Stressedbuyer, Home Buyer in South Plainfield, NJ

If seller doesn't have the CO on the closing date and we cannot extend the date anymore due to the loan expiring, can we get out of the ontract?

Asked by Stressedbuyer, South Plainfield, NJ Thu Jun 28, 2012

The only hold up is the sellers getting the CO to us by July 9th for the closing. Which was originally scheduled for June 18th but got pushed. We are going FHA with the SmartStart Grant offered by the state of NJ. We were told that we must close on the 9th (which is when the loan expires) or it will be a long, drawn out process to get the loan again. We would have to re-apply and go through everything again. If it gets to that point, can we NOT sign and get out of the contract without legal issues from the sellers? Apparently they are having work done with the promise these people will get paid at closing. We don't want to be sued for this. Please help.

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Answers

4
Follow the guidance of your attorney - and also talk with the bank just so you have all contingency plans percolating.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Sat Jun 30, 2012
I would call your attorney today the 9th is coming fast you don't have time to drag your feet, I'd also start on your Realtor to find out anything they can, visit the site, talk to building inspectors, ETC. This shouldn't fall completely on your shoulders.

Tom Fredella
Bay Coast Realty
http://www.accessbayside.com.
0 votes Thank Flag Link Fri Jun 29, 2012
We have talked to the building inspector and told them it's a rush. The sellers are doing the work the township asked for and the inspector will be there next Thursday and if the work isn't done, they won't get the CO and then our loan would expire. Something that's supposed to be a happy time has left us depressed.
Flag Fri Jun 29, 2012
Our realtor is on the sellers agent to get this done, our attorney us on the sellers attorney to get the CO and the mortgage company is hounding them too. We have basically done all we can. It's up to the sellers to get the CO by next Friday. It's like no one wants to give us an answer since they lose out on their money. I'm sure our attorney will be paid but we get back our earnest deposit. We are stuck and at the sellers mercy.
Flag Fri Jun 29, 2012
I agree with Mary. You need to speak to your attorney.

I hope everything works out for you.
Good luck :)
0 votes Thank Flag Link Fri Jun 29, 2012
You really need to speak to your attorney about this. Realtors can't give legal advice and this is truly a legal matter.
0 votes Thank Flag Link Thu Jun 28, 2012
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