Question
Closing date has been delayed-2?
I am buying a house currently, my loan from a Bank has already approved, but the closing date has been delayed by the seller’s side. My situation is difficult now. Yesterday, I asked my questions, 1, how can I dealing with this issue; 2, if I can walk out the original contract, what will happen after cancellation? I have got three answers from the kind guys, a more question is that does bank give me any penalty charges after cancellation the contract. Thank you very much.
5 months ago - 2 answers
Best Answer
Chosen by Asker
Assuming you can get out of the purchase agreement due to the escrow delays with no penalty (an important question in itself), you do not owe the finance company anything. However, you wouldn't get reimbursed for things like an appraisal, any credit check fees, title or escrow company fees that you paid for, etc. You would just walk away, you would get whatever portion of your good faith deposit hasn't been spent, and you would not owe any penalties to the seller, or the buyer's or seller's agent. However, if this is truly the fault of the seller and you will lose some money, you might have your agent submit a request to have the seller reimburse you for money that you're out because the deal fell through.
5 months ago
Asker's Rating: 
Other Answers
if seller is just delaying a few days for title reasons then you cannot back out. Your purchase agreement likely had language allowing some minor delays. If seller asks for extension in writing only agree if they agree to $1,000 reduction in purchase price.
by David Z- 5 months ago
TALK to your attorney, or hire one now. Don't rely on thousands of yahoos who haven't seen the documents.
by chatsplas- 5 months ago