short sale problems

[chew246214]

hi ..
my wife and I are having a problem with a propery in Rhode Island, first off we didn't know it is a short sale untill 2 days before the agreed upon closing date. We signed the papers on Nov. 1st and scheduled to close on Jan. 3rd... since then we have had extension requests a total of 3 times.... the last time we sent "time of the essence" for feb. 8th..(this Fri. coming up) due to the fact we were supposed to be in there and my wife was supposed to start her new job before feb. 1st.. My question is as follows, are we entitled to money spent on this house.. (inspections, title fees, lawyers, etc) This contract has not been broken by us, it has been the seller the whole way along, (dosen't matter to them that my wife's job is at risk) The deposit I know we should get back, but it's the other stuff that I'm worried about... the sellers keep saying it's the bank holding it up, but does that matter?
thanks
in advance

 

[Ohiogal]

What exactly does your contract state?

 

[HomeGuru]

hi ..
my wife and I are having a problem with a propery in Rhode Island, first off we didn't know it is a short sale untill 2 days before the agreed upon closing date. We signed the papers on Nov. 1st and scheduled to close on Jan. 3rd... since then we have had extension requests a total of 3 times.... the last time we sent "time of the essence" for feb. 8th..(this Fri. coming up) due to the fact we were supposed to be in there and my wife was supposed to start her new job before feb. 1st.. My question is as follows, are we entitled to money spent on this house.. (inspections, title fees, lawyers, etc) This contract has not been broken by us, it has been the seller the whole way along, (dosen't matter to them that my wife's job is at risk) The deposit I know we should get back, but it's the other stuff that I'm worried about... the sellers keep saying it's the bank holding it up, but does that matter?
thanks
in advance

**A: where is your Realtor?

 

[Wyldrush]

Many fees are fixed by who pays them according to your state and/or county. You should of been requesting 3% closing cost credit so it will help reduce your closing cost like the title fees, attorneys, etc.

Ex. I buy in SoFl. If I buy a home in Broward County the buyer pays the title insurance by law. If I buy the home in Palm Beach county (next to it) the seller pays the title insurance by law.

Take your agent, they should have given you a good faith estimate (GFE) which is required by law when the loan process begins as underwritting will be looking for a signed GFE. However a GFE is only a guideline of possible cost, it can and generally is changed.

If the seller is not paying any closing cost, you may want to ask that they now pay 2-3% when they request the next extension for all their delays. Even in a short sale the bank will agree. The bank knows they have a buyer and do not want to lose that right now.

 

[HomeGuru]

Once again......

**A: where is your Realtor?