No earnest money.......apparently no firm mortgage commitment in place...........you are on very thin ice...and I think I hear it cracking as I am typing ! It is evident that you wated your time with the buyer.

T.....do yourselrf a favor, and hire a realtor so that you don't waste time in the future with unqualified buyers.
There are some people who can handle their own sales.......I truly don't think you are one of them, and I don't mean to be disrespectful when I say that.
. You need help with this. It's a major financial decision and a professional's guidance can make all the difference in the world.

Best wishes
Debbie Rose
Prudential NJ Properties

Render an opinion on this matter would void our E & O insurance as an agent. No one can render an opinion unless all documents are reviewed. Contact an attorney.


National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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It appeas to me that you have no contract. Earnest money is required to finalize it. I would certainly keep looking for a new buyer. If your first buyer gets her finances in order & brings you a check you can deal with her then.

Sorry, it does not sound good for you.

Let me know if I can help you.

Diane@Diane Flynn.com

The termination form you are using is not the correct one. Read the bottom. It clearly stated that it is for use by trained Real Estate Professionals ONLY. For FSBO versions contact the title company.

If you used a TREC contract too, your contract is likely not valid either.

Naima
214-289-8555
Naima@Sumner-Realty.com

Yes...this is the tough thing about FSBO.
You need to contact your board certified real estate attorny.
Likely you will need to terminate the contract and refund her earnest money,
but you should do so on the advice of your attorney.

I would echo what Pat just said. Additionally, you may want to contact Michele Creech at Centurion Mortgage to pre-approve your buyers. You can tell any buyer that they can use any lender they choose as long as they are pre-approved with Michele. She is experienced and always gives us any bad news early so there isn't any wasted time on buyers that really aren't ready to buy. Pat or myself can put you in contact with her.

Yes, provide the title company the termination document after all parties have signed.
Good luck with the sale of your home - you really should hire a Realtor and I cannot think of two more qualified realtors to help you then Allen or I.

Thank you Pat and Allen . we have to just get signture of the buyer on this form and keep copy for us. Do we need notify title company for termination of contract or provide them copy too ?

Since you both have entered into a contractual agreement for the sale of your home, yes the form you have selected is correct. and both parties, buyer and seller need to sign.
Pat

The short answer is yes to the cancellation document. The buyer doesn't really have a leg to stand on, but it would be good to have the buyer's signature on the document.

What is your option? Withdraw this offer. If and that is a big IF according to what you have stated, should buyer submit the earnest money you can update contract status. Please check with the bank to be sure it is a "good" check and check with her lender to be sure she is qualified to purchase your home.
Situations like this, is where you should really think about hiring a Realtor so you are fully represented in the sale of your home.
Pat Herring
Century 21 Judge Fite
Grand Prairie Office

I have one more question.

I have printed out and fill up the following form for termination of contract. Do i need any other papers to terminated the contract. ?

http://www.trec.state.tx.us/pdf/contracts/38-2.pdf

T
You mention that you are selling without professional representation.

I suggest you hire a real estate attorney to help you .

You should know that 85% of sellers eventually hire professional representation- so if you really need to sell, you might want to interview a Realtor or two in case you need them.

Appericiate your thought and reply. I haven't take house off the market. It's still on sale and very well put on sale. The reason we are putting up the buyer because we dont have any other buyer at present with offer. The day when we find another buyer (before 10/12/09) we will send termination of contract letter. I have paper ready with termination.

T,

You are wasting precious marketing time with this buyer. There are numerous red flags already. She has not done what she has promised and there is no guarantee that she will. In the meantime, you have taken your home off the market while she "maybe" gets her credit fixed or comes up with more down payment. (Probably won't happen if she can't come up with the earnest money). Terminate this contract and move on. If I may ask, why haven't you used a Realtor? We can save you all of these problems and more by using our expertise. If paying the commission is an issue, please remember there are many Realtors that don't charge 3% or more for their side of the transaction. There are lots of alternatives. If you'd like you can email us at TruValueRealty@gmail.com or check out our website for more information. Thanks and good luck!!

Jackie

The earnest money is normally deposited with the title company upon execution of the contract. Most likely, the buyer is in default of contract right now. I would create a paper trail by letter or by email stating that the earnest money shall be deposited with the title co. by (insert date) or contract is null & void. With the credit issue, the deal probably won't close anyway. Do you want to exhaust every effort with THIS buyer, or just move on? I'm here to help.

Since she hasn't provided her Earnest Money and all the red flags are up with her financing, it is time to send her a Termination Of Contract and to move on and find another buyer.

Best of luck with the sale of your home.