Hello: I am a seller on a property in Connecticut. Two closing dates have come and gone in June and July. It is now August. As a seller, I have done everything necessary. The obstacles have been on the buyer's end. Now we have been waiting for the bank to approve the loan for nearly 2 weeks. I have been unable to contact my attorney, and I have become worried from a financial point of view (paying 2 mortgages simultaneously). I feel panicky because I feel in the dark regarding my rights as a seller. How long can this process take? Weeks? Months? Am I entitled to the earnest money at this point if I void the deal? Can I force an extension of the COE with a clause for the buyer to essentially pay rent until the close? Any advice is much appreciated. Thank you.
In a current transaction I had with a client (she was a buyer), she switched attorneys "midstream" because her attorney was unresponsive. She was much happier with her second choice and the closing went smoothly as a result. Now, I'm not suggesting that you switch attorneys if you are happy. However, your attorney is working for you and you will be paying him or her for their services at your closing. If he or she is unreachable, then you are not getting the service that you paid for. Most real estate attorneys expect to be contacted often by their clients. My suggestion would be to contact 1 or 2 other attorneys in the area and get their advice, and possibly switch if necessary. Good luck!
Of course, you need to speak to your agent to discover what is exactly happening, and then speak to your attorney for legal advice. If you cannot reach your attorney, have your agent call him or her, too. Or, stop by their offices and try to speak with them in person.
From your question, it sounds as though perhaps extensions have been granted to the buyer allowing additional time for them to receive their final mortgage approval. If this is the the case, then most likely the buyer has not yet removed his mortgage contingency. This does not leave you with a lot of pull, other than to possibly cancel the contract if they do not remove their mortgage contingency at the next deadline, and then put your home back on the market to locate a new buyer.
Speak with your agent and your attorney to determine exactly what is going on and plan out your next steps.
Good luck!
The answers to your questions will be found in a combination of the contractual clauses and Connecticut state law. The specific facts of your situation will determine the best answer. General advice in a forum like this could be misleading. Renew your efforts to contact your attorney and, if you cannot get a response, contact your county bar association for a referral to another real estate attorney. You should act promptly. When you delay asserting your rights you could be establishing a pattern that could lead a court to interpret your inaction as a waiver of your rights. (See article on the equitable defense of The Doctrine of Laches.)Time is of the essence!
Wait it out a day or two, and when your attorney returns your call, let them give you advise. I would not recommend seeking legal council on Trulia, as I doubt many of us are Connecticut attorneys. You do have legal recourse, but I think I would try to avoid this at all cost, as it seems the only ones who win then are the attorneys.
Good Luck!
Home Seller, I'm sorry things arent going exactly as you would like. Unfortunately real estate is that way. The loan process - underwriting - seems to be taking a lot longer than it has in the past - symptom of the market and the ease at which they went through underwriting in the past which is partially to blame for the foreclosure mess we're in now. My advice is to be patient. The buyer might walk - they might not. Ask your agent what they recommend. You chose them to represent you as a sellers agent. Be patient or you can force them to close and possibly lose the sale. That would benefit no one. Good Luck.
http://www.dawnsellssandiego.com
Didn’t find what you were looking for? Ask a question!
|
|
|
|
|||||||||||
|
|
|
|
|
|