[NashsGma]

I just purchased an REO home through a realtor. It's a condo, with an HOA. I signed all the documents yesterday, and wire transferred the funds. The escrow company has the money. We were supposed to close escrow on Nov 6, and it's been pushed back twice. The latest extension is up today. The escrow company is telling me they need something else from the HOA, and that the deed might not get recorded until the 27th. They tell me I can't have my keys until the deed is recorded. Do I have any legal recourse? Can I ask them for interest on my money, or demand that I be given occupancy now. The home is empty, and we'd done the walk through, the utilities are on (and I'm being billed for them!) Help! I'm so frustrated I could scream.

[rosemcs]

I'm a Realtor:
Why do you have the utilities in your name? Escrow is correct, the house is not officially yours until the deed is recorded in your name. Many things can hold up an escrow, it happens all the time, and even more so now that the houses are not just straight deals like they used to be.

You had X amount of days to back out and get your Deposit back (different depending on what state you are in). After that, you will just have to be patient and wait until the deal closes. You can always withdraw your deal, but you will lose your deposit. You can hire an attorney, but their fees may not be worth what you may try to recoup-which will really amount to nada, zilch, because the papers you signed warned you, "buyer beware."

Your Real Estate Agent should have warned you that anything involving a REO or Short Sale will most likely be held up by something and will not close on time.