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My wife and I live in TN. We recently signed a contract on a

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home. We have two homes...
My wife and I live in TN. We recently signed a contract on a home. We have two homes we were going to sell to provide the down payment. The Seller, however, would not take a contingency on selling our homes. So we asked about a bridge loan and a mortgage company said yes by text, and even went as far as saying it would cost us 1% to do the bridge loan. With that assurance we signed the contract with the only contingency being qualified for a 75% loan. All the requested docs were in motion and being sent to the lender that offered the bridge. A couple of days later my father fell deathly ill and I went to his home out of state. I frankly, forgot everything but my Dad. My wife was working like a trojan to get everything done. For some unknown reason the bridge loan was never started and unfortunately our property values on our present homes weren't as high as we were led to believe. We have sold one home which will close Aug 5th but the other is still up for sale. Our realtor has been very combative with us even though she listed the two homes and wrote the contract on the new purchase. Our closing date was to be July 31st on the new home. It's impossible to close. I know this sounds bizarre but my wife's Dad also passed away last month and we were simply buying to new home to have room for her mother. During the entire process our agent has intimidated us by saying the Seller is going to sue etc, even though we tried to obtain a bridge loan after our home values went so low. We countered for more time and even offered the Seller the full earnest money of 10k. We didn't hear back except our agent told us this morning the seller may sue. We frankly don't know what to believe. Can you give me any guidance.
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Tennessee
JA: Has anything been filed or reported?
Customer: Lawsuit wise? No.
JA: Anything else you want the lawyer to know before I connect you?
Customer: I think that about covers it, thx.
Submitted: 4 months ago.Category: Legal
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Answered in 17 minutes by:
7/22/2017
Lawyer: Barrister, Attorney replied 4 months ago
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 38,725
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

You may also be offered a phone call, but those don’t come from me and are offered by the website and you are under no obligation to accept.

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Does your lender agree to the 75% loan under the financing contingency?

.

How about an appraisal contingency? Does the new house appraise for at least purchase price?

.

.

thanks

Barrister

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