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Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 34499
Experience:  30 years of real estate practice experience.
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We are purchasing a home in California and the Seller has

Customer Question

We are purchasing a home in California and the Seller has put a hold on the purchase because we changed lenders. They are requiring us to sign a CAR Form that requires us to remove the request for repairs. We are not adverse to signing this form however we need to know the extent of our liability if the seller continues to add contingencies. Also, because of the sellers reaction to the change in lender we need an extension on the original closing date. What are our options? We are first time buyers and seem to be dealing with a realtor who will not respond to our questions. She seems to be more interested in the seller's needs. What are the buyers rights if we don't sign can the seller pull out then. What happens to our escrow money. At what point do we loose our money?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Loren replied 1 year ago.

Good afternoon. I am Loren, a licensed attorney, and I look forward to assisting you.

Expert:  Loren replied 1 year ago.

Are you within any contingency period for terminating? Are you currently in breach? Has the seller agreed yet to the extension?

Expert:  Loren replied 1 year ago.

Are you online with me?

Expert:  Loren replied 1 year ago.

While you are free to change lenders, you would still need to be able to close on or before the closing date specified in the contract. Otherwise, you would be in breach and subject to the penalties specified in the contract, most likely the forfeiture of your earnest money.

Expert:  Loren replied 1 year ago.

If you are still within a contingency period, a mortgage contingency, for example, you can terminate the agreement and demand a refund of your earnest money.

Expert:  Loren replied 1 year ago.

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