All Forum Posts by: Anh Nguyen
Anh Nguyen has started 1 posts and replied 1 times.
We(buyer) had a contract to close on a home on 6/30 but the lender finally gave us approval to close after going through a mountain of documentation. We informed their agent in writing that we would like to move the closing day to 7/3 to give time for paperwork to go through but so far have not heard anything back. Seller's agent isn't answering text, emails or calls. Seller has incentive to keep going since they are using our funds to close on their new home.
Per contract if buyer fails to comply with contract and not close on specified date then seller can enforce specific performance, seek relief provided by law or terminate contract and keep EM($1000).
I am at lost of what to do and my agent is still trying to reach out to them. Technically they can hold us for default and keep our EM since it is our lender that delayed closing. I would hate to lose the home or EM but I understand it could happen if we don't close on time but the anxiety of not knowing is killing me. The house is in a great area and at a good price.
I'm going to assume they will not extend closing day and I would have to relinquish my EM. Any thoughts?