Turn Key Not Ready to Close

[James Tabb]

I signed an agreement with a turnkey provider on Sept 21 to purchase a single family home. The expected closing date was Dec 1. Initially there was good communication in the early stages of the planned full renovation. As we got closer to December, the communication and updates had mostly stopped happening. After my last contact with them 2 weeks ago I was told that they were delayed in getting the electrical permit, which is holding up the appraisal. This weekend I decided to take the trip to go visit the property to get eyes on. From my observation, there's a lot more work to be done than what they claimed. I am extremely disappointed because I'd planned on having that property in my portfolio before the end of the year, but I am not desperate. I don't feel so good about moving forward with this deal and doing business with this TurnKey Provider.Should there be a problem getting my earnest money back? 

[Taylor L.]

What terms did you agree to with your emd? Have you talked with the escrow company about the situation, the seller's behavior, and your options? At this point it sounds like closing on the property might be throwing good money after bad. Your emd could be what some refer to as an informal seminar.