Legal Question in Real Estate Law in Iowa

I am selling my home, the buy was pre approved for the loan, the price was agree uponed, all requests were met. The house passed appraisal and inspection. The closing was supposed to be on Friday on Tuesday at noon a letter from the buyers lender stated that the deal was in trouble due to the lender just learning that the buyer had a short sale 3 months ago. As a seller do I have any rights to the deal that was made, money spent to fix things found on the inspection or anything else? Since the closing was with in three days my renter had moved out and now I have the mortgage and bills with nothing.


Asked on 7/28/10, 11:00 am

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

The problem you are going to have is if the purchase agreement was contingent on financing, and the buyer is now unable to obtain financing, the buyer has a legitimate out from the contract. You should be discussing this with your attorney.

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Answered on 8/02/10, 1:56 pm


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