D,
Just Looking, Philadelphia, PA
Good point, J. R. Actually the agent got us to agree to let them use half their commission to have a lawyer negotiate with the bank. Don't know why we needed to agree, because the lawyer represented the seller, who also, of course, pays the commission. Lawyer probably isn't too happy either as there's no commission now. I'll see if I get someone recommended and at least have an exploratory conversation.
Larry Riggs,
Agent, Frederick, MD
I had a similar situation with a buyer client. The seller would not do what was necessary to go through with the sale. Unfortunately you can lead a horse to water... Consider, if you are looking at legal action that the seller most likely has no assets for you to recover. It's always good to get sound legal advice from an attorney that is in your area and familiar with real estate issues. Sounds like your best bet is to keep looking.
D,
Just Looking, Philadelphia, PA
Couple more things:
1. The realtor is a dual agent in this case. It is a small firm and I am dealing with the owner.
2. I took the advice to get out, as the agreement has an addendum that says if the creditor did not approve the sale by Feb 1., I could cancel the contract. But now the agent is insisting they also need a release from the seller, who hasn't answered a call from the agent or provided a document to the agent in over two months. Moreover the agent claims the lender is moving to foreclose on the property.
Is the agent having me on?
1. The realtor is a dual agent in this case. It is a small firm and I am dealing with the owner.
2. I took the advice to get out, as the agreement has an addendum that says if the creditor did not approve the sale by Feb 1., I could cancel the contract. But now the agent is insisting they also need a release from the seller, who hasn't answered a call from the agent or provided a document to the agent in over two months. Moreover the agent claims the lender is moving to foreclose on the property.
Is the agent having me on?
D,
Just Looking, Philadelphia, PA
The seller gives no reasons, occasionally has said that he will follow thru, but never does. The broker is dual, and clearly does not have any idea of what to do, and now is pretty much blown off by their client. They offered to bring him the paperwork, altho he is in another city, and also allocated half their fee to employ a lawyer to assist him, all to no avail.
Now I find there are also back taxes and a lien was just imposed by the city. I guess he just has a death wish, and I should withdraw so I don't get caught in the blast.
Now I find there are also back taxes and a lien was just imposed by the city. I guess he just has a death wish, and I should withdraw so I don't get caught in the blast.
Erica Ramus,
Broker, 17901
Is the seller giving you a reason why he's not submitting the short sale paperwork to the bank?
Does he have a realtor who can do this for him or help him with the paperwork?
Does he have a realtor who can do this for him or help him with the paperwork?
Dana Schuster,
Agent, 70461
Unfortunately,this may be your best option. Until the seller provides hardship documents and is approved for the short sale it cannot take place. if you are going to pursue a short sale in the future,i urge you to work with an agent(who will be compensated by the seller) and will make sure everything is in place before you commit yourself.
