Help please!

[Pretzlgl]

What is the name of your state?
FL

Supposed to close tomorrow but received call today from title company stating that closing would be moved to Wednesday. (This was actually the day contracted to close). Buyers are having lender issues - even though they WAIVED the financing contingency. Question is this - if they can't close on Wednesday is that it? Can we be done with these buyers since they did waive financing and now can't get the cash to close the deal??

Thanks.

 

[seniorjudge]

What does your contract say about this contingency?

 

[Pretzlgl]

Contract signed Oct. 7th with 25 days to obtain financing. Deadline came and went. Contract requires a 3 day cancellation notice which we gave - at that time buyer could deliver written notice to us stating that they waived this financing contingency, which is what they did. Our lawyer sent the notice which stated that if they do waive the financing that the deal would then be treated as a cash deal for purposes of performance or default.

 

[seniorjudge]

Our lawyer sent the notice which stated that if they do waive the financing that the deal would then be treated as a cash deal for purposes of performance or default.

You really should be asking your lawyer these questions. You have created lots of variables here which will affect the correct answer to your questions.

 

[Pretzlgl]

I guess I'm not sure what you mean when you say I've created lots of variables here?? This is what the contract stated - and therefore what we did. Loan commitment passed, we cancelled contract by the terms stated on contract, buyer came back waiving the contingency which is stated on contract. How did we create the variables??

 

[seniorjudge]

I guess the bottom line is this: does these folks have the $ to buy or not?

If not, then ask your lawyer if you can get out of the contract and sell it to someone without "lender issues", which, I take it, means they can't get any money.