Home Selling in 92706>Question Details

Evansmom98, Home Seller in 92706

If my escrow has passed 45 days set in the contract what are my options.

Asked by Evansmom98, 92706 Sun Oct 31, 2010

I have a shady Realtor who is also representing the buyer. He has misled me, He had told me at the time we had accepted the offer from the buyer that if the buyer couldn't get financed with a loan then the buyer would pay cash. He never verified funds. Now the buyer is trying to get his second loan as an equity loan. WHICH IS NOT THE SAME AS ALREADY HAVING CASH! He yells at me over the phone saying that's what the seller told him but now it has come down to him getting equity loan and if the bank finds out its to buy a house and not remodel then he wont get it so he advised us not to call the bank. He said they should have the loan doc this Tuesday and we should get money soon. I do not have a copy of my contract with the realtor or escrow because I have moved out of state and packed. I only accepted the buyers offer because I was it was going to be quick with cash. Now the 45 days have passed escrow and I do not want to extend and I would like to get rid of the buyer and my realtor.

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Answers

6
Agnes Tabor, REALTOR’s answer
My recommendation is to always work with an attorney representing your side of the transaction; to might not be too late. That being said call the agents Broker. You have many unanswered questions here.

Good luck!
0 votes Thank Flag Link Wed May 2, 2012
Contact the broker of the Agent you are working with and fill him in on what you just stated. As a Principal Broker...I know that I would appreciate the information. After all, your Listing Agreement is between you and the broker....the Agent is simply assigned to work with you by the broker. Good Luck!
0 votes Thank Flag Link Mon Nov 8, 2010
Hi Evansmom98 -
Hopefully you've gotten this resolved by now. You've received some good advice.
In addition, I'd talk to the escrow officer - you should be able to get a copy of the Purchase Contract and the Escrow Instructions. And I agree, talk to your Realtor's Broker about the situation, with all the contracts in hand. Then map out your course of action. To cancel the buyer after issuing a Notice to Buyer to Perform, then cancel the Listing Agreement - in writing, if that is what you want to do.
If you do cancel with this buyer, make sure you find out from the Escrow Officer if you are responsible for any money that might have been spent so far in the transaction and what happens to the buyers Initial Deposit funds.
Hope this helps.
Leslie Eskildsen, Realtor
949-678-3373
As seen in the Orange County Register: http://www.ocregister.com/articles/mumbo-263352-jargon-jumbo.html
0 votes Thank Flag Link Fri Nov 5, 2010
You should give it until this Thursday at the LATEST.

YOU have the right to speak with the buyer's loan officer, or better yet call the escrow company & DEMAND that they contact the loan officers' PROCESSOR to see IF in FACT they're going to be able to close this week. Make the escrow officer demand SOLID answers for you!

Otherwise, the buyer IS likely in BREACH of contract & you can call up the escrow co. & say "Please draw up Cancellation Instructions to this contract, I want out".

Yes, the Realtor who is also representing the buyer should have verified the buyer's funds, in that the buyer should have had LIQUID funds available, should he have needed it OR it should have been disclosed up front that the buyer "may need to take out an equity loan for any cash needed".

There also should have been a time frame for the buyer to be able to "see if he could get financing" before resorting to bringing in liquid cash OR now, this equity loan cash. In my opinion the buyer should have been completely Pre-Approved prior to your even accepting the contract to begin with!

I've been a Realtor since 1996 & recently have sold almost a $1M in Santa Ana, I go all over Orange County plus 3 other surrounding counties, if you decide to give up on this buyer, feel free to contact me either by phone or email, I'm here to help.

EmilyKnell1@yahoo.com
562-430-3053 cell
0 votes Thank Flag Link Sun Oct 31, 2010
In a typical California residential contract, if the buyer has not performed you can serve notice to perform, and once the time period in the notice has elapsed you can cancel. That can be difficult where the agent is working both sides. I would recommend getting the broker involved. 45 days for a cash escrow is pretty long, I can't see a reason to have a cash escrow longer than 30 days either. I'm sorry you are having such a bad experience. If you can't get resolution from the broker, you may need to see an attorney.
Web Reference: http://MintProperties.net
0 votes Thank Flag Link Sun Oct 31, 2010
Hi Evansmom98,
That doesn't sound like a good situation to be in. I highly recommend you ask your realtor in writing (by email or mail or fax) for a few things. One: You need a copy of your listing agreement, your purchase agreement that is signed by all parties & the title companies information of where your escrow is opened.

Even though you are having problems with your realtor, the title officer should be able to tell you some very basic answers. Ask the title officer if the buyers deposit is sitting there. Also ask the title officer when it looks like this escrow will close.

You need to look at your listing agreement & see how long your contract is with that agent. I would ask the agent if they are willing to release you from the contract to sell your house with them.

Maybe your current realtor can make an agreement with you, to release your from your contract if this buyer doesn't go thru.

I might try going to that realtor's broker/boss to see if they can mediate this situation & get them to release your from being obligated to use them.

Coming to an agreement will be better & faster in the long run. Hope you get things worked out soon.
0 votes Thank Flag Link Sun Oct 31, 2010
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