15k in escrow. We signed a P&S for land that was contingent upon applying for and receiving financing for a construction loan by X date. The seller required us to work with a particular builder. In order to even begin to apply for the construction loan we needed to get a formal quote from the builder, and this took 3 months. By the time we got the quote it was multiple weeks past financing deadline in the contract and we decided to back out. Neither party reached out to other in order to extend contract during this time. Both parties were completely aware that we were waiting on this quote before financing.
We’re basically at a standoff now lol neither party wants to cave but neither party wants to file and go to court. I’m just curious if anyone has any strong thoughts on this. Of course we’ll consult a lawyer to get actionable advice
submitted by /u/Suspicious-Brain-834
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15k in escrow. We signed a P&S for land that was contingent upon applying for and receiving financing for a construction loan by X date. The seller required us to work with a particular builder. In order to even begin to apply for the construction loan we needed to get a formal quote from the builder, and this took 3 months. By the time we got the quote it was multiple weeks past financing deadline in the contract and we decided to back out. Neither party reached out to other in order to extend contract during this time. Both parties were completely aware that we were waiting on this quote before financing. We’re basically at a standoff now lol neither party wants to cave but neither party wants to file and go to court. I’m just curious if anyone has any strong thoughts on this. Of course we’ll consult a lawyer to get actionable advice submitted by /u/Suspicious-Brain-834 [link] [comments]
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