Delayed Closing and bills are piling. HELP

[Account Closed]

I've been a BP member for over 4 months now. I have become interested in REI but today I have a more of personal situation rather than a business.

So here is a quick timeline of events.

- Early 2017 My family and I decided to sell the house we were living in.

- We contacted an Agent on April 2017. The agreement of the listing contract expires on July 21st.

- My agent brought me an offer the first week of May. Buyer accepted listing price and was “pre approved” for the listing price.

- I signed a GCAAR Sales Contract to sell my house on May 12th. Closing date was set to June 27th.

- All inspections took place and were approved. Credit were granted for some repair.

- On June 26th My agent contacted me and sent me an addendum to change closing date to June 30th.

- On June 30th I went down to Escrow and signed my side of the deal. I was told the buyer would sign that same day in the afternoon.

- I was also asked to sign a release of funds from the earnings for payment of July 2017 Mortgage. Why? “In case closing does not take place that afternoon” they said.

- Buyer ended up not signing and since then I am being told that the lender is requesting more docs from the buyer. FHA loan.

- Today is July 13th and closing has not been completed. I am being told it could be tomorrow or Wednesday.

- I will have to pay the July Mortgage in case it does not go thru.

- Now I have an empty house, bills due for July and Mortgage. No sign of buyer signing.

- I contacted my agent (several time), requesting in writing, the reasons for the delay and explained the expenses I now have to cover.

- Agent’s response is “a little more time”

What can I do? Do I have the right to the EMD? Can I deduct from the credits I granted the buyer all my current costs? Should I wait? Do I need a lawyer?

>> And Yes, I am learning so much from all of this. This is the first time I am involved in RE besides the time I bought my home.<<

Thank you all very much in advance!!

[Mindy Jensen]

@Account Closed do NOT, under ANY circumstances, allow them to move into your property before they close on it and own it. 

They cannot close now. You will find yourself with bills piling up AND an eviction you must pay for if you allow them to move in.

Don't do it.