agreement to buy or sell

[abfish]

What is the name of your state louisiana?
I have an agreement to sell, that was signed on the 19th of February, we agreed to a price because the buyer had a pre-approval letter saying could only buy at 165,000.00 after we signed he went to another bank and got approved for 168,905.00 he also got 4% bond money. If we had known this in Feb we would not have agreed to pay 7500.00 in closing costs. But here's my question. The agreement states that "Final loan approval shall be obtained on or prior to April 15, 2009. Any extension of this date shall be in writing and shall be signed by all parties. Buyer authorized and instructs lender to release to Seller or seller's broker or designated agent, written verification of the loan application and final loan approval." We called the realtor every week and were always told the loan is being processed. We did not get a final loan approval letter from the bank until April 24, 2009. We did not sign an extension or an addendum. Is the Agreement to sell binding, and does the buyer forfeit the deposit?

[HomeGuru]

Originally Posted by abfish

What is the name of your state louisiana?
I have an agreement to sell, that was signed on the 19th of February, we agreed to a price because the buyer had a pre-approval letter saying could only buy at 165,000.00 after we signed he went to another bank and got approved for 168,905.00 he also got 4% bond money. If we had known this in Feb we would not have agreed to pay 7500.00 in closing costs. But here's my question. The agreement states that "Final loan approval shall be obtained on or prior to April 15, 2009. Any extension of this date shall be in writing and shall be signed by all parties. Buyer authorized and instructs lender to release to Seller or seller's broker or designated agent, written verification of the loan application and final loan approval." We called the realtor every week and were always told the loan is being processed. We did not get a final loan approval letter from the bank until April 24, 2009. We did not sign an extension or an addendum. Is the Agreement to sell binding, and does the buyer forfeit the deposit?

**A: you could terminate but unless you have another buyer at a higher price, I would advise closing at the agreed upon terms.