FLhomebuyer
Junior Member
What is the name of your state? FL
We found a great FISBO the week of Thanksgiving, made and offer and with slight modifications the offer was accepted.
One of the modifications was that the seller wanted to close on 17 Dec. Our lender had us preapproved so we thought this was "doable", however, as the date approached it became clear that our lender was slow and we'd be unable to close. We did a written extention of the contract for 23 Dec, and you guessed, it the lender missed that date too. We had a verbal agreement with the seller that "if we could close soon" that they'd proceed with the sale. Today I was told by our lender that NOW everything is ready and we should be able to close next Tuesday or Wednesday, however, the seller decided to start showing the property this week and had two other offers on the table.
One condition of our lender is that the seller provide proof of their ownership and ability to sell (it is a business partnership selling not an individual selling) and a written extension of the contract. The sellers seem hesitant to provide these documents now that they have other pending offers and told me that they are having a meeting tomorrow and will let us know what they've decided.
We are a little stressed as we've got money in this deal -- our earnest money as well as the costs of the termine and home inspection, plus our lease expires in 2 weeks and we need a place to move to. We've been packed and ready to go since the 17th, have had to cancel movers and spent the holidays in a house that is filled with boxes. The market her is red hot since Hurricane Ivan and the odds of us finding a house, for rent or purchase in 15 days is impossible.
In this scenario, if the deal breaks apart, do we get our earnest money back? Who is responsible for the inspection costs?
Frustrated in Florida
We found a great FISBO the week of Thanksgiving, made and offer and with slight modifications the offer was accepted.
One of the modifications was that the seller wanted to close on 17 Dec. Our lender had us preapproved so we thought this was "doable", however, as the date approached it became clear that our lender was slow and we'd be unable to close. We did a written extention of the contract for 23 Dec, and you guessed, it the lender missed that date too. We had a verbal agreement with the seller that "if we could close soon" that they'd proceed with the sale. Today I was told by our lender that NOW everything is ready and we should be able to close next Tuesday or Wednesday, however, the seller decided to start showing the property this week and had two other offers on the table.
One condition of our lender is that the seller provide proof of their ownership and ability to sell (it is a business partnership selling not an individual selling) and a written extension of the contract. The sellers seem hesitant to provide these documents now that they have other pending offers and told me that they are having a meeting tomorrow and will let us know what they've decided.
We are a little stressed as we've got money in this deal -- our earnest money as well as the costs of the termine and home inspection, plus our lease expires in 2 weeks and we need a place to move to. We've been packed and ready to go since the 17th, have had to cancel movers and spent the holidays in a house that is filled with boxes. The market her is red hot since Hurricane Ivan and the odds of us finding a house, for rent or purchase in 15 days is impossible.
In this scenario, if the deal breaks apart, do we get our earnest money back? Who is responsible for the inspection costs?
Frustrated in Florida