Closing tomorrow
I am about to close on my first rental properties (4 units) and a couple of questiosn:
The contract to buy the investment property expires tomorrow, but I have been informed by my banker that the seller is having a hard time covering the costs. She stated that the seller has a contract with two properties and that the cost on the contract had come higher than they expected. I tried to get more information to get a better understanding, but that still all I got. My questions is if the seller can't close I get the earnest money back, correct? If the seller asks for an extension, should I ask for a lower selling price? It seems the seller is vulnerable.