Seller pulled out day of closing

[Molly Neubert]

Seller accepted our full price offer for single family residence, we went back and fourth with fixes, paid for an appraisal, paid for an inspection, sent our cashiers check for the down payment, signed closing docs with a mobile notary (we live out of state) and then the day of closing the seller said they didn’t have the funds to close. They owe 20k more on the house than the price we paid (completely baffled we would get this far before this coming up).

Any suggestions? We’ve already invested over a month of time/money plus would rather not lose the house as we feel it’s a good investment. Thanks!

[Kyle J.]

@Molly Neubert  That sucks.  If they truly don't have any of the necessary cash to bring to the closing table, I'm not sure what you can realistically do because that's a pretty big difference to make up and it sounds like it'd need to go through the shortsale process.

But can they come up with some of it?  And then maybe borrow some from friends/family?  Is there room for you to come up on the price some?  (Not ideal I'm sure but maybe better than walking away and losing everything you've paid up until this point for inspections.)  Can the Realtors cut their commission a little bit? (After all, some commission is better than none.) 

Perhaps if everyone pulls together and contributes just a little bit you can find a way to get the deal done.  Good luck.