What is the name of your state? Missouri
I entered a contract for sale of a home I own during the last week of January, 03. $500.00 earnest money was given by the buyer. Closing was set for 02/28/03, a full 5 weeks. The buyer owns her home, but could not qualiy for another mortgage without first selling / contracting to sell her home. Her father, the "spokesman" in these dealings verbally guaranteed buying the daugher's home, allowing her to qualify for mine. They had no representing agent. This whole scenario made me nervous from the beginning, but, I accepted the offer with the above projected closing date.
Attempting to shorten this story, they did not close on 02/28/03. My agent had been assuring me all along that things "look good". On 02/27/03, believing closing would occur by 03/07/03, I met with my agent to sign an extension to the contract. She proposed 03/28/03. I said no to 03/28/03, but did extend to 03/14/03 simply for the fact I did not want to lose any more time by putting the house back on the market. Four days later, my airhead agent during an update, tells me the buyer sent her info to the mortgage company over the weekend. Mind you, that was the weekend immediately following the proposed closing date, yet I had already committed to a two week extension. That info should have been sent 5 weeks earlier. I knew immediately they would not make closing again. They didn't. They have played me for time (successfully) to unload the dauther's house without Daddy actually having to fork out the money. Yet, as of today, closing was not met per the contract.
1.) If I decide to cut off my nose to spite my face, am I entitled to keep the earnest money?
2.) If I propose that they pay me additional monies to cover my expenses for the month past proposed closing (utilities, taxes, mortgage interest), can this be done with an addendum to the existing contract, or if I choose to void the contract by not extending the closing date will we / I have to start all over?
I entered a contract for sale of a home I own during the last week of January, 03. $500.00 earnest money was given by the buyer. Closing was set for 02/28/03, a full 5 weeks. The buyer owns her home, but could not qualiy for another mortgage without first selling / contracting to sell her home. Her father, the "spokesman" in these dealings verbally guaranteed buying the daugher's home, allowing her to qualify for mine. They had no representing agent. This whole scenario made me nervous from the beginning, but, I accepted the offer with the above projected closing date.
Attempting to shorten this story, they did not close on 02/28/03. My agent had been assuring me all along that things "look good". On 02/27/03, believing closing would occur by 03/07/03, I met with my agent to sign an extension to the contract. She proposed 03/28/03. I said no to 03/28/03, but did extend to 03/14/03 simply for the fact I did not want to lose any more time by putting the house back on the market. Four days later, my airhead agent during an update, tells me the buyer sent her info to the mortgage company over the weekend. Mind you, that was the weekend immediately following the proposed closing date, yet I had already committed to a two week extension. That info should have been sent 5 weeks earlier. I knew immediately they would not make closing again. They didn't. They have played me for time (successfully) to unload the dauther's house without Daddy actually having to fork out the money. Yet, as of today, closing was not met per the contract.
1.) If I decide to cut off my nose to spite my face, am I entitled to keep the earnest money?
2.) If I propose that they pay me additional monies to cover my expenses for the month past proposed closing (utilities, taxes, mortgage interest), can this be done with an addendum to the existing contract, or if I choose to void the contract by not extending the closing date will we / I have to start all over?
