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Old 07-09-2008, 11:12 AM
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Default What are my rights in the purchase of a foreclosure

home? I bid on a foreclosure about a month ago. The offer was accepted, and I was promised (in writing) a closing date of no later than June30th (over a week ago). They have yet to solidify a closing date, after much back-and-forth and promises of closing no later than July 7th (two days ago), etc.

I have given them $1500 in earnest money on the home, and have taken out 2 loans with banks in order to meet their request of paying for the home in full in cash.

I have, now, lost 1 week of work (because I quit my job, assuming I would be moving to the state the house is in), the interest that I will be paying on the loans during the time I have been waiting for the closing, and valuable househunting time (if this all doesn't work out in the end).

What rights do I have? Can I get the earnest money back? What kind of rights to I have to keep them accountable to the dates they promised for closing? What can I do to light a fire under their butts!? Thanks!
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