Expert: Dick Dennis - 11/11/2008

Question
My husband and I accepted a contract for our home on July 20, 2008.  Closing was set for on or before September 30, 2008.  After the acceptance, we went and found a new house, had our offer accepted with a closing date of on or before September 30.  

On September 24, we were told our buyer would have to delay until October 10, 2008 because our buyer was waiting on his job transfer orders.  October 10 we were told our buyer couldn't close because the buyer for his house had lost financing.  October 10 turned into October 17 which then turned into October 24 and October 31.  

On October 27, 2008 we were told our buyer had sold his house, but was a government employee who needed his job transfer papers processed but couldn't because October 31 was end of fiscal year for the government and they wouldn't process any paperwork that week.  So, we were told we would close on November 3.  November 3 was then changed to November 12.  

On November 7, the builder of the house we have the offer on, relisted.  He did not notify us and our agent and the builder's agent all have said not to worry about it because they can't sell it out from under us.

We found out today (November 11) that we won't be closing tomorrow and no new date has been set yet.

I told our agent that our buyer can just forget it.  I can't keep living out of boxes and the uncertainty of him ever being able to close on this house.  Our agent said we can't cancel the contract because we didn't put an end date in the contract.  He also said we need to be careful because the builder we are buying from will take his house back. (The house they have already relisted.)

Bottom line question:  are we stuck in a corner or should we just talk to a lawyer?

Thank you for your time.

Answer
You are absolutely correct, Dawn. You should be talking to a REAL ESTATE attorney. And be sure to consider suing the broker (the agent and his or her boss) for not protecting you with a date on the accepting contract. A good attorney will make mincemeat out of that broker, when you consider all of the hassle you have been going through. However, if you instructed the agent to NOT put an end date, then you may have to continue on . . . if you don't have a real estate attorney handle this mess for you. I wish you well.

Dick Dennis