My mortgage deadline expired (offer was put in and accepted in April), why can't I back out without losing my earnest money?

Asked by Jen, Syracuse, NY Wed Aug 31, 2011

I'm still having trouble getting answers and can't seem to find anything helpful online.

2 months ago during my final walk through I found ALOT mold in the basement of the house. It's been over 2 months since the mold was found ( 3 months living in boxes) and the seller (Relocation company) is still not done. They had hired a company who removed the mold yet the air tests keep failing and there is no estimated date of completion. Once the air tests come back showing no mold then the construction company needs to put the walls/ceiling back up.

My attorney/realtor is saying I'm still legally bond even though my lock-in rate expired 2 months ago, and I've already had to extend my mortgage deadline which is up today.

At this point I just want to either move in now or move on with the money I've put into it. What are my options?

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Anna M Brocco, Agent, Williston Park, NY
Wed Aug 31, 2011
Since you state that you do have attorney representation, do consider another consultation with him/her; he/she can best advise; also review your contract, as the answer can be found in the document...
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Lynn Hayes, Agent, Carrboro, NC
Wed Aug 31, 2011
This is a legal question that depends on the terms of your purchase contract. In some states contract dates are considered "target dates" and parties can be bound even though those dates expire. In other states if terms aren't met by a certain date the contract can be terminated. Have you requested that the contract be terminated?

You say your attorney/realtor - is your realtor also your attorney? In any case you should probably get a second opinion.
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