first week and I''m really annoyed. Both our real estate agent and our mortgage broker have been telling us all along that the sellers don''t even need to be there since they can sign power of attorney over to their agent so that he/she can sign in the two places that they need to sign.

So, after all that venting, here''s my question. Is there any logical reason that they would want to hold up closing by not allowing their REA to sign the paperwork for them??? What disadvantages does this option have for them? It seems win-win to me since it costs them less in utilities and taxes to closer sooner, it''ll save them a trip up here, we''d get in quicker, and I wouldn''t have to take time off from the new job.

Seriously, what am I missing?

 

[Dee*Jay]

Robbie, in my closings I RARELY see a seller there. The only "normal" exception is if they need the proceeds check from that closing to walk direclty into their next closing if they are buying something else, but yes, most just go the POA route. Seriously, a closing is about as much fun as poking your own eyeball out; why sit through one if you don''t have to?!?

 

[Tacori E-ring]

When we buy houses it is usually owned by the bank so obviously they are not there but if it is privately owned we always close together. When we sell homes we also close with same time as the buyers. You have to sign them yourself (and I have the pleasure of signing them now that we are married) unless you get a power of attorney (which I believe the bank has to approve). Did they say why the closing was delayed? Sometimes it takes awhile to get the buy off from the bank.

 

[Kay]

I think the requirements vary from state to state. I have heard on the East Coast it is common for everyone to be at a closing. Here in California, we do closings via escrow, so neither party needs to be there. The seller signs the deed and other paperwork and delivers it to the escrow company to hold "in escrow." The buyer signs his paperwork and delivers that to escrow. The mortgage funds are wired directly to escrow once the escrow officer tells the bank they have all the signed documents and are ready to close. Then the escrow company records the deed, wires the seller his funds, and sends both parties copies of the signed documents.

 

[fisherofmengirly]

Our realtor told us it is common for the seller to be there for closings. She said it''s not required, but a lot of sellers choose to be because it tends to be part of how they say goodbye to their house.

The house that we had the offer "tag" with for quite a while stated they wanted to move the closing date forward three days, so they would be able to attend.