Legal Question in Real Estate Law in Florida
Real Estate Closing...or lack thereof
We have a cluster of a situation with the prospective buyer for our town home. Initially we were supposed to close on 6/15, however, on 6/14 we were told the buyer was not approved for the loan. On 8/1 we received another offer from the same buyer, this time she was qualified. Yesterday my realtor called to tell me that the buyer was able to obtain financing, however, she was not going to accept it because the monthly payments were too high. We haven't received a cancellation request as of yet and our closing is set for 8/31. Is there anything that we can do that will force the buyer to follow through with purchasing our home? The only contingencies in the contract were:
The buyer had to obtain financing within 12 days of the contract (8/1) & she had to submit cancellation of the contract no later than 7 days before closing. She's no longer within either of those clauses so would they apply? Is there anyway she can legally back out of the contract now?? If she can/does back out would we be able to keep her deposit?? Is there anything else we can do to re-coop some of our losses??
Thanks in advance for your help!
2 Answers from Attorneys
Re: Real Estate Closing...or lack thereof
Without a reading of the documents, no one can answser.
Re: Real Estate Closing...or lack thereof
Must read contract before advising.I suggest you retain the services of a qualified atty. in your locale.