Realtor Bill, has good advice about contacting an attorney for any legal advice. In reality many Sellers may not be fully informed of what their net proceeds are when accepting an offer from a Buyer. Also the Seller may have relied on the last statement from their mortgage company to calulate what their mortgage payoff is.

At this point, there is no guarantee that the $8k "free" money will be available after the Nov. 30th required closing date so I woudn't count on it.

Ask your Realtor to "immediately" (as in TODAY) show you other properties in your search criteria. Even if it means taking time off of work to find the right property, DO IT NOW! Sorry to shout about this but this "free money" opportunity may not get extended. They may go back to the "zero" interest money(you have to pay the $8k back) but not "free" $8k. I hope I'm wrong but not worth the risk of losing this, in my opinion.

Also it's imperative that the lender you chose to do your mortgage is an actual "lender" and not a mortgage broker who does not lend money. A mortgage broker may have difficulty closing a loan before the Nov 30th deadline at this point in time. Go to ww.AimLoan.com They are a low cost "direct" endorsement lender. Also visit http://www.mtgprofessor.com for helpful info about understanding the mortgage process and some of the tactics used by less than ethical mortgage brokers and even actual lenders!

Also make sure your realtor doesn't waste your time showing properties that are short sales or not eligible for FHA if you're getting an FHA mortgage. Many "approved" short sales have a middle man investor who intends to "flip" the property to a new buyer. FHA requires an owner to own a property a minimum of 90 days before signing a contract.

Hope this helps.

All my best,
Alma
Alma Rose Kee, P.A. http://www.SoldOnTampa.com
813.244.9898

It is understandable that this is an upsetting situation. It is common for seller's to be unclear about the total amount owed on their home. However, that is not an excuse. You can put your energy into engaging an attorney and possibley suing the homeowner, making their existing financial hardship worse. Or, you can focus your energy on finding another home....better than this one. Maybe the deal can be resolved via a short-sale. The calender is tight....but there is talk about possibly extending the $8000 credit. Focusing on the positivie always gets better results!

Robert Greenblatt
Keller Williams

There are too many vaiables to be able to comment accurately on your personal situation with any degree of accuract. Our recommendation is to consult an attorney to have them review your contract and provide input.

Good luck