Home Buying in Los Angeles>Question Details

Udo, Home Buyer in La Quinta, CA

Can the seller walk away without sending us a Notice to Perform?

Asked by Udo, La Quinta, CA Fri Jul 12, 2013

Perform? We had an offer accepted with a 30 day close agreement. Because we have a 203k rolled into the loan and the underwriter requesting the contractor to fix a couple of items, we won't get the loan until late today or Monday morning. However, our 30 days were up yesterday. The bank who has foreclosed on the house, called my realtor today and says that our 30 days are up and the house is valued more now, and they are probably going to relist the house as they are tired of waiting. This is even after, our agent sent them a letter from a lender that they will have an answer regarding funding by Monday at the latest. The house only appraised at $1000 than our offer.

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In a normal transaction the seller has to give the buyer 24 hours (or some other specified time) to perform before cancelling a contract. However, in foreclosures they usually use their own contract that often gives them a lot more latitude in these types of things.
0 votes Thank Flag Link Sat Jul 13, 2013
Technically speaking.. it depends... if is a regular contract then no, they would have to give you a notice to perform... but you said "bank who has foreclosed on the house" I guess that means it is a bank owned property... Banks usually have an addendum to the contract that gives them the right to cancel at anytime prior to close...

If I was your agent, I would take the time to read your contract and advise you appropriately...

Hopefully you have a good buyer's agent and you should be asking them that question...

0 votes Thank Flag Link Fri Jul 12, 2013
Oh that's not good! It is in the contract, but I recommend you speak to a good attorney!
0 votes Thank Flag Link Fri Jul 12, 2013
If the buyer defaulted on the terms of the contract...then yes...the seller can walk away...
0 votes Thank Flag Link Fri Jul 12, 2013
Yes, unquestionably, they can do that!!!
0 votes Thank Flag Link Fri Jul 12, 2013
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