Home Buying in Perris>Question Details

Lucy714, Home Buyer in Perris, CA

LOAN APPROVED BUYER FAILED TO SIGN LOAN DOCS,DEPOSIT TO GO TO SELLER FOR NON PREFORMANCE not true I didn't sign because I didn't have 9.5

Asked by Lucy714, Perris, CA Sun Nov 27, 2011

to closed Lender wanted 9.5k to closed I didn't have that money to close because the terms had changed seller was going to help with closing cost due to appraisal came in at $132,000, the seller took your closing costs credit away. I went and looked for other lender they have a loan program that will help with closing cost but seller wants to cancel they actually wanted me to used there lender and I asked my new lender if they could do that he said no sent me email i fwd to seller agent my lender needs additional papers from escrow but escrow not releasing it to new lender and now they want to keep my 2k I'm already out of 2appraisals I don't think It's my fault why should they keep my money. Please help THX

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6
Jory Blake’s answer
Definitely best to let your agent or his/her broker handle it. Escrow will require your signature in order for them to release your EMD to seller...if you dont sign, they dont keep.

As Ann mentioned, there are a couple things missing here including the negotiations after appraisal results...

Best wishes..

Jory Blake
Riverside Real Estate Services
1 vote Thank Flag Link Sun Nov 27, 2011
I have repeated the same thing about seller's concessions more times than I want to think about. This question is a little old, but maybe Lucy can tell us what happened. The problem with a seller's concession to pay closing costs is that the house has to appraise for the higher value. The seller wants a certain amount of money in their pocket, and will agree to pay closing costs at a certain price just as long as they get that. Getting the higher appraised value doesn't always happen. If you didn't have enough money to close, and the house did not appraise for enough to get the seller's concession that you needed, then your loan should not have been approved. if you approved subject to getting an appraisal for a particular amount, then you should not have said that you had a commitment until the appraisal came in.
Your loan officer should have explained this to you, but of course most of them are so anxious to tell you that they have a way for you to finance your closing costs they don't explain this part of how it works.
0 votes Thank Flag Link Sat Feb 25, 2012
Your situation is complicated. Only your representing broker and agent should be giving advise on this. Also, you may want to consult a real estate attorney.
0 votes Thank Flag Link Sat Feb 25, 2012
Hi Lucy,
There are a number of things we would need to know in order to help you out. But just like the others have stated you really need to talk to your Agent. But here are the guidelines here in California. If this is a "Standard Sale", meaning not a Bank Owned or Short Sale. In California we have what is called an "Active Removal of Contingencies". The Standard Contract gives you 17 days after acceptance of an offer to complete All of your Inspections, Appraisals, Loan Application and receive and sign off on All of the Disclosures from the Seller. At day 17+, as per the Sales Contract, your Agent should have given you a Contingency Removal to Sign. Normally we as Buyer's Agents don't ask our Buyer's to sign this unless the Listing Agent is demanding it. Once you sign the "Contingency Removal" this is also considering you initialed for Liquidated Damages in the original Purchase Contract as well. At that point you have signed off that you will give the Seller your Earnest Money Deposit should you not perform. There are soooooo many other things to consider here even if you did or did not sign the Contingency Removal. Are you by chance getting a VA or FHA loan? Did you and the Seller sign a contract with the Seller paying your Closing Costs and the new Sales Price at the Appraised Value? These are all factors in if you will get your Deposit back. These are all of the questions and answers your Agent should be able to help you with Lucy. I truly wish I could help you more but I don't know what your contract and any Addendums and/or Counter Offer states. Take these questions to your Agent and she/he should be able to help you. Good Luck!!
Grace Rosenberger
DRE #01295350
Keller Williams Realty
Cell: 951-295-6422
0 votes Thank Flag Link Sun Nov 27, 2011
Lucy,

There are too many details to go over on a Trulia public post. You need either your buyer agent to clear this up or speak with a residential real estate attorney.
Web Reference: http://fredglick.com
0 votes Thank Flag Link Sun Nov 27, 2011
First, have you discussed this with your agent? What did he or she have to say about this situation? Second, you should talk to a lawyer about the escrow deposit. If the terms changed (with the changed value at the appraisal), there should have been a renegotiation of the offer. Regardless, the specifics of this particular deal are more than can be figured out in the Q&A in Trulia, you need to work it out with a lawyer and your agent. Best of Luck!
0 votes Thank Flag Link Sun Nov 27, 2011
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