Your contract indicates what you are supposed to do and what the seller is supposed to do. If you didn't close on time, baring a contingency agreement that protects you, they may be able to claim the earnest money.
Now, if they don't have a back up offer ready to go and you can close a day or few later, they would probably be better off just finishing up with you.
Review your contract, talk to your agent and lender, fix whatever kept you from closing and find out when you can close. One option is to release the earnest money in exchange for the time you need to close (plus a few days for safety sake). The funds are still applied to your purchase and if you are able to close, everyone wins. Talk to your agent and lender before you offer this, to make sure you can close.... more
the state of California did introduce a program California First Time Buyers program also referred to as CHDAP. http://www.calhfa.ca.gov/homebuyer/programs/chdap.htm
It is a good program you can utilize for down payment or closing costs if you do not have sufficient funds.
Would love to talk to you about it. If you are looking in East LA I have a house that would fit this program.... more
Rents are under pressure in the Los Angeles South Bay. Classic supply/demand. If you are looking strictly for cash flow there are opportunities in near-by South Bay cities where the GRM is around 10.0
For a combination of location, appreciation and cash flow, I like the Redondo Beach market at this time.... more
I see from your zip code that you are in Los Angeles. Most loans in California are non-recourse - which means the only security the lender has on the their loan dollars is the property itself. If your investment property is in California and has a non-recourse loan then your principal residence may be ok. I highly suggest you speak to your lender and an attorney to see what the real situation is. Before losing your investment property - request from the lender a restructuring of the loan. Many lenders are now being cooperative with this workout. Best of luck.... more