Seller wants to cancel escrow -we don’t!
We were approached to purchase this home with 65% new 1st that we qualified for and 35% seller carry-back. The house was in horrible disrepair and it tooks weeks to make it habitable so, we rented thru escrow. I was injured and had been on Workmens Comp. until recently I went back to work as an RN. We got loan approval, and are supposed to close 12/15/06. We had some difficulty making the rent payments until I went back to work. The seller is now saying that she ”does not want to carry back since we had trouble paying in the past”. Meanwhile we have spent lots of money and elbow grease on this place and want to close escrow. The seller wrote into the contract for us to use a specific lender and now she is trying to cancel our escrow, transfer the appraisal, title insurance, and pull cash out of the house to use on her new house in Missouri. She would be using our ”rental agreement” to cover her new payment and then would put the house back on the market at a much higher price. What can we do to make the escrow closure happen? We are approved and have turned in our escrow instructions, etc. The seller has NOT turned in her escrow instructions. The orig. COE date was supposed to be 11/15/06 but, she & lender opened escrow 11/17/06