Q: I am currently buying a house in colorado, we sign on the 25th, but haven't received any appraisal information?
The appraisal information was suppose to be submitted awhile ago and is past the date state on the agenda form for when things need to be meet deadline form, if we don't close on this house because they never submitted in time, who is liable for lost costs etc, and is civil suit appropriate to file against someone and who would that be against?
A: Unless the purchase agreement stated "time is of the essence", delays do not necessarily cause a breach in the agreement. In other words, a reasonable delay likely will not have an impact on most agreements (closing can still occur on the 25th or be delayed). That said, if you do not receive appraisal info by the closing date, there is a problem. Without knowing all the details of your situation I cannot say what will happen. As a general rule, the party that fails to reasonably perform within the specified time of the contract is the breaching party. Review your contact to see what happens to the "breaching" party. Generally, the breaching party assumes most/all of the costs. If things blow up you should seriously consider contacting a real estate attorney. The attorney can review the facts in detail and negotiate/file to recover your money (or just simply evaluate your case). Lastly, be aware that as the buyer you cannot ask the agent, mortgage broker or lender for advice because they all have a conflict of interest.
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