Dear Everyone,
My friend just purchased a home (short sale) from a local bank in Temple City, California. The closing date was set at January 18, 2008, but the seller (bank) extended the closing date at the very last minute. Moreover, no definitive new closing date. They just told my friend that they needed "couple of more weeks."
Have the seller broken any laws? I believe the seller is not acting in good faith. How can the seller just extends the closing date at the very last minute? Do they have a recourse? My friend gave a $20K deposit plus all his loan/escrow documents are in good order. He is now waiting for the seller with no closing date in sight. The worst thing is that he has already given his two week notice to their landlord on their home that they are currently renting. He is very worried that he will lose his $2,000 rent deposit, penalties on his rent if he has to stay longer, escrow fees, loan fees and deposit.
Common sense tells me that the seller has broken some law. Can anyone tell me if I am right? If so, what should my friend do at this time?
Thank you,
Keith
January 23, 2008.
My friend just purchased a home (short sale) from a local bank in Temple City, California. The closing date was set at January 18, 2008, but the seller (bank) extended the closing date at the very last minute. Moreover, no definitive new closing date. They just told my friend that they needed "couple of more weeks."
Have the seller broken any laws? I believe the seller is not acting in good faith. How can the seller just extends the closing date at the very last minute? Do they have a recourse? My friend gave a $20K deposit plus all his loan/escrow documents are in good order. He is now waiting for the seller with no closing date in sight. The worst thing is that he has already given his two week notice to their landlord on their home that they are currently renting. He is very worried that he will lose his $2,000 rent deposit, penalties on his rent if he has to stay longer, escrow fees, loan fees and deposit.
Common sense tells me that the seller has broken some law. Can anyone tell me if I am right? If so, what should my friend do at this time?
Thank you,
Keith
January 23, 2008.
