We have no idea what your contract says, but it is likely dead.....no communication from the seller?
If tou’re using an agent, they will be the best one to guide you, as they know the transaction/seller specifics.
@Ryan Sykes why did the property not close? If there were issues on the sellers end (usually title related, etc) and they are actively working on them, it's probable you can't just back out and make a new offer. Did you take any action to call to close, was there a time is of the essence clause in the contract?
How's your relationship with the seller? Do you know them or is just purchasing via 3rd party representation like an agent?
How about just telling us Why it didn’t close, and any other details about the transaction. Asking general questions with no context isn’t going to get you an accurate answer. But from a practical point of view, why would a seller close at a lower price if they didn’t close at the current price? If You didn’t close simply because you changed your mind about the price, I’ll tell you take a hike, as they should.
Okay, so if the sale didn’t close because the seller “still owed money on the house”.....why do you think it will close at a lower price?
Your agent is your best bet.
How much lower are you planning to offer? Bigger question: how will the seller cover the difference of the money owed verse what you pay?
Is your agent a rookie? If not there are a lot of missing details...
Ryan -- I agree with everyone who has directed you back to your real estate agent. The standard purchase agreement from the Central Virginia MLS has two different options for setting the closing date which have different provisions for determining whether or not (and when) one party or the other has the right to terminate the agreement. And those require further action which your agent will need to help you with. The contract doesn't "dissolve" on its own just because the target settlement date has passed.
If it didn't close because the seller owed money, then they owed more than your offer and the title company could not pay off their loan at closing. The contract is done, but don't think you can now offer less. The same problem will come up at title.
@Ryan Sykes lots of houses close with a seller owing money... this seems odd that the closing date passed and all you were told is the seller owes money on the house. Is this going to be a short sale? What has your agent said about your situation?
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