The more complicated answer: If the buyer was prevented from closing escrow due to actions of the seller... you might want to contact a real estate attorney. If you have an expert agent, he/she will be able to make sense to the seller's agent, who will in turn advise the seller to continue the escrow.
Diana Margala 909-560-0145
Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty
As stated, there are proceedures in place that must be followed. Your agent should be in contact with sellers agent, escrow and lender in an attempt to resolve the issue.
These things sometimes happen and can usually be worked out. I wish you luck.
If so, he or she should be able to sit down and go over the contracts with you and fully advise you as to your options. As a buyer agent, I always make sure my client follows the contractual timeframes and I fully document any delays caused by the seller or the seller's choice of vendors so if there are any issues that come up, we can show that we are complying.
If you don't have your own Realtor, than I suggest you seek legal counsel. Good luck!
At this time of year, it's not uncommon for vendors to run late. People take vacations, and tend to enjoy life a bit more than usual.
I hope you have a Realtor, if not, you perhaps should consult an attorney.
Best of luck.
Good Luck and hope you close escrow with everyone satisfied!
Presumably you did not release your loan approval contingency (if there is one)
But you said it's the escrow office who delayed providing information ---- what kind of information? Preliminary title report?
Depending on your contract, there must be some provision wherein the seller issues a notice to buyer to perform...or you can also have your agent issue request to extend the contingency period.
Either way....since you are in escrow....and hoping that there is good communications, you should be able to negotiate an extension if the problem was indeed caused by a party that the seller selected. Provided that your price, terms and conditions remain the same, and that you are merely running through normal challenges pertaining to a loan, the seller may be inclined to cooperate instead of cancelling the escrow and putting the property back on the market.
What does your agent say?
Yes, but what is common is what is called an Extension of time form. When all parties sign this form it provides the seller to except the escrow to be extended. Ultimately all parties involve want your loan to fund in order to close the escrow.
Please feel free to call or email any questions. My email is LydiaKray@hotmail.com
Lydia Kray- Realtor
Top producer 2009,2010,2011