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REO property not closing on time
I am in the process of buying a banked owned property. We have signed the contract and put a ridiculous (IMO) earnest money down of 10% in escrow at their title company. It has been about three days since we put the money in escrow, and our closing date is the 2nd. Only two days away. My agent calls me and says they need to extend the date to the 21. The contract had a time is of the essence clause in it.
My question is in regards to my legal options. If they didn't sign the contract, and want me to sign this addendum before they do, can I just take my money back and walk away?
If they did sign the contract, and it is legally binding, aren't they in breach of contract if they don't close on the 2nd? Every day my family doesn't get this house is a day I can't rent out the current property. Time is money and I don't want to extend the contract.
Side note, does anyone know a good real estate attorney near Deltona, Fl (central florida)?
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
REOs NEVER close as scheduled. There are always delays. Its all well and good to put a short closing time in your offer. But the bank won't be able to do it.
Your recourse is to take your EM and go home. You won't get them to pay you for the delay. They just don't care.