Wow! Sounds like a sever case of no communication between the parties involved. If you are using a real estate agent to represent you, then why didn't he/she ask for mortgage status updates from the buyer's agent?
I suggest that you consult with a real estate attorney to help you in this matter.
Good luck to you!
Prudential Connecticut Realty
I'm sorry to hear your frustrations. Jill is correct, your agent should have advised you, and seems like she/he is not communicating with you. If all contingencies have been removed and signed by all parties, then your agent already submitted a notice of perform.Which the buying side has usually three days to sign. BY LAW, if they have signed, then they lose their deposit, if they haven't, then they keep their deposit and escrow is cancelled . AGAIN,They can only lose their deposit if the notice to perform has been signed. Talk to your agent and see if the bank or buyer can just pay for the per deims you are charged, instead of the buyer losing their deposit. I would hate to see a buyer lose it, because of a bank error. It's not the buyers fault in most cases. ITâ€™S THE LENDER'S WHO MAKE PROMISES AND DO NOT PERFORM A FULLY UNDERWRITTEN PRE-APPROVAL and when in escrow, problems arise. Iâ€™m more of a buyer's agent and have seen these problems, not in my transactions, but otherâ€™s. That why I use a trustworthy lender, by doing so, all my transactions are smooth and close with no issues.
Good luck and Warm Regards,
Real Estate Consultant
Pacific Sothebyâ€™s International Realty
San Diego, CA
Another problem here is that you didn't have a clue things weren't going right. Why wasn't the buyer's loan being monitored? Staying on top of these things is part of being a responsible listing agent.
As far as the deposit, read the contract. If your agent won't help you, call his/her broker and ask for help. Usually, the one who defaults loses the money. You'll find this addressed in your contract, and any counter-offers and addendums. Read carefully, and make notes along the way, making a reference to the paragraph.
Good luck to you!
CA DRE 01775528
Once the buyer removes all contingencies they have fully committed to buying the house. As a rule a Realtor does not remove contingencies until fully approval of the loan has been received.
It looks like the buyer can't close because of the bank delays. What is your Realtor doing to move the process forward? Keep track of your expenses.You will probably need to consult an attorney.
Hector R. Gastelum
Realty Executives Dillon
You have the option of issuing a 'notice to perform.' This can be for 24 or 48 hours depending upon what your purchase contract states. If the buyer is indeed in breach by not closing, you may have recourse to collect your deposit. But please, consults a professional who can look at your contracts and better evaluate your situation.
Best of luck.
Pacific Sotheby's International Realty