How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lucy, Esq. Your Own Question
Lucy, Esq.
Lucy, Esq., Attorney
Category: Legal
Satisfied Customers: 27692
Experience:  Lawyer
26798026
Type Your Legal Question Here...
Lucy, Esq. is online now
A new question is answered every 9 seconds

My house has been under contract since Feb14 the sellers

Customer Question

My house has been under contract since Feb14 the sellers bank have a date on the 2 of June after many exstention and still has not given the clear to close what are my rights I feel I have been lied to and is completely unfair at this point the banker does not call any one back and have no idea what they are doing
Submitted: 6 months ago.
Category: Legal
Expert:  Lucy, Esq. replied 6 months ago.

Hi,

I'm Lucy, and I'd be happy to answer your questions today. I'm sorry to hear that this happened.

Unless the contract says otherwise, an agreement to sell real estate is not considered breached unless the parties have failed to do the closing within a reasonable time of the original date. What's reasonable varies based on a variety of factors, including the reason for the delay and whether you're spending money to stay somewhere else while you wait. If they cannot give you access to the property and you're paying for a hotel because of the delay, you may be able to sue the sellers for the money you're losing. Since they theoretically should have been prepared to allow you to move in on June 2, you can also request that they grant you access now.

Both parties are expected to negotiate in good faith to get the closing done. If the other party refuses to proceed, or they cannot get the closing done within a reasonable time after June 2 (a two week delay is still considered reasonable, but if it goes on much longer it might not be), then you'll have a right to cancel the sale and demand a refund. But it's a bit soon to cancel now unless there's a clause in your contract that says something like "time is of the essence."

If you have any questions or concerns about my response, please reply WITHOUT RATING. It's important that you are 100% satisfied with my courtesy and professionalism. Otherwise, please rate my service positively so I am paid for the time I spend answering questions. If you are on a mobile device, you may need to scroll to the right. There is no charge for follow-up questions. Thank you.

Customer: replied 6 months ago.
I am sorry I typed it wrong I am the seller the buyer has a bank taking for ever
Expert:  Lucy, Esq. replied 6 months ago.

Ok, thank you.

Most of the answer is the same, but if you're paying interest on your mortgage as a result of their delays, you can sue the buyer for that money. If they wind up backing out of the deal entirely, then you can also sue for any money you lose (like if you have to pay two realtor fees). And they could be liable for the difference in value between the contract price and the sales price if you can't find another buyer to pay the same amount.

Customer: replied 6 months ago.
There is no time line for the bank to get this done
Expert:  Lucy, Esq. replied 6 months ago.

Legally, they have a reasonable time to get it done. A couple of weeks after the original closing date is still considered reasonable. Even if the bank pulled the loan, the buyer would have time to try to find additional funding (but would have to pay you damages for the delay). But at this point, I'm afraid all you can do is request assurances from the buyer that they intend to proceed with the sale. That's usually done by sending a letter or an email and giving them a deadline to respond.

Related Legal Questions