Home Buying in 93065>Question Details

Clueless Chic, Both Buyer and Seller in 93063

Short sale approved but no letter after 50 days in Escrow

Asked by Clueless Chic, 93063 Wed Apr 29, 2009

I had posted a question a few days ago that the listing agent of the short sale I had put an offer who is also unfortunately my agent has made me open escrow without actually receiving the letter from Countrywide. He has been telling me that he is still chasing countrywide and they are promising to send the letter. I have given him a deadline saying that if the letter does not come by May 2nd I want to cancel escrow. I have also asked him to pay up the inspection, appraisal costs and any fees that the escrow company charges me for cancelling escrow because the approval letter did not come. Can I claim these expenses from him? Who is responsible for this, I feel it is him because he mis-guided us. If he does not co-operate and pay up, what will it cost me to hire a lawyer and fight this? Can I complain the the dept of real estate and have them help me get this money back? Please advise what my options are at this point. He just expects me to wait endlessly.

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Answers

1
Similady,
#1) READ YOUR CONTRACT
#2) It is likely that you signed away your right to a trial, and elected Arbitration. It is also likely that your realtor did not explain to you the difference or the implications.
#3) If the agent has not obtained a written lender approval letter, you do not technically have an accepted contract, and you should not have opened escrow (there are some situations where you would open an escrow). If 50+ days have passed already, don't believe that the agent will wave a "magic short sale wand" over the negotiator's head, and that you'll have approval by May 2nd... Countrywide has multiple levels for the offer to continue up the chain -- and they work at their own pace. Ask any other buyer -- they will likely tell you the same thing.
#4) I find it hard to believe that you unknowingly performed a physical inspection, etc., without the written approval(s).
#5) Contact the agent's Broker immediately (leaving a message tonight), Sign a Form WO, and withdraw your offer. Look at it as an excellent (but unfortunate) lesson in real estate. be sure to get back the signed cancellation.

Stay calm, and stay in control. You deserve a better experience. Good luck!
0 votes Thank Flag Link Wed Apr 29, 2009
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