Home Buying in Milpitas>Question Details

Vinay Shah, Home Buyer in Milpitas, CA

Deal not closing because of Seller’s fault

Asked by Vinay Shah, Milpitas, CA Thu Apr 26, 2012

I am in contract for a house which sellers are not able to close in time because Sellers paid off their second mortgage after getting in contract with us (to sell their house). Seller's bank is taking a long time to clear the lien on the house. Sellers also claim to have the utmost intention to close the deal. But, it has already been 60 days, and the closing has not happened.

Can I come out of the contract and ask for being compensated?

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Answers

2
Becky Strauss’ answer
Most likely you can get out of contract. Talk to your realtor or their broker to look over your contract. If you are not able to close due to lack of performance on sellers part and want to walk away you probably can. However you must discuss this with your realtor and review the terms of your contract. Getting compensation is not likely. Good luck!
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0 votes Thank Flag Link Tue Jun 12, 2012
It all depends on what your contract says. It sounds as though you are buying a short sale. I can only speculate that the Sellers are paying off the second mortgage as a requirement of the short sale (why else would they pay it). It seems as though the seller has good intentions, doing what they are supposed to do, to get the transaction closed. Waiting 60 days is not uncommon in a short sale, in fact, it usually takes longer. Ask YOUR agent (the agent who wrote your offer) what your contract says about terminating the contract. Only they know what you and the seller agreed to in the writing.
0 votes Thank Flag Link Thu Apr 26, 2012
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