Michael, they are financing the property. When they submitted their offer they offered us cash at a 10K less and close in 2 weeks or asking price but 6 weeks to close. We accepted the asking price and a later closing date to secure financing. During the inspection, there were some issues not uncommon for a 116 yr old house. They countered and requested a lot of repairs which included leveling the back yard and tearing up the concrete basement to replace outdated pipes. We refused and countered with a lower price and they accepted as is. We are suppose to close on the 14th but they said the 28th and we countered with the 26th instead. 3 days later, still no response. Got to find out from escrow that the lender's closing date is Aug 4th. Earnest money is $1000. Considering that we are cleared to close on the property we are buying now, having paid for inspection and appraisal completed, sounds like we are about to get screwed a lot worse. Would it be appropriate for me to contact the buyer's real estate broker to file a complaint or at least push him to talk to my realtor?
Market is not hot at all, took us about 2 months to get an offer. We just lost 2 months with this debacle. Offer was made mid May but it is very hot in where we are buying in WA state across the river from Portland, OR. We will basically lose the house we are cleared to close. Worst case scenario will be losing both deals and selling our house at a much lower price due to the ridiculous inspection report. Either way we are screwed.
