HELP ! the bank cant close in time ! ! I need a miracle ! DURHAM

[Nathan Bell]

ok so this POS seller had a broken water main and mold in the basement. So it wasnt ready she was in breach of my 30 day due diligence. but instead of pulling out like a smart person I went for It. because I wanted the house. So the bank finally got back to me about what they needed in terms of the mold, but this caused a delay. SO now the 14 days grace peiord is almost over and the bank wont be ready for a couple more days. They claim they cant get it through underwriting any faster. This lady is not from this country and I believe its a since of pride that she doesn't want to extended the dead line. So I will louse the money i have in it and wont get the house. Why doesnt she want the money. does anyone know what todo in this situation ? or know someone who can close really fast. 

Thanks , Nate

[Don Konipol]

Sounds like the contract you agreed to does not have a financing contingency.  Also sounds like the seller remedied the mold problem, which you accepted.

The first question is if the earnest money is with a title company?  Title companies will not automatically award the earnest money to the seller in the case of a purported default. Both parties would have to agree, in writing, to any distribution of the earnest money.  if parties disagree, the title company will turn the earnest money over to an interpleader, i.e. the appropriate court.  At this point one or both of the parties will make claim to the earnest money, the other party will answer the claim, and the court will have a hearing to determine the disposition of the money.

To avoid this lengthy process and the associated legal costs, the parties often agree to a split of the earnest money.  In any case, once the seller realizes that they will not be easily and immediately receiving the earnest money they may be more willing to provide an extension of time for closing.  In many extensions the seller receives some benefit for granting the extension.  Often it is an increase in the amount of earnest money, or the earnest money "going hard".  While people who don't understand our legal system, or have been used to a different legal system may often react to events differently than people familiar with our system, thry will often change their position once they become educated on the consequences of their actions.  

In many countries any contract results in a confrontational system; sometimes it's helpful to educate people from these countries that it's better to collaborate.  

Good luck