Closing woes

[Hantonio]

My wife and I wanted to purchase a house, but the seller seems to be stalling. The house is a foreclosure and all of the paperwork and loan approval is finished on my end. The seller is still trying to get its paperwork in order, but still has not given us any idea on a specific closing date. The closing date on our contract is today. Being frustrated, we were going to withdraw our offer. We have put earnest money down on the house as to the contract. Would we lose the earnest money if the seller does not meet the closing deadline originally stated in the offer? Or another way of putting it, are we locked into purchasing this house? Looking at the sales agreement, it would seem that we should get the money back. Any ideas?

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Hantonio:
My wife and I wanted to purchase a house, but the seller seems to be stalling. The house is a foreclosure and all of the paperwork and loan approval is finished on my end. The seller is still trying to get its paperwork in order, but still has not given us any idea on a specific closing date. The closing date on our contract is today. Being frustrated, we were going to withdraw our offer. We have put earnest money down on the house as to the contract. Would we lose the earnest money if the seller does not meet the closing deadline originally stated in the offer? Or another way of putting it, are we locked into purchasing this house? Looking at the sales agreement, it would seem that we should get the money back. Any ideas?<HR></BLOCKQUOTE>

It would depend on how the contract was written. If you used the standard Board of Realtors form and wrote the contract properly, you should have an out an get your money back. Buying a pre or in foreclosure property is a lttle difficult. You should contact the lender to make sure they will not hold up the sale, if you change your mind and decide to buy the home. If legal action was commenced, attorneys fees and court costs would need to be paid before the lender would provide escrow with a Release of Mortgage document for recording.