Q: We were suppose to close June 27th on both sides we did not meet the deadline sellers do not want to release earnest $
Hello we were suppose to close on a home June 27th. Financing was/is not a problem we are the buyers. It just took a little longer then expected (2days more) we did ask for an extension in an addendum,no response The sellers did not complete there end of the 35r. The sellers agent, does not respond emails, phone calls. We have invested money already (appraisal & inspection) and now that the contract has ended they do not want to release the earnest money from escrow ($3000) we thought they would put in a form saying to release it and they have not. We would still love the home but it has been very difficult to work with someone that is not doing there job. Very unethical, we have done everything in good faith and have done everything possible to close.What next?
A:
Actually, from what you've said, it appears you breached the contract to purchase the home. The Sellers appear to have been ready, willing, and able to close the sale at the appointed time, while you failed to do your part. There was no requirement that the Sellers agree to an extension of the closing date, so if they did not agree, you breached the contract. The Sellers appear to be fully within their rights to keep the earnest money and even sue for damages for your breach of the contract. You had best contact an experienced local real estate lawyer to help you minimize the damage and possibly settle your situation for a minimum of cost and expense -- maybe even buy the house. Your lawyer will make a thorough inquiry of all the facts to be certain of your rights and liabilities. Contact a lawyer immediately, time is not on your side. Good luck.
PS: My comments here are for general information and are not legal advice on your specific situation. Consult a lawyer in your area for actual legal advice after a thorough inquiry into your factual circumstances. My comments also do not establish an attorney/client relationship between us.
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