Question: We are in trouble over the $ 1.5 million townhouse in the Bay Area that we bought two weeks ago. This was a multi-offer scenario. The sellers accepted our unconditional, as it is, 30-day sale on the 15th of last month. However, our lender needs an additional 10 days to process the loan, finance the sale and close the escrow due to circumstances beyond our control. Vendors want $ 200 a day late. We are bidding to buy the house and will not pay a daily penalty. Can we cancel the sale and withdraw the $ 50,000 deposit because we have never signed the seller’s disclosures stating that there is a crack in the base of the slab?

A: Licensees may not practice law or advise clients of another agent. Ironically, home sales during disputes are widespread – but not yet reported and known to the public. It would be best to get advice from a real estate lawyer. They do this every day.

Your real estate attorney will conclude that you received the digital disclosure package from the seller digitally and were aware of the problem with the foundation before writing the purchase agreement and ratifying the sale. The real estate lawyer will inform you about the costs and consequences of your suspicious cancellation. You will learn that frugality can be expensive. It can cost thousands a week to challenge your deposit for paid money as a tenant. Conversely, you could pay hundreds a day at the seller’s request and own a home.

Remember that interest rates are rising. If you do not buy this house and continue to shop from home, your possible monthly repayment of a home loan may be $ 200 higher. Either way, prepare your checkbook.

Questions, concerns or inquiries? Real estate broker Pat Kapovic is a certified real estate brokerage manager and longtime consumer advocate. His hometown of Sunnyvale, California, is where he is based. Office landline: 408-245-7700, Broker # 00979413

Buyers’ lender needs more time and sellers want $200 a day

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