In process of buying a Fanie Mae homepath home, we are already in escrow day 27. I Did a final walk through found home was vandalized back door broken , 7 inch whole punched through wall , some plus graffiti. My mortgage rate lock set to expire in 2 days however repairs cant be made till next week. Seller agent dragging feet on repairs, been 2 days past since report. Rate lock is expensive ! I refuse to pay for this outrageous rate lock when this was supposed to close in less than 2 days. I want out of their blunder ! Is it feesable to get my 1000 deposit back based on these circumstances? I also wired my closing cost already into Escrow . This must be a common problem now in this upside down market. How do I get all my money back and start over.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good evening. You do have the right to terminate this transaction and get your deposit returned. There are material adverse changes that have occurred to the house that give you the right to terminate and the closing date has not been met and you have no legal obligation to extend it. You should send your written notice of termination and demand your deposit be returned. If the seller does not agree to take the steps voluntarily to enable its release to you, file a claim in small claims court. Once the suit is filed and ajudgment awarded, you become a judgment creditor and can have thesheriff serve a summons on the losing party for a debtor examination. Thatforces the losing party to meet the judgment creditor in court and answerquestions under oath about the losing party's assets. After that information is obtained, the judgmentcreditor has the power to garnish wages,attach bank accounts, and/or have the sheriff seize other property to satisfy the judgment.
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