Home Buying in Sterling>Question Details

Claire, Home Buyer in Virginia

We were already going for our closing on July 14 which initally was July 20 as recomended by IndyMac which is

Asked by Claire, Virginia Tue Jul 22, 2008

a short sale but apparently the title company just needed a signed approval for the net amount IndyMac will get. Its so frustrating to find out that up until now we havent closed yet and havent had any reply from IndyMac. And the Negotiator was no where to be found and only to find out that there is a new negotiator handling our case. Will our earnest money be in jeopardy now that we are planning to pull out. Who will pay for the services of the title company? What do we do? please advice..

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Hi Claire-
Unfortunately, there are so many people in foreclosure or short sale situations that it's difficult for the negotiators to get to all of them in a timely fashion or as timely as we all would like them to get to them. I know it's no excuse.
These type of sales take an exhorbitant amount of time. If you are patient, they will close, if you are not or can't afford to be, (either you need a house NOW, or you wish to not wait), your question on earnest money depends on the dates. I know you gave dates in your post. However, I am confused by them to be able to give you an appropriate answer. So, here is the general real estate answer.
If at any time the seller is unable to satisfy a contingency, then the buyer's earnest money would not be in jeopardy. The seller would be in default of said contract.

However, Since you are in Virginia and I am in Illinois. I'm not sure that this holds water for you.

Hope this helps!
Honestly, I would contact your attorney to gain local advice and perspective.
0 votes Thank Flag Link Fri Jul 25, 2008
All I can say is...Thank God we live in a State who uses attorneys for real estate transactions. I'm curious as to what your attorney told you because I have some concerns for you, yet I wouldn't get to worried yet.
0 votes Thank Flag Link Tue Jul 22, 2008
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