While I have never seen that happen, I am sure it can if the HOA documents have it written in and in effect in the condo. Normally a condo just requests all owners to "pony up" funds equally if they need it. I would look into it and ask to see it in writing.... more
Yes, you can. But if all contingencies have been cleared - inspection, testing, appraisal and loan commitment - you will most likely require an attorney.
The possibilities are:
1 - The seller lets you out of the transaction and may or may not keep your earnest money deposit. If they have a secondary offer already in place, they may be leinient with you.
2 - The seller sues you for specific performance, meaning they will force you to close on the home as agreed upon in the contract.
3 - The seller lets you out of the transaction, gives you back your earnest money but sues you for damages (time lost on market etc. This could be huge because they now have just over 30 days before the tax credit deadline and could very well be on the market a long time after that.
4 - Long shot, but the seller may renegotiate some terms of the transaction with you to keep you in the deal and close as agreed upon in the terms of the contract.
Good luck.... more
I do sympathize with your frustration. As I'm sure other agents will say- the rules on Short sales are constantly changing... as the lenders each have their own "rules". I would assume that your agent is in touch with the listing agent on a daily basis to keep up to date on the status. There may be some other extenuating circumstances that is causing the delay, and if your agent can find out what it is, they can advise you on how long you may be delayed. If you feel the home is worth the wait- and you've been in this long, see if you can get a firm closing date. Otherwise discuss with your agent what your options are. Otherwise, having a real estate attorney advise you may be the best option.
I also have a Buyer with an offer on a short sale- with GMAC- we've been waiting since March 17th- were supposed to close April 30th and it has now been moved to June 2nd.
All the Best to You!... more