Delay in close of escrow

[shai]

What is the name of your state? CA

Hello,

We are buying a house (first time) and our escrow was supposed to close last week but was delayed due to the lender taking too much time to complete the loan, and the sellers not submitting some required documents on time.
While we were waiting in escrow the sellers' attitude turned negative since they asked us to delay the transfer of possession of the house and we could not accomodate their request.
The CoE was not done on time so we signed an addendum extending the CoE by 2 business days (the funds are already in place and everything is ready). Now the sellers are not willing to sign that addendum and notified us that they do not want to keep the contract but they are "willing to negotiate the price and terms".
We, as the buyers, did our best effort to complete the CoE on time. Can we force the sellers to keep the original contract even though it expired? What are our rights in that case? Is there any deadline for our next action?

Many thanks!What is the name of your state?

[pojo2]

Can we force the sellers to keep the original contract even though it expired?

Now read that sentence and see if you can not come up with the answer to your question. You have NO contract it expired. So no you can not enforce a contract that does not exist. You have no next step except to renegoiate or move on.

[shai]

Pojo2, thanks for the reply!
But what if the expiration was caused because of the seller not cooperating, or being late in providing info required by the lender, etc? Doesn't that count at all?

Originally Posted by pojo2

Can we force the sellers to keep the original contract even though it expired?

Now read that sentence and see if you can not come up with the answer to your question. You have NO contract it expired. So no you can not enforce a contract that does not exist. You have no next step except to renegoiate or move on.

[panzertanker]

Originally Posted by shai

Pojo2, thanks for the reply!
But what if the expiration was caused because of the seller not cooperating, or being late in providing info required by the lender, etc? Doesn't that count at all?

Then you could use any clauses in the contract to seek remedy. However, if there are no such clauses...you must renegotiate or find another house.

[shai]

Thanks! A couple of more questions:
1) What about the 3% deposit in this case? Is it expired too and I am entitled to receive it back?
2) Do I need to get from the sellers a formal letter indicating they don't want to extend the contract?
3) How common is it to sue the lender and/or the agent for negligence that caused the escrow not to close on time?

[panzertanker]

Originally Posted by shai

Thanks! A couple of more questions:
1) What about the 3% deposit in this case? Is it expired too and I am entitled to receive it back?
2) Do I need to get from the sellers a formal letter indicating they don't want to extend the contract?
3) How common is it to sue the lender and/or the agent for negligence that caused the escrow not to close on time?

You must seek counsel from a real estate attorney for these questions.
The contract will bear out if you have any remedy.