Can a seller be forced to wait until we can close due to an oversite on his part?

UPDATED: Sep 30, 2022

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Can a seller be forced to wait until we can close due to an oversite on his part?

We made an offer on a house and it was accepted. The approval letter is signed; the contract states that we are going FHA. We just found out that the seller just bought the house 2 weeks ago and was planning on flipping it. This means that he couldn’t sell it to us for 90 days and he’s not willing to extend our closing date. They said that the only option for us is to pay cash or obtain a conventional loan. Going convential means our rate goes up, our payment goes up $300 a month, we have to put down more, and the lender wants us to sell our only vehicle with a car payment so we can

qualify. Both our agent knew we were going FHA along with the seller, it’s clearly stated on the pre-approval letter and the signed contract by both parties. I was unaware that there is a 90 day rule on a flip. Are we just out of luck?

Asked on February 14, 2017 under Real Estate Law, Texas


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

No, he cannot be forced to wait. It is your obligation, not the seller's, to be able to come up with the financing by the agreed upon closing date;  if you cannot, you will be breach of the contract or agreement. Your financing issues are, to be blunt, your issues, not the seller's. He can agree to wait, and may, but he is not required to accommodate you.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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