Asked by cjigar, Torrance, CA • Wed Jul 31, 2013
It was a short sale and the seller is claiming that they were not given enough time to find a rental. Now, the bank is not willing to give extend the short sale approval date. In this event, the seller is arm twisting the owner to let them stay after the closing date. Which of course the buyer is not comfortable. Even in the contract no where it is mentioned that the buyer is obligated to let them stay in the house after the day of closing. In this case if the deal fall aparts how do the buyer get the earnest money back? do the buyer still require the seller's signature to release the earnest money? Legally it is the seller who will default on the deal as they have not vacated the house and the buyers's loan is clear to close. What if the seller refused to sign the release form.
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