If we miss our closing date due to the builder's fault how does that affect us?

Question

My wife and I purchased a new home and our closing date was 3 days ago! The builder tells us that they are having a hard time getting the electrical inspector out there to do the final inspection and we have to wait until everythings complete. What do we need to do so our contract doesn't expire? Could we lose the house even though it's not our fault everything is being delayed?

Answer 1

Favorite Answer

Inspectors are a PIA sometimes, they have all of the power.

Your builder is not at fault. Extend the closing, it is not a big deal and happens all of the time.

Answer 2

There really isn't anything you can do. Give the builder some time. It's not uncommon, however after 7 days, then I would begin calling the city to find out what the problem is. After the electrical inspection is done, an inspector has to come out and sign off and provide the builder with a certificate of occupancy. Without that form, you can't close.

Answer 3

Have your Realtor write an extension on the contract. The builder doesn't want you to back out at this point, believe me.

Source(s): Oregon Realtor