Offer on my house delayed...help!

[quilt4luv]

What is the name of your state? Ohio

I had my home on the market with the intent of when it sold to use that money to purchase a new home. Had a person offer on my home, and I accepted and they had five days to prove financing to us. After the 5 days I was told his loan was in the "work up process" at his financial place and we could do closing on my home as soon as 10-15-04. Once we knew of his financing after the 5 days, we put an offer on a home which was accepted. My purchase agreement stated that the cash offer on this home was contingent on the sale of my home and that closing would be on or before 11-22-04. I did pay $1,000 earnest money, and have had a home inspection on Friday that I paid $300.00 for. Today I have found out by the person who was looking at my home is having issues with his financing. GREAT! Evidentally when doing his work up and debt to income the institution has found that he is too far in debt to do the loan. This person already owns over 12 properties as he then rents them out. His wife died about two months ago and he does not have her income anymore either. He is looking into other options as i type this and I have called my realator to start showing my home in the mean time. He states I can not show my home as he has offered on it...is that true? Secondly while i wait now on the sale of my home, what happens to the home I made an offer on if I can't get my home to sell? Am I out the $1000? I know I am out the $300. Also my purchase agreement sent on or before 11-22 so do I hope and pray I can get someone to buy my home before then? I can't get a loan to purchase this home, that is why i was contingent on the sale of my home. I am a single parent and my income won't support the loan.
What, if any, legal issues am I going to face when I call the property owners of the home I want to purchase and try to explain this?
Can I get out of it? I really want the home, but unless I can sell mine I can't see how it will all work. Please help. Thanks

[JETX]

Originally Posted by quilt4luv

He states I can not show my home as he has offered on it...is that true?

Normally, no. However, it is feasible that he has an 'exclusive' deal in the contract. So, what does YOUR realtor say??

Secondly while i wait now on the sale of my home, what happens to the home I made an offer on if I can't get my home to sell?

Then you exercise the 'financing contingency' and back out of the deal.

Am I out the $1000?

Depends on your contract. What does YOUR realtor say??

As for your other questions (too vague and overly broad), the answers will rely largely on the FACTS of your deals.
1) Does the agreement on your current house include a 'financing committment' on the buyer?? If so, did you get the committment?? If not, then what did you do with that buyer and his obligation??
2) Does your purchase agreement on the other house include a 'sale contingency'?? If it does, and if your sale falls through, then you should be able to cancel that agreement.
These are all very simple issues that your agent should have ALL the answers on. The obvious questions become.... where is your agent and what did he/she say when you asked these questions??