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Delayed closing due to repairs

I finally got my house under contract after 9 grueling months due to my agent overpricing it, being on a busy road, and having a narrow driveway that backs into traffic. I was so excited, even though it seemed I might have to move into a short term rental since, as luck would have it, nothing was available that I wanted. Every house I hoped for went under contract while my house was on the market. Oh well, at least I was finally selling mine.

Then, I found out on inspection that I had 26K worth of foundation work + 8400 in other items, totaling about 35K in repairs to my house. It has to be done, sucks big time,but I accepted it.

I found a great house at the final hour, and got it under contract, contingent on the sale of my home. All was moving forward, till I found out that the foundation contractor, doing work on my house, had a set back and wouldn’t be finished with necessary work for two weeks after my closing date.

My agent seemed upset, and indicated this put me in a position to lose the new house, which I would be paying cash for with the sale of my house. The sellers of the new house also have about 40K in repairs that came up on inspection, but I negotiated dropping the price of the house, as I will be paying cash.

I was thinking of approaching my buyer to ask if they will close on time though the work won’t be completed for about 10 days after closing, but all the work will be paid for. My agent thinks this buyer won’t go for it because they have been very anal and picky about repairs. They will also be using a lender.

My second thought is that we approach the sellers of the new house and explain the dilemma, asking them to close about two weeks later. We’re in a balanced market and I think I’m the best buyer that the sellers of the new house have, especially since it won’t appraise due to the repairs required, but I am willing to do myself with the price reduction.

My questions are: Why is my agent so alarmed? I would think these things happen all the time. Also, are there any solutions that I haven’t thought of? The whole ordeal has been so stressful, I’m not sure I’m thinking straight and would appreciate input, especially from folks who’ve been through something like this. Thanks in advance.

submitted by /u/Chichibear699
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source https://www.reddit.com/r/RealEstate/comments/1ump06b/delayed_closing_due_to_repairs/
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