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Foreclosure closing delayed due to title issues?

We found this awesome house as a REO property. The seller(bank) and us agreed to the price and closing date. One day before closing the closing agent informed us of title issues(another unfulfilled lien) on the property that will cause delays. We have put current our house on rent and need to vacate soon. I would like to know what options are available if the seller cannot close by the contract expiration date? Do I get my deposit back? What about the appraisal and home inspection costs I incurred, are those sunk costs? Please advise. Thanks!
  • July 18 2014 - Reston
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Answers (1)

These questions are best answered by the professionals working for you, the real estate agent, loan officer, or title attorney.
I think you will find, in most instances, you will get your earnest money back if the title issues cannot be cleared, however, the appraisal fee and inspection fee are not refundable.
Best wishes, I hope this works out in your favor.
Jim
  • July 19 2014
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