C
cmilkosky
Guest
Hi all! Here's my situation...
We were supposed to close on some NJ property back in August. The day before the closing, we found out from our lawyers that the seller's lawyer "forgot" to get the documents for the release of the property from his mortgage company. They estimated that it would take another 4-6 weeks before anything would happen.
Then, a month later, they mailed our lawyer a letter stating that it would take 6-8 weeks (from August) to have this accomplished.
OK. My wife, kids, and I were VERY disappointed, because we sold our large four bedroom home and moved into a tiny apartment thinking that it would be temporary until the house was done.
Well, 8 weeks has come and gone, and the seller isn't returning our calls. We are losing patience and REALLY want the property. We aren't going to give it up. We got a real good deal on it, and it's perfect for us.
We have a contract on the property and also put down a deposit. The verbiage in the contract forbids him from backing out of the sale, but allows us to back out. However, I believe the seller WANTS us to back out so he could turn around and sell the property for more (the property value in my area skyrocketed in the last few months).
WHAT I NEED ADVICE ON: Is there anything I can legally do to get him to move his butt? His mortgage company just has to get the release documentation over to us. That's it! Almost 3 MONTHS for that?!? As far as we know, this is the only delay. How long does it take to do this?
In the mean time our dream house plans are beginning to go down the drain. Our custom builder is becoming impatient (justifiably), and my family is getting increasingly annoyed about living in such tight quarters!
What can I do?!?
Thanks in advance for any advice!
Thanks,
Chris
We were supposed to close on some NJ property back in August. The day before the closing, we found out from our lawyers that the seller's lawyer "forgot" to get the documents for the release of the property from his mortgage company. They estimated that it would take another 4-6 weeks before anything would happen.
Then, a month later, they mailed our lawyer a letter stating that it would take 6-8 weeks (from August) to have this accomplished.
OK. My wife, kids, and I were VERY disappointed, because we sold our large four bedroom home and moved into a tiny apartment thinking that it would be temporary until the house was done.
Well, 8 weeks has come and gone, and the seller isn't returning our calls. We are losing patience and REALLY want the property. We aren't going to give it up. We got a real good deal on it, and it's perfect for us.
We have a contract on the property and also put down a deposit. The verbiage in the contract forbids him from backing out of the sale, but allows us to back out. However, I believe the seller WANTS us to back out so he could turn around and sell the property for more (the property value in my area skyrocketed in the last few months).
WHAT I NEED ADVICE ON: Is there anything I can legally do to get him to move his butt? His mortgage company just has to get the release documentation over to us. That's it! Almost 3 MONTHS for that?!? As far as we know, this is the only delay. How long does it take to do this?
In the mean time our dream house plans are beginning to go down the drain. Our custom builder is becoming impatient (justifiably), and my family is getting increasingly annoyed about living in such tight quarters!
What can I do?!?
Thanks in advance for any advice!
Thanks,
Chris