Home Buying in Long Beach>Question Details

Luz Diwa, Home Buyer in Carson, CA

Can we still backout buying a property and can we refund the money we pay for the escrow company???

Asked by Luz Diwa, Carson, CA Fri Jan 4, 2013

We're on the process of buying a property in Long Beach, we paid $3000 for the escrowm appraisal and inspections has been done. The agent promised that we can move in 2 weeks ,in other words he promised us several times that we can moved in the house we're buying, but it did not happen for almost 2months now, and we need to vacate the house we're staying, he said the the bank is the only problem. but now we're tired of his promises and we're already stress , he gave us time frame but until now we havent sign the loan docs that hes telling and no escrow has been done... he asked for $1000 for the repair of the house according to him its the bank condition to have the house to be repair, but no repair was done and he said bank agree not to repair what needs to be done, we're just fed up for all his promises and lies it seems like nothing has been done, how do we know if the bank is really the problem because he said that everything is ok loan and all the documents they need from us...

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I'm very unclear here about whether you have your own agent or not. Generally, if you back out of a deal after the initial 17 day inspection, you will forfeit your deposit,

If however, the seller is unable to sell in the time period you agreed upon in writing, you should be able to cancel.

That said, I would need to see your purchase contract and escrow papers to know exactly what you're dealing with.

If you don't have your own buyer's agent, I encourage you to consult with a real estate attorney.

Best wishes.
1 vote Thank Flag Link Fri Jan 4, 2013
Yes we do have an agent,
Flag Fri Jan 4, 2013
Start with his broker, call the esceow directly, get the phone number and call all banks. .. short sale bank(if its a short sale) and your loan bank, the one doing the loan. Last call the Department of Real Estate, file a complaint. Look him up on the DRE website to see if he is even licensed or has any other complaints filed against him. People like him shouldn't be in the business.

About the questions you asked, that depends on how your contract was written and if any contingencies have been removed.

Good luck,

James
0 votes Thank Flag Link Fri Jan 4, 2013
Thanks for advice, just have one question, Does the bank really take that long to sign the papers??? since he's been telling that there's no more problem...I dont know if they're telling the truth.... Again i wanna thank you for your concern
Flag Fri Jan 4, 2013
Dear Luz,
I feel badly that you are so up in the air about this transaction. Unfortunately, it would be easier to discuss if we knew who all of the players are. If the problem is your loan with your lender, then you may have a hard time backing out and obtaining a refund of your deposit unless funding is a contingency of the loan agreement. If the problem is that this is a bank owned property and the bank is stalling on completing the transaction, then you should be able to back out and get your deposit back. Here are my suggestions. 1. Sounds like you are having a hard time communicating with your agent. Please contact his or her boss (the office manager or the broker of the office where they work). Make an appointment and meet them at the office. Stay put until they explain the whole transaction and where you are currently to your satisfaction. Be sure to ask them whether or not you can cancel the transaction and receive your escrow deposit back. Take detailed notes of your entire conversation including the date, time and the persons present. 2. If you have your own lender, call them and make sure that they explain exactly where you are on your loan. Find out if the $1000 for repairs is a requirement for your loan. Ask them why you have not been approved through to loan docs by now. Ask them what conditions remain that need to be cleared so that you can get to loan docs. If there are conditions, supply the needed documentation promptly so that your conditions can be cleared. Again, take detailed notes of the entire conversation.

I hope this gives you a place to start. Good luck.

Gene Scott
Realtor and Loan Officer
562-212-2345
Shore Capital Corporation
0 votes Thank Flag Link Fri Jan 4, 2013
Hello Luz,

For your sake, I hope that your agent made those promises in writing, specificallly, in a contract that you signed.

If not - then you got to go and speak to this agent's broker and truly understand what is going on.

When you do - you'll know your rights and obligations under contract.

Hope this helps,

Irina Karan
305-904-2355
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Fri Jan 4, 2013
Hello Luz,
As Cindy noted it's not clear what the situation is.
The agent you're referring to, listing agent or your own agent.
Is it a standard sale, short sale, REo, etc.
Reading between the lines looks like the repair are
conditions the appraiser called out.

It's tough to back out now and your Earnest Money Deposit
refunded to you. If the delay is due to seller not performing
you can back out and get your deposit back. If it's your lender,
just depend on the contingecies. A savvy agent will not remove the contingencies till
the loan is funded.

If you're not getting the information you need, I suggest you call the broker.
Good Luck and I hope it turns out in your favor.

Roberto
0 votes Thank Flag Link Fri Jan 4, 2013
What does your LENDER say about the loan, he/she is who will explain to you what the issue is about your loan. Based on your question, it sounds like you are buying a Bank Repo/Foreclosure...... if that is the case, then you are most likley buying as is and you had agreed to that. What type of financing are you trying to obtain? If it's FHA and there were some items that were called out by the appraisal, perhaps that is why your agent asked for an additional $1,000 since the bank wont fix or repair anything. You should be able to obtain a copy of your appraisal since you already paid for it and talk with your lender and see if "any conditions" were called out that need to be fixed per FHA guidelines. I am guessing and assuming a lot on your situation. We need more details. Your agent should sit with you and explain ANYTHING that you are uncertain of and do not understand. Just sit and make your agent explain until you understand and if they are not telling the truth , just ask to sit with them and their office manager to get to the bottom of this. If this property is a short-sale, sometimes (most often) banks do take a Long Long Time and your agent should of explained the process to you. You should be able to get your $3,000 deposit back if you did not sign off on any contingencies. If you do not have any signed escrow papers, it doesn't seem like you have an escrow, so who has your money?

I hope this helps a little bit, however I really do need more details. Every transaction is different.

Lesley Harris, Realtor
(562) 673-0943
LesleySells@gmail.com
0 votes Thank Flag Link Fri Jan 4, 2013
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