If however, the seller is unable to sell in the time period you agreed upon in writing, you should be able to cancel.
That said, I would need to see your purchase contract and escrow papers to know exactly what you're dealing with.
If you don't have your own buyer's agent, I encourage you to consult with a real estate attorney.
About the questions you asked, that depends on how your contract was written and if any contingencies have been removed.
I feel badly that you are so up in the air about this transaction. Unfortunately, it would be easier to discuss if we knew who all of the players are. If the problem is your loan with your lender, then you may have a hard time backing out and obtaining a refund of your deposit unless funding is a contingency of the loan agreement. If the problem is that this is a bank owned property and the bank is stalling on completing the transaction, then you should be able to back out and get your deposit back. Here are my suggestions. 1. Sounds like you are having a hard time communicating with your agent. Please contact his or her boss (the office manager or the broker of the office where they work). Make an appointment and meet them at the office. Stay put until they explain the whole transaction and where you are currently to your satisfaction. Be sure to ask them whether or not you can cancel the transaction and receive your escrow deposit back. Take detailed notes of your entire conversation including the date, time and the persons present. 2. If you have your own lender, call them and make sure that they explain exactly where you are on your loan. Find out if the $1000 for repairs is a requirement for your loan. Ask them why you have not been approved through to loan docs by now. Ask them what conditions remain that need to be cleared so that you can get to loan docs. If there are conditions, supply the needed documentation promptly so that your conditions can be cleared. Again, take detailed notes of the entire conversation.
I hope this gives you a place to start. Good luck.
Realtor and Loan Officer
Shore Capital Corporation
For your sake, I hope that your agent made those promises in writing, specificallly, in a contract that you signed.
If not - then you got to go and speak to this agent's broker and truly understand what is going on.
When you do - you'll know your rights and obligations under contract.
Hope this helps,
Beachfront Realty, Inc.
As Cindy noted it's not clear what the situation is.
The agent you're referring to, listing agent or your own agent.
Is it a standard sale, short sale, REo, etc.
Reading between the lines looks like the repair are
conditions the appraiser called out.
It's tough to back out now and your Earnest Money Deposit
refunded to you. If the delay is due to seller not performing
you can back out and get your deposit back. If it's your lender,
just depend on the contingecies. A savvy agent will not remove the contingencies till
the loan is funded.
If you're not getting the information you need, I suggest you call the broker.
Good Luck and I hope it turns out in your favor.
I hope this helps a little bit, however I really do need more details. Every transaction is different.
Lesley Harris, Realtor