Profile picture for LibbyBrarian

I was selling my home.Buyer took 9 weeks to close. I lost the home I was buying. cant get earnest m

  • June 28 2012 - Humble
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Answers (5)

Selling and buying at the same time can be tricky. The safest way is to have a longer escrow on the house you are buying. This sometimes makes for a double move but usually you can mov up the buying side once you know your going to close on the selling side. In a situation like this it is imperative that you have a contingency for the sale of your home that has to be removed in writing. You should not leave lost your earnest money deposit on the purchase side. These double closing are always tricky as you have so many things that have to sync up but there are ways to be protected.
  • July 01 2012
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Well if you had an agent and if the contract was subject to financing which most are you should get it back.  What is the situation?
  • July 01 2012
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Profile picture for Glori Kloda
Your agent when writing the contract should have wrote a contingency in the contract stating the contract is contingent on the closing of your current home.  This would have protected your earnest money.
  • July 01 2012
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Profile picture for Ofe Polack
Your buyer agent should have been in contact with the listing agent of the property you were purchasing to ask for extensions of the closing date.  Normally closings take around 6 weeks, if it took 9 weeks, that should not have been a problem if the sellers of the property you were purchasing were kept informed. 
  • June 30 2012
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Hi Libby- I'd be happy to give some insight. Tell me more. . .
  • June 28 2012
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