Expert: Dick Dennis - 3/29/2011

Question
Hi,

Ok I am buying a house.  I have signed all the agreements a papers for the contracts for buying the house.  I recently had to switch to a renovation loan.  I was supposed to close on March 30, but I need a week extension for the loan to be approved because my roofer is not approved yet for this loan type.  The sellers do not want to wait and want to terminate the sell.  The reason I had to get a renovation loan was becasue I had a home inspection and the roof was bad so I said I would take responsibility for the roof and get it fixed.  Can they now legally terminate the contract because they do not want to wait?

Thank you,

Answer
Since I have not seen the purchase agreement papers, Lisa, I cannot answer your question intelligently. But it would seem to me you would get a roofer WHO IS approved for that type of loan. You must REALLY like that house to let the seller push you around in consideration that HIS roof is so shot. If it were me, I would let him have the house and go find another one with much less work to be done to it. Just make sure your earnest money deposit is returned if you do back out. I do wish you well.

Dick Dennis
dixiedee13@aol.com