Aurora/Denver, Colorado Market - Should I Buy Rei?
Hello,
As a newbie, I'm not sure if it's just nerves or if I have a reason to be nervous. Here is the situation:
I'm about to buy my 1st rei...a sfh preforeclosure fixer upper. The offer was accepted in June but the contract has been altered 3 times because no one on the seller's side seems to be paying attention to deadlines. I was supposed to close in July. Then the date was changed to Aug 14th. It's now the 24th and closing still hasn't happened...I don't know when I'm closing since the realtor isn't keeping me informed. She keeps saying closing will be on "Wednesday" but she doesn't call until 3 days later (after I've left her a message). 
Supposedly closing "might" be this Wednesday, not definite of course. I'm thinking of backing out of the deal.
First, I specifically let the realtor know from the beginning that I was in search of property to have back on the market before school started...well, that is too late. Second, last month she mentioned I should try to get the house closed by the 1st of the week before the market slowed down and now she's singing a different tune saying it's no big deal. Third, from reports I've read and 2 other local investors and a realtor I've talked to they all say the market here in the Denver area is really bad. The house is in Aurora, just outside of Denver. I'm in no position to hold it until Spring. The contract is not assignable - should have noticed that before I signed! Lesson learned.
Does anyone who lives in this area agree that this is the trend in Aurora / Denver?
If I back out now when the contract specified that the closing date was to be the 14th, has the contract already been broken? I'm wondering if I will be able to get my earnest money back. I need to let my realtor know asap so if anyone can offer a quick response I'd appreciate it.
Thanks!
Jenny
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