Home Selling in 75052>Question Details

T, Home Seller in 85353

We have contract on house since 09/26/09. It's sale by owner. We (seller) has provided all the information to the title company. Closing date is

Asked by T, 85353 Fri Sep 25, 2009

10/12/09. We called buyer she promised to pay earnest money check 09/18/09 she hasn't paid yet. We called her she said she is having some credit issue and lender told her she need to put more downpayment or fix her credit. Last week we called her and she mentioned same thing and told her she will call us it's been 5 days. Haven't heard from her. My questions what is our option ? should we wait till contract get automatically cancel on 10/12/09 ? or keep calling buyer and find status ? This house is sale by owner and no reltor invloved.

please advice

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19
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.
1 vote Thank Flag Link Fri Sep 25, 2009
First of all, it is not clear, if you are a realtor who helped a buyer to purchase a home for a FSBO. Or is this a consumer who dealt with a FSBO? Both are unclear. Since you purchase the home without a licensed realtor. You may run into many issues such as this one. (FSBO-For Sale By Owner)

Now that you are in this present condition and have not resolved any matters in regards to the home. It seems you may need to do research on the property at the Dallas County Appraisal Office and see who is listed as the owner of the house.

Title Company generally don't let you hang this long, had a licensed realtor was hired. You may want to contact the Title Company and find out what is going on with the house.

Unless there are issues on the house such as lien on the property or property may be in a probate court and there may be issues on the house and it will not sell. Or it can be anything that would not allow the house to obtain a clear title. A title search may help, but it would cost money to obtain it from the title company. A Quit claim deed may be issued by an attorney in an attempt to cure the cloud in the property, provided that is the delay. Consult an attorney.

Title Policy is the instrument that permits ownership of the home and generally, an Real Estate attorney may be consulted to seek your information further. Attorney may assist in clearing the cloud in the title.

Unless you have been scammed and have been defrauded by FSBO. Then consult a real estate attorney on your legal matter. Even short sale may take a long time at the title company but this is now year 2014. I have many unanswered questions on this matter. I hope you resolved your matter. Good luck.
0 votes Thank Flag Link Sat Apr 19, 2014
Are you sure the new buyer is not being charged twice for the home? Have you accepted payments toward the home and reported them as if you made them yourself?
0 votes Thank Flag Link Tue Aug 28, 2012
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
0 votes Thank Flag Link Sun Oct 4, 2009
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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0 votes Thank Flag Link Sat Oct 3, 2009
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
0 votes Thank Flag Link Sat Sep 26, 2009
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
Web Reference: http://www.SumnerRealty.com
0 votes Thank Flag Link Fri Sep 25, 2009
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.
0 votes Thank Flag Link Fri Sep 25, 2009
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
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.
0 votes Thank Flag Link Fri Sep 25, 2009
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.
0 votes Thank Flag Link Fri Sep 25, 2009
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 ?
0 votes Thank Flag Link Fri Sep 25, 2009
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
0 votes Thank Flag Link Fri Sep 25, 2009
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.
0 votes Thank Flag Link Fri Sep 25, 2009
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
0 votes Thank Flag Link Fri Sep 25, 2009
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
0 votes Thank Flag Link Fri Sep 25, 2009
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.
0 votes Thank Flag Link Fri Sep 25, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
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.
0 votes Thank Flag Link Fri Sep 25, 2009
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
0 votes Thank Flag Link Fri Sep 25, 2009
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.
0 votes Thank Flag Link Fri Sep 25, 2009
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