Legal Question in Real Estate Law in California
I was in contract to purchase an approved short sale and ran into finance issues. I was given an extension until Sept. 14 but received a termination of contract letter on Sept. 2. Am I still in contract and if I can get financed before the date can I claim rights to the property?
1 Answer from Attorneys
If the contract was such that the seller had fully agreed to sell the property to you and the only reason the sale had not occurred was contigencies you established [so could either fulfill or waive], and the seller then agreed to extend your time in which to perform, the contract would still be in effect and you could force the sale opf the property to you. You would also have to show that the lender had agreed or had no objectilon to the extension and that you could have obtained the financing by 9/18 so that you could have complied with all terms of the contract by that date. You should be able to win a suit on specific performance.