Home Buying in California>Question Details

mtan.2014, Home Buyer in La Mesa, CA

I'm a buyer and my agent told me not to worry about contingencies. We are 11 days in escrow (6 days left for the 17-day cont. period) Is this OK?

Asked by mtan.2014, La Mesa, CA Fri Jun 28, 2013

Help the community by answering this question:

Answers

6
Any Realtor who tells his or her client not to worry about contingencies is a huge red flag to me! You always have to pay attention to contingencies and time frames!

I would need to know more about what has occurred during your 11 days in escrow to tell you that you are ok...but based on what you shared, I have some concerns!!!
0 votes Thank Flag Link Sat Jun 29, 2013
During the past 11 days: filed formal loan app with lender; lender is agent-preferred/choice, they seem to have a close business relationship; did gen. inspection; patio covers are termite infested; will do second opinion termite insp on Tues 7/02; was told loan app is in underwriting, will know next week mon or tue 7/02; asked whether sellers had the prop treated or tented in the past -- no answer; all repairs requests were not granted by sellers. now i feel that this agent is not effectively working on my behalf (protective of sellers) and I'm losing trust. Should I talk to the management of her brokerage? I want to finish this transaction; I like the house.
Flag Sat Jun 29, 2013
Worry every minute of every day until every contingency is satisfied IN WRITING. Your agent is not responsible for contingencies - YOU ARE. Don't let your agent drive the boat - it's YOUR responsibility. Your agent is not in charge - YOU ARE. It is YOUR home. In other words, don't trust your agent or anyone else. Be in control of your contingencies and make sure they are completed on-time and to your satisfaction.
0 votes Thank Flag Link Fri Jun 28, 2013
Tried to be more specific but the space alloted in the initial question is limited.
0 votes Thank Flag Link Fri Jun 28, 2013
If your inspections are completed, the appraisal done and final loan approval received you probably don't have to worry. If these are not done, then I would be concerned. The seller can ask you to remove all contigencies on day 17 or cancel the deal.
Good luck,
0 votes Thank Flag Link Fri Jun 28, 2013
Yes insp done, appr done, loan approval Mon or Tue next week. Thank you!
Flag Fri Jun 28, 2013
Hi mtan.2014,

Do you have a copy of your contract? You Agent should provide this to you once you sign.

Ask your Agent to cover the primary contingencies of the purchase contract!

The three primary contingencies of the CAR Residential Purchase Agreement [ Para 3H Loan; Para 3I; Appraisal, and Para 14B; Inspection(s)] require "active removal" in writing; as opposed to a "passive removal" where a date simply passes and automatically removes the contingency.

I would suggest you comprehensively read Para 14 A, B, & C (pay close attention to 14C3). Finally, I would study 14F regarding the release of deposit funds!

-Steve
0 votes Thank Flag Link Fri Jun 28, 2013
You will need to be more specific in your question. What contingency are you talking about the inspection contingency or is it something that is written specifically in to your contract?
0 votes Thank Flag Link Fri Jun 28, 2013
all 3 primary contingencies -- loan, appraisal, and inspections. I;m doing a termite inspection at my expense (2nd opinion) on 7/02; i was told that appraisal has been done; and will know loan decision/approval 7/01 or 7/02. 17-day contingency period ends on 7/04.
Flag Sat Jun 29, 2013
Hello, all contingencies -- inspection, loan, etc. Agent said: "Don't worry about contingencies..." I will know if loan is approved early next week. Meanwhile Agent keeps asking me to sign off on Seller Disclosures. Lender was recommended by Agent. Do you see something fishy here?
Flag Fri Jun 28, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer