- Jurisdiction
- Maryland
Hi. I managed to secure one of those great deals in real estate that are basically unicorns, they come along once in your life. I have a house under contract for 285500 that appraised for 405k without renovations. I'm doing a 203k renovation loan. I was preapproved, found a contractor, had all the requisite inspections done, etc. I had 45 days to close, supposed to be on Wednesday the 28th. I found out after COB the Friday before that the lender didn't get the underwriting done despite having all paperwork from me and contractor for over 2 weeks so now we can't close on the 28th. The seller has obviously realized I was making out like a bandit and my guess is they have an all cash backup offer. Bottom line they have refused to extend the contract to the next day; I lose the house if I can't close on the 28th. I'm trying to get a bridge loan and if I had known before the end of day Friday I have family who could have sold some stocks to free up funds but there's not enough time now. Bottom line, I'm losing out on a house that I was expecting to make a 100k minimum on after renovation. I have two questions. The seller is saying I will lose my earnest money deposit, can they do that? Can I sue the lender for financial loss I've incurred due to their inability to get job done? I have emails from several days before this went down and day of asking lender if things were going to work. If he had admitted there was a problem I could have solved it and not lost the house
