I'm trying to buy a house and we didn't close on the 28th of june like it says so now we w

Our house was supposed to be closed on the 28th of june, my loan officer says we need to sign the extension or there will be litigations...for what?.....If we were supposed to close on the 28th and it's past that date isn't the contract void? We weren't told anything about interest rate or payments they have just been plugging numbers haven't sent to the underwriters yet. Right now we are renting the propery with a month to month lease. If we signed the extension it will be for sep 30th, which means more months of high dollar rent. My fiancee need deferment letter from her college loans, about 10, she can't get those letter until september, but the loan officer wants her to apply for early deferment just for those 2 months so we can buy the house... but that program for deferment i'm pretty sure she can only use once...so what if we need it when the college loan are due....then we can't ask for deferment again. We do not want the property anymore. How can I back out?

I'm trying to buy a house and we didn't close on the 28th of june like it says so now we want to back out

The contract has expired. You have no further obligation to make the purchase.

If you had a financing contingency on your purchase agreement, write a letter and ask for your earnest deposit back.

There is no litigation chance.

File a complaint on the loan officer %26amp; his agency. Don't EVER try to use him/her for a loan again.

I'm trying to buy a house and we didn't close on the 28th of june like it says so now we want to back out

hello, my name is vanessa we are trying to sale our great house 3/2 here in deerfield, if you did not close yet, maybe u could take a look in our house cause we are moving, we asking $399.000, email us if you have interest to buy a house, i wish you good luck! thank you!! Report It

I'm trying to buy a house and we didn't close on the 28th of june like it says so now we want to back out

If that loan officer is saying what you need to do, and you think he may b elying to push you to commit to something without understanding, ASK HIM TO PUT IT IN WRITING, DATED AND SIGNED for you ... that is calling his bluff

I'm trying to buy a house and we didn't close on the 28th of june like it says so now we want to back out

In my area, it really depends on why it is delayed.

If your financing is holding it up, this could be a problem. If it is inspections and repairs, you may be able to walk away.

Everyone gets so wrapped up around the closing date. It is a guess, nothing is written in stone here. The I's have to be dotted, the T's crossed, all the boxes checked before a loan is going to fund.

If you are relying on missing the closing date to get you out of this contract, you should talk to an attorney first.

I'm trying to buy a house and we didn't close on the 28th of june like it says so now we want to back out

I trust RE Brokers and anyone involved in the sale as far as I can throw them. When I sold my property in Florida it passed the closing date because the buyer was unable to secure the loan. I was told if I backed out I would have to pay penalties and a bunch of other nonsense. Stupid me believed them. Low and behold since it did pass the closing date due to the buyer not being able to secure the loan I had EVERY legal right to say good-bye to the buyer and put my condo back on the market. This same premise would apply to the buyer if for some reason the owner backed out of the closing (new home not available yet, repairs, etc...) I would speak to an RE lawyer to find out the laws of your state. And do not go to an attorney that is referred to you by anyone involved in the closing. This is the first mistake we made.

I'm trying to buy a house and we didn't close on the 28th of june like it says so now we want to back out

If your Sale and Purchase contract for real property was dated to close on 6/28 and the closing did not occur, then yes the contract is no longer valid, but you are in default of the contract and can be held liable to perform your obligations underlined in the contract. Usually the only way a buyer can walk away from a contract and receive their deposit back is if they were unable to obtain financing. It sounds as if the lender has not even attempted to try and close your deal on time and therefore is asking for more time and for you to make concessions that may effect you in the future. If the lender is not able to secure your financing as outlined in the contract, then you can request a letter of denial and deliver it to the seller which will get you out of the contract. If you have placed an escrow deposit on the home with your contract, the seller can keep money as damages for your not performing the contract. The seller also has the right to return your money and not hold you to the contract. On the other hand, the seller has the right to sue you for specific performance and force you to purchase the house based on the agreed terms. Of course, you have to qualify for the financing or all bets are off.

I would try and get a letter of denial from the lender and present it to the seller, this will be the easiest way to get out of the contract.