the time required, this contract will no longer be subject to Credit Approval. Time is of
the essence for this paragraph and strict compliance with the time for performance is
TL;DR----If in Texas you don't perform in the days listed on the Third Party Financing addendum or give notice before those days, you can lose your earnest money.
On Texas promulgated contracts, this is on the first page.
Then, simply explain to the Sellers that the closing cannot take place due to appraisal delay and loan processing delay.. These are out of the Buyer's control, and while the Buyer and Sellers can still show up at the Title company to close the deal, unfortunately the Title company won't have the paperwork for you to close. So, by default, the closing is bumped back, at no fault.
Both sides are trying to perform.
Tell your Agent to engage the Title company to help explain this to the Seller side.
It will be a long haul nightmare for the seller to try and keep your earnest money and move on to another Buyer.
Check on what I said first to see what your contract states. If you selected "Not" subject to lender approval, you might have to beg for a little forgiveness, or engage an attorney immediately.
Either way, if you're still trying to perform on the contract and the seller is drumming up an attempt to keep your earnest money, they have a real rude awakening coming, and you definitely need to get a lawyer asap to contact them, etc. Get with Title company immediately!! They have a lawyer on board that can help too.
The contract governs the answer. Consult your REALTOR for direction.
I will say that once a contract is executed any further changes are requests from one party to the other not a mandate. The contract spells out what the remedies are for each party.
As I often say to prospective clients, "An agent that know what all the written text within the contract means is the one you need to have on your side representing you. Anyone can fill in the blanks."
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I always go over all of the "get out" areas in a contract... Conversely when I am representing the seller I use those same parts of the contract to "tie down" the buyer so if they in fact do back out they will lose their earnest money.
Either way know that both parties are responsible for performing to the contract, that in fact is why you both signed it in the first place. If one party does not perform it can be more than the earnest money that is in jeopardy. The other party can sue for specific performance. That rarely happens but it can. So look over your contract with your agent to see where your options are.
Hope this helps.
Don Groff | REALTORÂ® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | firstname.lastname@example.org
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
http://www.lynn911.com 100's of Dallas homes listed for sale or lease
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