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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33769
Experience:  15 years real estate, Realtor. Landlord 26 years
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I put an offer on a house in Crawford county Ohio. The bank

Customer Question

I put an offer on a house in Crawford county Ohio. The bank is really slow. I have sent them my financial data and what they requested, now they want it again for a third time, plus more info yet they are supposed to close on Friday. I don't see that they will make it, plus some new info requests just sent Sunday would take me a couple days to get. Can I cancel the application and either forget it or look for other means or will I get in legal trouble.
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: OHIO
JA: Have you talked to a lawyer yet?
Customer: I can't get an appointment for a few days, and the closing is Friday.
JA: Anything else you think the lawyer should know?
Customer: The bank is terrible requesting the same thing because they can't find it or they say it never showed up, and they never keep me informed. I signed one extension already from the 19th moved to the 29th
Submitted: 4 months ago.
Category: Real Estate Law
Expert:  Barrister replied 4 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

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You can cancel the application, but that would likely result in you losing your earnest money deposit and could potentially get you sued for breach of contract for damages.

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The seller and buyer have to work in good faith towards getting the deal closed and if you cancel your financing, then the seller can claim you are in breach and potentially sue you for "specific performance" which is where a judge orders you to continue with the purchase.

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thanks

Barrister

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