Are sellers disclosures binding?

I entered escrow to buy a condo in California. The unit is currently being repaired by the Sellers insurance company due to a water leak from the upstairs neighbor. The Seller’s Disclosures stated that the repairs would be complete prior to closing.

I reasonably relied on 1) the agreed to closing date for escrow and 2) the sellers statement in the Sellers Disclosures that the insurance repairs would be completed ‘prior to sale’ when planning my financing of this purchase.

The repairs are now taking longer than expected and I have exhausted my rate lock and extensions. I cannot close until the work is completed because I’m using a qualifying mortgage and the kitchen needs to be in working order.

If I choose to extend escrow, I am going back to the market for a rate. Currently, the additional premium in points to buy down the current rate to what I had locked is going to cost ~$20k.

I requested a credit from the seller and they told me to kick rocks (as expected).

Do I have any options to push back or am I screwed?

submitted by /u/Idsanon
[link] [comments]

I entered escrow to buy a condo in California. The unit is currently being repaired by the Sellers insurance company due to a water leak from the upstairs neighbor. The Seller’s Disclosures stated that the repairs would be complete prior to closing. I reasonably relied on 1) the agreed to closing date for escrow and 2) the sellers statement in the Sellers Disclosures that the insurance repairs would be completed ‘prior to sale’ when planning my financing of this purchase. The repairs are now taking longer than expected and I have exhausted my rate lock and extensions. I cannot close until the work is completed because I’m using a qualifying mortgage and the kitchen needs to be in working order. If I choose to extend escrow, I am going back to the market for a rate. Currently, the additional premium in points to buy down the current rate to what I had locked is going to cost ~$20k. I requested a credit from the seller and they told me to kick rocks (as expected). Do I have any options to push back or am I screwed? submitted by /u/Idsanon [link] [comments]

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