Home Buying in New York>Question Details

Leecozad,  in Cleveland Heights, OH

New York residential purchase agreement, I am the buyer...Seller refuses to sign or acknowledge my request to extend a financing contingency date.

Asked by Leecozad, Cleveland Heights, OH Tue Aug 21, 2012

I have a very hostile seller on my hands and there is no liquidated damages language in the contract. Is the contract dead? I live in California and am prospectively purchasing a home in New York state. I don't think my lender carefully reviewed the purchase agreement, because about two weeks into the application process, he notified me that he cannot lend on properties located in New York and Texas. This prompted all of my loan materials to be transferred to a lender in New York state, (this is all in-house through BofA), where I have to start all over again. Further complicating matters with the New York office is that I am buying the home as seperate property, my name is the only one on the offer to purchase, and my spouse was not. Also, I was unaware that the California pre-approval I submitted was based on both of our conditions and not mine solely. This has proven to be very confusing to the lender and has caused delay beyond my control.

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4
What is your attorney advising....
0 votes Thank Flag Link Wed Aug 22, 2012
You need a NY attorney. May I recommend my personal attorney, Darren Sheehan. Darren can be reached at 516-860-8906 or darren29@optonline.net.

This is absolutely your best bet.
0 votes Thank Flag Link Tue Aug 21, 2012
BofA as a depository bank can lend in all 50 states.
Where in NY are you buying? In the downstate area, we are a lawyer dominated area. The seller's lawyer writes the purchase contract and the buyer's lawyer reviews it before they allow you to sign. In the upstate area the realtors rule. If you used a realtor call them and they will handle the problem.
I hope you used a realtor, I would never purchase a house without one.
You should probably let this property go and get your act together. Number one hire a realtor. Number two hire a lawyer (someone has to order and read the title). Number three find a mortgage officer that knows what they are doing.
0 votes Thank Flag Link Tue Aug 21, 2012
Are there Realtors involved in this transaction? It almost sounds as if there are not. If there are they should be dealing with this. Is the seller willing to walk away and let the offer drop dead and start all over? Usually they are not and they like to thump their chests and act like they are tough to get you to close. I am sort of amazed that BofA did not know they could not loan for 2 weeks. You might need to get a lawyer involved to deal with your seller, often the closing date is exceeded without penalty.
0 votes Thank Flag Link Tue Aug 21, 2012
The seller is an attorney and is representing herself. She previously would not realease me from a pest inspection contingency in the same purchase agreement and accused me of being a bad faith purchaser. She followed up on the denial to release me from the pest inspection contingency by asking for a lump sum payment to cancel the agreement. All of the back and forth bickering put me too close to the cut off date for financing, so I asked for an extension of that. Seller is now accusing me of being a bad faith buyer, because after all of her hassment and intimidating correspondence, I am supposedly not interested in buying her house anymore. Geez, would you if you were in my shoes?
Flag Tue Aug 21, 2012
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