ESPN Radio San Diego
Or the buyer could bring a $500.00 contribution to escrow to make up the deficit for the second lender and get things closed. Happens all the time.
Welcome to the wonderful world of short sales.
Did you close your escrow. Sounds like there was no reason to sue. The delay was no fault of the seller or the realtor. These can be standard delays in a short sale. You should have been informed by your realtor that a short sale is not a normal buy or sale. These can and may take longer than a traditional escrow.
Call if you need help.
Lillie Missbrenner, Realtor
Better Homes and Garden Previously Prudential California Realty
David Barr, Broker Associate
Buyer needs to grow up and stop acting like a petulant child. Frankly if this is the biggest issue they had when buying a short sale they should be grateful. Most short slaes taxe months and most never close.
Hope it worked out!
From my experience in short sales, a $500 difference is nothing. If you can't afford the $500, contact your agent and see if you can't work out a deal between all parties involved. Delaying a close by 2 weeks to get a further $500 concession from the bank(s) is inviting trouble.
I've seen lenders cancel their approval and simply let it go to foreclosure. Besides, a 2 week delay is undoubtedly going to cost someone additional money anyhow. If you've got a solid approval now, just close it and move on! Chalk it up to experience and a good story to tell over dinner. ;)
All of these answers are fantastic, but I'm going to have to agree with TAP, in that you should probably just suck up the $500. It will be much more cost effective for you in the long run. Consult an attorney if you want to take the legal question further but I think you can surmise by the tone of the answers that you're facing an uphill battle if you decide to sue. If the amount were more substantial things may be different, but $500 isn't a huge sum of money in the grand scheme of things......
Cheers and best of luck
In every short sale that I have completed the purchase is subject to the condition "bank approval" both 1st and 2nd. Until this is agreed the lenders are not forced to cooperate and the seller can change tier mind. It also depends on the wording of the specific contract and/ or the approval letters.
Aspen Snowmass Real Estate
Good luck and be patient!
Life is too short to that kind of thing, the seller is probably doing the best they can, If I were either the buyer's or seller's agent on this, I would just pay the $500. Maybe the agents can go in 1/2 or something. Seems foolish to stop the deal over so little. But for heavens sakes, life is to short to sue someone over a delayed escrow. If it is messing up your schedual enough, lend the seller the $500 and let them pay you back, you may end up with a life long friend. You may lose the $500. It is not that much money.
if the agent did not craft the contract to treat such occurrences, it is possible that the buyer has some grounds. now all they need to do is get out the checkbook and hire a lawyer. most folks don't have the nuts to file a suit...or the money.
the best part is that they can be ASSURED of a sale if they pony up the $500. or they can spend $15,000 to save the $500. i assure you that the folks reading this ALL thought that there's no way in hell we are letting a deal go south over $500. it appears you have a couple of retards for agents...maybe even one of those who are proud to tell the world that they do not grant commission forgiveness.
this is an old question...can you let us know how it worked out?
The first lender is not requred to pay off the second loan at all.
Like previous post any one can sue but having the "Elements of a Cause of Action necessary to state a claim" is why most law suites get dismissed.
Also, the buyer was most likely mad, this type of thing happens all of the time.
It is the lender they will have to sue unless this person pays an attorney a $2500 to $5000 retainer it most likely will go no where.
I am not an attorney and this should not be taken as legal advice (since I don't want to get sued).
There should have been disclaimer's in place prior to executing the sales contract therefore consult with the disclaimers and your agent.
I am not an attorney and not giving legal advice just possible scenarios.
That in mind, "sue" is a last resort that involves attorneys and now you are talking about thousands of dollars of court fees, or a small claims court of hundreds. Either way, it serves no purpose for either party. They can "sue for specific performance" if the disclosure is not in place but the time frame will possible be beyond the closing date making that a moot point. Just simply ask for an extension since this is out of your control. Most likely they will accept the request (if they still want the house) or they will terminate and you owe them their earnest money. IMHO that is the most likely scenario.
GREEN Home Realty
Please see my blog with tips and advice for buying a short sale
Good Luck to you all.
You undoubtedly were told, going in, that this was a long-term approach to buying a home, and that you will have NO CONTROL.
The answer to your questions, is, SURE, you can sue anyone over anything.