Closing tomorrow

[Hernan B.]

I am about to close on my first rental properties (4 units) and a couple of questiosn:
The contract to buy the investment property expires tomorrow, but I have been informed by my banker that the seller is having a hard time covering the costs. She stated that the seller has a contract with two properties and that the cost on the contract had come higher than they expected. I tried to get more information to get a better understanding, but that still all I got. My questions is if the seller can't close I get the earnest money back, correct? If the seller asks for an extension, should I ask for a lower selling price? It seems the seller is vulnerable.

[Joel Owens]

Options available depends on specific wording in your purchase contract therefore nobody on here can give advice as to what the options are.

We can speculate but that doesn't do much good not knowing word for word what is in the contract.