Sellers are backing out at closing!
My wife & I placed an offer on a $425,000 house in Texas a few month ago, the sellers accepted immediately & we signed a contract to buy the house.
The closing date was determined as feb 7th (today) over 3 weeks ago. We spend over $1,000 on home inspections, lots of travel time to visit the property, and we have already bought some furniture that we are storing for when we move in. This has been one of the most frustrating experience’s ever – but we had some hope this morning that it was finally about to be worth it because today was closing day!
Then, just an hour or so ago, we get a call from our realtor. Apparently the sellers have a tax lein on the house & can’t afford to pay it off at closing (which is required). Additionally, they may not even have the closing costs that go to the real estate company! We asked our realtor what this meant & what do we do next but we just got a lot of “this is a developing situation, we will keep you updated”
Are we screwed? If so, this sucks & shouldn’t be allowed to happen!