Thanks for all your comments. We finally heard back from the seller’s agent the escrow has the payoff document The catch now is the seller has to bring money to the table to make this deal work. (Which I am not sure if they have, because of unpaid loans/tax liens etc).
The unfortunate thing for us our great loan rate (3.63%) ends next week and it is it is 90$ per day to hold it. The sellers agent tells us they are working with the bank so that they can walk away from this deal without making any money as long as they don’t have to bring any money to the table. The extra money is supposed to cover legal fees and interest for the unpaid mortgage for the last few months. I still haven’t seen this in writing, The agent reports it maybe 15 days to resolve this with the bank, but I am skeptical this will be case.
I am wondering if it a good time to cut my losses (I have spent for the appraisal and home inspection – not sure if we will recover this). I am hoping our good faith money is returned, I am also wondering if we can ask them to repay us for the appraisal and home inspection if we decide to walk away from this deal.
