Home Selling in 85027>Question Details

Coin Toss, Home Seller in 93103

Can a Buyer hold someone in a deal even if an extension is Breeched?

Asked by Coin Toss, 93103 Sun Jan 12, 2014

I've got someone purchasing our property and there are a couple of outstanding questions that the buyer's lender (bank) has been asking regarding FHA. The buyers were denied the loan and exceeded the extension contract date. The buyers are now trying to go with the same lender just a different loan, if that doesn't work they will try to seek a loan from other than a traditional bank. In result, this has cost us deposits for moving since we had a move-out date scheduled that wasn't met, and now I find that I have to pay to extend my interest rate on my loan for the house that I'm buying which is going to cost us up to a few thousand. I know the buyers of our property have paid for numerous requests (i.e. appraisals, certain testing...etc) by their lender, but now I'm feeling the effects and having to shell out money. Can I request the buyer to pay at least half of my fees that I will accumulate? Can I just cancel this transaction and find another buyer without fearing arbitration?

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Answers

4
Hello,

If you are using an AAR Residential Purchase Contract your remedies are on page 6 - 7. If you are not you need to contact Real Estate Attorney.
This is why you would use a proffessional Real Estate Agent to help keep this from happening!

Have a GREAT day!

Vivien L Biggs PLC
602-615-9137
Prudential Arizona Properties
1 vote Thank Flag Link Sun Jan 12, 2014
Great questions; but the only one that can correctly answer for you is your attorney. Consult with one asap.
1 vote Thank Flag Link Sun Jan 12, 2014
Do you have a real estate agent or broker that you have the listed for sale with? There are so many turning wheels with your scenario that you should call your agent and/or their broker to have them sit down with you and have them go through the options with you.
0 votes Thank Flag Link Tue Jan 14, 2014
Do you have a Realtor representing your interests? Without knowing what documents are in play its going to be difficult to provide much guidance and of course we are not attorneys.

If you are using the Arizona Association of Realtors contract if might be time to look at the Cure provisions provided for in the contract. The Cure provisions provided for give both parties the ability to make demands that can change the course.
0 votes Thank Flag Link Sun Jan 12, 2014
I was told by my realtor that there could be repercussions by the buyer's of my property because after the extension expired, we continued to try working with them in instead of putting through an official cancellation. The deal is that they refuse to pay for half my rate increases even though the reason why this is happening is not our fault but their lender...I'm willing to pay half the rate increase, they don't want to pay for anything and I feel are getting a lot of freebies...we've both shelled out a lot of money so far and I don't want this to cost us more.
Flag Sun Jan 12, 2014
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