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Lucy, Esq.
Lucy, Esq., Attorney
Category: Legal
Satisfied Customers: 30167
Experience:  Lawyer
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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: 1 year ago.
Category: Legal
Expert:  Lucy, Esq. replied 1 year ago.


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."

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Customer: replied 1 year ago.
I am sorry I typed it wrong I am the seller the buyer has a bank taking for ever
Expert:  Lucy, Esq. replied 1 year 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 1 year ago.
There is no time line for the bank to get this done
Expert:  Lucy, Esq. replied 1 year 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.