One of my agents has a short sale transaction with B of A - He is representing the buyer. Loan docs were signed several weeks ago; but since B of A did not issue an extension letter to confirm the closing date, escrow did not close, and the B of A closing officer says a new BPO must be ordered and a new negotiator assigned.
The buyers feel they are done with this. They want out of the deal.
Are there any legitimate grounds on which they could cancel and still receive a refund of their good faith deposit? All the usual contingencies have already been removed, weeks and weeks ago.
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Cheryl,
The Buyer (your client) and the Seller are the parties to the transaction...not BofA. The signed Sale Agreement between the Buyer & Seller set the terms and conditions of the sale - the termination provisions, disposition of earnest money, deposits, etc. BofA as the lienholder doesn't sign to release deposits back to your Buyer.
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