Foreclosure in Austin>Question Details

Sebi, Home Buyer in Austin, TX

bank is seller and my 3rd opt. period ended 2/17/12 , seller needed to get city permits for CPS to power for my inpection,apprasal.closing is 2/22/12?

Asked by Sebi, Austin, TX Sat Feb 18, 2012

seller never came back w the extention and doesn't want to move my closing date from 2/22/12 ?? I could never get my deal funded w-out apprasal and can't get apprasal w-out power, the seller promised that they would have power and permit inpections from the city done before closing.realy i dont buy that!... not sure what esle to do?

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My guess is that you won't be closing on the 22nd.

When you say the seller "promised" to have the power restored, did they do so verbally or did they put that in the contract? If it ain't written, it didn't happen. And the bank's addenda will supersede the language of the promulgated contract form, so if you don't have an agent working for you I would suggest you seek legal counsel so they can decipher if the seller has breached the contract or if you have. No one here has read the bank addendum to the contract so most of the responses will simply be guesses and of little value to you at this point.
Web Reference: http://www.phgbrokers.com
1 vote Thank Flag Link Sat Feb 18, 2012
I too assume you are unrepresented. My best advise is to read the contract you signed. It should state what will happen if either party does not hold to their responsibilities spelled out in the contract.. One thing for sure. Don't plan on closing on the 22nd. Good luck and keep us posted as to what happens.
1 vote Thank Flag Link Sat Feb 18, 2012
I assume since you're asking a question like this on Trulia, that you don't have a Realtor. If you do have one, ask your Realtor. If not, you need to get a Realtor as soon as possible to help you!! Let me know if I may be of assistance. Joe
1 vote Thank Flag Link Sat Feb 18, 2012
Sebi,

Don't you have an agent representing you that can run interference on these issues? If the seller has not enabled you to complete an appraisal, and you had the typical, current, TREC or TAR contract, and the contract made the purchase contingent upon third party financing, then your lender will be unable to have the home meet underwriting guidelines, of which an appraisal is a key requirement. Thus, without meeting the underwriting guidelines of the lender, it seems you may be able to terminate the contract for this cause.

If you don't have an agent representing you, give me a call and I can help out.

Jeffrey
512-913-7480
1 vote Thank Flag Link Sat Feb 18, 2012
Sebi,
I hope you got it worked out and were able to close today or at least get an extension. I do have a question that might help. In Texas TREC Promulagated forms require strict proformance in regard to have the utilities on, unless the Bank had you sign something that states you were required to complete this task like a REO addendum can sometimes. (For FHA or HUD deals is does)
So my question is what was the contract you executed a TAR form? Where is your agent in all this? Getting a permit pulled from the city is online and takes 48 hours. I have completed this myself. Part of what you might need is a GC or General Contractor who can assist in the correct process for getting power to a property appears to have some issues. Again where is your agent in all this. That is who should have to answer for this.

I do offer a FREE Home Buyers Guide that would have definitely helped you out. Check out an example of one of the sections.
Home Buying Mistake #16 : Not Understanding the Legal Consequences of Your Actions and Contracts

Your home is likely one of the largest, if not the largest financial commitment, you'll ever make. Yet few buyers (and even few agents) understand the true legal consequences of the sales agreements or purchase contracts.

Just as important as the language in the contract (in most states the contract has been standardized) are the legal options available to you for amendments and additions that are NOT always on the standard contract.

There is alot more.

If you would like to sign up for the Ultimate Home Buyers Course and learn how to avoid costly mistakes simply click the link below.

GOOD LUCK, I hope everything works out for you!
0 votes Thank Flag Link Wed Feb 22, 2012
don't buy ...what?, not that it matters, because the only thing that most matters is that now you are out of time again, but that's what happens when you accepted this assignment, you always run out of time because your seller is unreasonable but that's a whole other story. And you don't have time for a lot of legal counsel either, but if you do, that's great, let them handle any or parts of this deal that they may be so inclined to do right now. in the meantime, you can't always count on your seller, he's had the bejeeber's beat out of him already and you will be next if you don't hurry up and get them exactly WHAT they want, and fast! Because, THAT is the only way you will get paid. If that means YOU need to call the seller's utility supllier, and tell them why they need to HELP you get this property BACK in the performing tax files ASAP because, in the long run, THAT'S THE ONLY WAY ANY OF US GET PAID!!! I just did these things, call me if I can help! no charge! tim sweeney 512-762-5896 cell.
0 votes Thank Flag Link Sat Feb 18, 2012
Can you turn on the power and utilities?
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Sat Feb 18, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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