You really need a qualified ...

Fri, 30 Jan 2009 21:59:00 GMT

You really need a qualified real estate attorney to review the documents you have signed. You should have heard from your escrow/title company even the lender as to what is going on. If you've retained a buyers agent to represent you then perhaps you need to also consult them or their broker/manager.

There are alot of reasons&explanations, but the only one that really matters is the one or two solutions to your current predicament. An attorney can best advise you what your options are. At 5pm EST it's a bit tough but there may be one or 2 available to consult.

Good luck,

Scott

There are some facts missing ...

Sat, 31 Jan 2009 01:54:00 GMT

There are some facts missing from your question. Was the title company or lender unable to close in time, or was the delay the result of the homeseller?

You haven't made clear what your 'monetary damages' are to date. Did you have to pay for a hotel room, rental truck storage?

While you stated that you don't see the part in the contract where you lose your $1000 'security deposit" (That's actually your earnest money) you have quoted the actual portion of the contract in the first paragraph of your posting that specifically states damages if you break the contract.

It's unclear from your letter whether the seller has defaulted on the contract. But if YOU default at this time, you may indeed lose your $1,000 as stated by your real estate agent.

And in Minnesota, most buyers and sellers agree to arbitration when situations like this happen. So if both parties agreed to arbitration, there ain't gonna be no lawsuit.

I've had a similar situation where the seller was unable to close on the date stated due to his own inability to complete the transaction in a timely fashion (not the fault of the title company or lender, this was purely the fault of the seller). The seller agreed to cover my buyers expenses until we could close. This just required a phone call to the listing agent and some deft negotiations. It didn't require a threat of lawsuits and men in suits, just a couple calls.

I am not a lawyer. I don't pretend to be a lawyer. I've just had experience in missed closing dates. If you truly feel you have been harmed, I urge you to seek legal counsel. Just remember, lawyers don't work for free.

Zillow Advice: Home Buying - closing agent is late

You really need a qualified ...

There are some facts missing ...