Home Buying in 33913>Question Details

Msbaglady, Home Buyer in 33913

About a month ago, I bidded on a house and the seller aggreed with me my offer. We started escrow 31 days ago. I got all my inspections in and the

Asked by Msbaglady, 33913 Mon Jun 14, 2010

seller even agreed to fix some problems with the home. I was waiting for my loan docs last week and got a call from my realtor that the house had another escrow open for 5 months now. The sellers didn't know that the previous escrow was open because they canceled on them. The sellers honored the first escrow and now the home isn't mine. Is this legal? SHould my realtor have known that there was an escrow open? I'm so confused and enraged. If anyone knows anything, please help.

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Answers

7
This does not seem right. You may want to consult with a Real Estate attorney on this one. As far as your Realtor knowing.....that would be kind of tough to know. The selling agent however should have disclosed.
3 votes Thank Flag Link Mon Jun 14, 2010
I would recommend you get a good real estate lawyer. If the escrow was open for 5 months, my guess is the contract had most likely expired and both seller and buyer would have had to sign an addendum extending the contract - I would also question if the other buyer sent a cancellation of contract to the listing agent or does the listing agent or sellers have something in writing (even email) stating they were cancelling the contract. I understand why you are confused and enraged and you deserve some honest answers from all parties involved.
Terry McCarley / Remax Realty Team
email: leecountyrealtor@earthlink.net
cell: 239-707-4575
2 votes Thank Flag Link Mon Jun 14, 2010
If you really want this property, It's in your best interest to consult with an attorney who specializes in real estate, he/she will be your best source of advice as it relates to your situation.
2 votes Thank Flag Link Mon Jun 14, 2010
MsBL:

It seems quite clear that the seller did not effectively cancel on them- if the seller did in fact cancel- there would be no escrow. In Florida, real estate that is under contract is considered Pending Sale... In other states- namely California, properties go into escrow... I'm not exactly sure what the difference is or even if there is any difference whatsoever.

Your contract appears to have been a "back-up" contract - if so, you should have been informed of this.

Yes! Your Realtor should haver known or been informed- that there was an existing and effective contract already executed.

Legal or not- it all depends on what went down, or sideways.

PENDING SALE ~ http://www.trulia.com/voices/Home_Buying/what_does_sale_pend…
0 votes Thank Flag Link Thu Jun 24, 2010
Hi Msbaglady,
What an incredible story! I am so sorry this has happened to you. I am guessing this was a short sale that has been on the market for a while. It seems a bit inconsistent of normal short sale dealings which are pretty clear if a property is active or active contingent. If I were you I would want to find the recorded information of the cancellation between the buyer and the seller and also see all information relating to the deal. You may only be allowed access to that information by enlisting a lawyer to halt these proceedings until everything is sorted out. Even the attorney help line for your agent is going to be limited in any assistance unless there are a lot more details given.
You should probably make a decision right now whether or not to get your deposit back and just move on or persue it and take a chance that you will be responsible for the legal fees.

The biggy here is if the sellers really had a cancellation with the previous buyers then why would they go back to that deal unless it really wasn't cancelled and they were just fishing for a better price. Either way the the initial contract that is in play is the legal contract and you are just a backup at this point. Maybe you can sell your home inspection to the other buyers. Just a thought.

Sarah Garrett, Realtor
ALLIANCE REALTY GROUP
"Chosen Best in Client Satisfaction 2006-2010" by Gulfshore Life Magazine
Cell: 239-464-8620
Email: sarahgarrett@argfl.com
0 votes Thank Flag Link Fri Jun 18, 2010
Dear Ms. Bag Lady,

Sounds very fishy.... ask your Realtor to immediately call the Florida Assn of Attorneys for advice. She gets free legal advice as part of being a Florida licensed Realtor.

Then, depending on the initial advice offered, you may have get an attorney asap to initiate an action to prevent the sale to the other buyers. It's possible those other buyers offered more money as an incentive to get the house. It's strange that it was under contract for 5 months without closing...unless it is a short sale.

Good luck and I hope this helps you.

All the best,
Alma
Alma Rose Kee, P.A.
Real Estate Consultant
Future Home Realty
http://www.SoldOnTampa.com
0 votes Thank Flag Link Tue Jun 15, 2010
How would your Realtor Know? Not in county records, not in MLS, Seller did know know (so you say)

Facts here are not at all clear - is "my Realtor" also the listing Realtor?

Has noting to do with Escrow, has to do WHO has effective contract. This looks to be a rats nest, so my best advise is to find a good Real Estate Attorney to unravel things.
0 votes Thank Flag Link Mon Jun 14, 2010
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