need help

**bigsandy** · 02-16-2009, 05:45 PM

We made an offer on a house. The offer was accepted. Three weeks prior to close, the sellers learned they owed more than money than they asked for the house. They did the paperwork requesting a short sale from the bank, however, our contract was never modified, nor did the sellers request a modification. We offered to let the sellers out of the contract so we could find another home, but they do not want out.

We are living in temp housing, which ends next week, our household goods are to be delivered from MO three days after close and we have no idea if the sellers will be at closing.

If the sellers are unable to close on the designated date, what rights do we have? We will be charged a delivery fee if we do not have a house to deliver our household goods, temp quarters is almost twice what our house payment would be and we have already paid for inspections, appraisals and a survey.

I understand that many home owners are having a difficult time.

**donrock** · 02-16-2009, 10:45 PM

I would have a lawyer look over your contract. I sure there is some way to void your contract or at least the lawyer might scare them enough that they would let you out. Maybe if they had to pay for your housing from the original closing date until it actually closed would make them rethink their position.
Good luck,
donrock

**Mike Taylor** · 02-17-2009, 02:46 AM

Some contracts do include a daily payment from the seller if they fail to deliver possession on time. However, it sounds like the sellers are in over their head already. I would be absolutely shocked if they can get a short sale closed from start to finish in 3 weeks. I think a realistic option for you is to have a solid backup home you are ready to move on the second this thing doesn't close.

**lexusolution** · 02-18-2009, 11:50 PM

most real estate agency contracts have an expiration. This should let you back out of the contract. Also a sale is not ratified in a short sale situation if the bank does not approve. The bank must approve the price the sell has agreed upon. Once the bank does that then they will send you and addendum asking you to accept the new price and terms. There contract with you is not valid until the bank accepts due to the mortgage they owe to the bank.