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So we were scheduled to close on our loan on 12/5/13 but the title company just informed my realtor that there is a broken water meter in the house that needs to be repaired so that they can get a water meter reading so they can clear the title. This is the sellers title company. Because of this issue they cant give us a closing date.
This is the 3 or 4th road block we've had with this house and loan and we honestly cant tell our contractors we dont know when they will start work because they already turned down work. We are thinking of just walking... But since they cant close on the contracted date can we ask them to give our downpayment money back?
Please excuse this is its a hard read Im rushing while on break at work
Look at your contract, there is generally a clause setting the timeframe for the seller to 'cure' the title issue.
If this is the 3rd or 4th roadblock in this deal - do you mean on the seller's side or other issues?
If you are ready to walk, talk to your realtor and get a full release of your funds through a properly executed Cancelation and Release. That form will have exactly who the funds are to be sent to - don't sign it unless you are getting your deposit back.
your contractors should be kept in the loop.
they should also understand that mortgage deals can get delayed....