Legal Question in Real Estate Law in Washington

Re: apartment rental and house purchase

What a nightmare for you! Perhaps it would be a good evening for a medicinal beverage of some sort.

You are experiencing first-hand the thrill of the collapse of the subprime mortgage industry. Your broker has been unable to secure your loan at this point. However, the closing is tommorrow, maybe he'll pull something out of his hat.

In the meantime, you have an income stream and you can use some of it to stay at a hotel until this gets straightened out.

A lot of rental contracts reserve the right to be unable to provide housing on the agreed move-in date. You might want to look at yours and see if it incorporates this provision. If so, your incoming tenants can't complain to bitterly. The problem with that is that if you cannot accomodate their move in you cannot in good faith keep their money.

Sometimes I have to tell people that all you can do is breathe. I am sure this is really irritating, and I wish you all the best. You are in a tough position and with *any* luck you will know tomorrow that everything will turn out okay.

Powell