It may be a higher selling price, maybe something else? Seek as much info (without emotions interfering) as you can, then make your best educated decision.
Bill Stuart, Broker/Officer, RealtorÂ®, Certified Short Sale Resource, CNEÂ®
Since you are ready to buy a property now, if you would like to see some available properties just let me know.
Teresa (Tera) George
Also as someone else mentioned what was your earnist money committment on the front end? Just cuious. If all you need are funds to close the escrow give me a call at 760 815-6977. I would like to see this deal a little closer. If there are no kinks in the deal and the house comps and the LTV is right I might be interested in helping you close escrow by taking a second position if you'd be interested in such a deal.
Unfortunately, you can't force a seller to extend escrow; the only thing they have to agree to is what you and the seller agreed to in writing.
Also unfortunate, is that you could have easily known ahead of time that FHA wouldn't fund your loan if you had a full documentation approval before you tried to buy the home. It doesn't make sense why your lender wouldn't know this crucial piece of information.That loan is likely the reason you had to extend escrow.
Even if you could prove you paid higher market rent these last few years, if you and the seller agreed to a close date in writing, the close date may end up being the term that matters.
Call a real estate attorney ASAP. This is the only way you can find out what your options are. And, I hope the contracts support your position!
Lease options are an investment technique, they're not meant to favor the buyer. The only way the investor makes any real money on a property is if the buyer can't exercise his option and qualify to buy.
Good luck to you!
Cory La Scala, REALTOR
Lic # 01443391
Many more details need to be uncovered and reviewed. You seem to be acting in Good Faith, I'm not sure the Sellers are. Did your contract have a Mediation/Arbitration clause?
This situation sounds like it needs to be shared with an Attorney - I would suggest you look into this immediately.
Judges are reluctant to force sellers to sell their homes, but if you have paid more money than you would have just renting you should be entitled to money back if not the ability to buy the house.
Short story, you need to get your own attorney who specializes in this area of law.