Anyone, Please Help! How long after closing does the buyer have to fund?

          Anyone, Please Help!  How long after closing does the buyer have to fund?

          Everything was Go.  Then the mortgage loan guy didn't do his part.  Based on an estimate of another property the buyer was borrowing against (which comps have always been around 500,000.  Plenty enough to fund 400,000.  Now the loan folks have to have a field meeting to see if the comps add up.

        The problem here is the sellers have another contract, that was written after this one, that is for slightly more money.  The other buyers said if the first buyer signs off, he will get his earnest money back.  What if he doesn't?

        They closed yesterday, if the buyers have 24 hours they're screwed.  If its 48 hours it can still work.
  • November 20 2012 - New Braunfels
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Answers (1)

Profile picture for wetdawgs
Wasn't it made clear at closing when the sellers should have the money in hand?    Isn't closing when it is a done deal, not when there are still questions in the financing?

(I don't know Texas.)
  • November 20 2012
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