contract reads buyer must obtain loan by june 21 and closing was july3
no committment letter was received and closing did not take place yet. can
i cancelled contract.
Champions Realty® is a FULL SERVICE Real Estate Company. NOT a DISCOUNT or Limited Service Brokerage.
Yes. Send the title company a termination of contract and request for Earnest Money. Since they have defaulted on the Third Party financing addendum, you are entitled to the Option & Earnest money.
Also, depending on your situation, They are technically “Cash Buyers” you can sue for Treble damages. (3x the Earnest Money & Court Cost.) Call me at 214.682.3655 if you have any questions. http://www.RussellThomae.com
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thanks, this is a 4 family in n.j. realtor keeps telling me they are waiting for
loan company since its an FHA loan, 6 weeks after appraisal and still no committment letter and i have taxes due aug1, should buyer pay for it.
explain again about the lawsuit , how it works.
Please explain how the option y earnest money work and how much can i get and explain how treble damages work. Great help
Can i sue for earnest money and treble damages after the closing,
Would like to cancel, but dont know how long to find another buyer and need to move asap. Thanks
Are you working with a Realtor? If so, on the one to four residential resale contract at the bottom of pg 1, it will say earnest money in the amount of... will be deposited at... title company. The Earnest money is to be sent to the title company in a reasonable amount of time... norm 48 hours after execution.
On PG 7 paragraph 23, the Termination option fee will be the $ amount... to terminate the contract for any reason within... days. (This allows the buyer time to get inspections) This protects the buyers Earnest money from time of execution to however many days listed in the paragraph. This check should be submitted to the Seller and receipted along with the Earnest Money on PG 8.
If they defaulted on the third party financing addendum... which is an addendum to the one to four resale contract... and you close and fund, you are still entitled to keep the option and earnest money. Hope this helps. http://www.RussellThomae.com
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