No sorry Donald I am not a lawyer. I am an agent.I was probably exceeding my capacity getting the money back for those people. I’ll plead good samaritian if it ever catches up with me. In any case the lender had choosen the agent who abandoned the client so there was so much leverage to press the abandonement issue. I just wanted you to think if a scenario like that really applies to you.
So it looks like the loan contingency expired march 25th. Do I follow?What is the current contractual close of escrow? hopefully it is before April 1 but I am afraid it is not or you would understand that your situation is O.K.
“I got an 80-10-10 laon, which will soon discontinue because the lender does not want to have that service after April 1. If we cannot close before April 1, then i will not have enough money to buy. Is this my fault if by then I want to back out because I do not have a loan? escrow?”
Fault due to the loan won’t matter because the contingency ramification of the contract doesn’t say…”unless there is a glitch”.If all your contingencies have been actively or pasiively removed it has to be the seller’s doing that causes the problem. Maybe a lawyer could interrpret it a different way so you might actually talk with one.
You have to find a way that the seller has failed contractually or hope they will be lenient. I don’t have any idea about the odds for the latter with this REO. Seems like you culd have some leverage with considering the delays but I really can’t say how it would playout if you don’t perform according to the conatract.
I want to say you should notify the seller of the situation by phone and in writing if you haven’t but I guess that is a judgement call.
