The phone rings and you look before you answer. Â Has that ever happened to you?Â Its our friend the collector... He / She is agressive, nasty, Â making you feel bad, calling several times per day.
Did you talk with your agent and him to the sellers agent? Money actually should have been held out at the closing by the title company in order to be sure the work was completed. But its too late now.... more
My first step would be to discuss this with your real estate agent. He/she can hopefully explain the delay and/or talk to the seller's agent for an update to find out why escrow hasn't closed. He/she should also ask you this question: Do you still want to buy the property?
If your answer is yes, he/she should draft an extension of time addendum. If your answer is no, he/she should draft a cancellation of contract, release of deposit and joint escrow instructions.
The next step if the above scenario doesn't work out is to contact your real estate agent's broker. If he/she IS the broker, proceed to step 3.
Step 3 is to contact an attorney and let the real estate agent/broker know that you have done so. Depending upon your purchase agreement, you may have agreed to arbitration if a dispute arises. Now it's time for the attorneys to take over...your attorney, your agent/broker's attorney, the seller's attorney and the seller's agent/broker's attorney.
P.S. Here's a link if you need to look up an agent/broker - http://www2.dre.ca.gov/publicasp/pplinfo.asp... more