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Updated almost 3 years ago,

User Stats

114
Posts
71
Votes
David Roe
  • Flipper/Rehabber
  • Dayton Ohio
71
Votes |
114
Posts

Legal issue with closing help!!!

David Roe
  • Flipper/Rehabber
  • Dayton Ohio
Posted

Ok, so I found a whole sale deal, presented the deal to the lender and got a verbal/email approval. This was first week of Feb. Said their closing took 5-7 days. Made the offer on the house and went under contract with $4700 EMD. Feb 20 ish whole seller asked for more time due to seller wanted to get the tenants out of the home. I agreed to close March 31s. Appraisal takes for ever to get accomplished, once it was accomplished I hear nothing from lender until March 21st and he said appraiser put the zoning as a illegal. I went to zoning office and found the zoning was legal but non conforming. So Zoning wrote me a letter showing the home was still properly zoned. Lender claimed the letter wasn't enough and needed the appraiser to say the zoning was legal. Didn't get the corrected appraisal back until April 2nd and I missed my closing date due to it. Seller and wholesale signed their closing documents. on the 31st. As of April 12 lender still doesn't have a new closing date just keeps saying "we will close". Well now the seller says he's not selling the home and wants to keep it.

I went to another lender and they are ready to close Friday (took them 3 days). But now I don't know what to do. I hear that the seller still has to give me reasonable time to close the deal even though we are past closing. But I feel the lender has cost me my EMD by not funding.

I also feel the seller has to stand by his sale of the home reasonable time due to uncontrollable circumstances....

Also doesn't the wholesaler have to return the EMD?

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