Q: The buyers bank is holding up the closing. we should have closed April 15, 2013 it is now may 6,2013 what can we do?
A: Your options are: (1) terminate the agreement and keep the earnest money (if allowed) and put the home back on the market; or (2) work with the buyer and their bank if you really think the sale will go through.
Without knowing any of the details about what is going on with buyer's bank, I can't answer as to what you should do. It may be that the buyer is just as anxious as you to get this done - perhaps some extra compensation would be in order? Talk this over with your real estate agent or real estate attorney before you do anything.
If you decide to terminate the contract - read it carefully to see what it says about earnest money and breach by the buyer. Make sure that the deal was not contingent on the buyer getting a mortgage loan at a certain rate or something like that. If you are going to terminate, then do it soon so you can get your home back on the market as soon as possible.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.