We were supose to close on our house on May 31st but the bank that is selling it (forclosure) is not ready yet? What rights do i have?

Asked by Need Help!, Green Bay, WI Tue Jun 14, 2011

The offer agreement was that the well/septic were to be in working condition. They found out (after inspection) that the water pump in the well and plumbing through-out the house needed fixed. The back (seller) took over 2 weeks to find a company to fix it.
We currently own our house,and will be renting it.Our tenant is set to move in, in 5 days.
In the contract it did say that if for somereason the house did not close on May 31st we are to pay them $100 a day. Our realitor already said we are NOT paying that as it is not our fault for the delay.
My question is; what rights do we have on this house?How can we get the bank to move quicker?

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Malinda Trimberger’s answer
Malinda Trim…, Agent, Green Bay, WI
Wed Jun 15, 2011
Discuss your options with your agent ~ keep in mind, they cannot give you legal advice, you would need to contact an attorney. If you want the house, you will have to work with what you are dealt and come up with other options with vacating your current home/making arrangements with the future tenants. You should not have to pay the per diem fee ~ but again, consult with your agent, she would know what is in your written agreement with the bank. Good luck!
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Nan Brennan, Agent, Appleton, WI
Tue Jun 14, 2011
I had the same problem with my first time homebuyers and the bank handling the foreclosure the boiler system did not work and had to be replaced. It took my calling daily the representative from the bank to the point that they didnt want to deal with me anymore. Banks do move at a very slow pace. My buyers also had the $100 penalty attached to their offer and I created an amendment stating that we were unable to close on time due to no fault of my buyers but because the boiler system was not completed in a timely manner. Again, you need to talk to your realtor about this. Good luck
Always beware, if its too good to be true, it probably is. You have to have a thick skin and lots of patience if your going to put an offer in on a foreclosed home.
Web Reference:  http://www.nan-brennan.com
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Linda S. Cef…, Agent, Franklin, WI
Tue Jun 14, 2011
You have you own agent, then he/she should be handling this for you. It sounds like the delay was due to getting the work done on the well. Is there any way that your tenant is able to give you more time? Perhaps he/she lives with mom and dad and it's not as big of an issue as you think? Is there any way to give her a rental incentive to help ease the inconvenience to the tenant, perhaps a half a month's free rent or something on that order?
Web Reference:  http://www.lindacefalu.com
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