If I were the sellers agent, I would counsel my seller based upon how well you performed as a buyer through this point. Were communications timely? Did you meet other deadlines?
The other issue on the table is the possiblity of another buyer. If there is another buyer who can perform, the seller may favor terminating the exisitng contract.
it really bottom lines at ......if the seller believes that you will close and does not have another buyer at a higher price, the seller will work with you. It's up to you to provide the support to increase their confidence. If, indeed, you have failed to make the deadines, they might be able to terminate the deal. I cannot say that to be the case since I am not an attorney, am not your agent and have not reveiwed the contract or history.
Sellers want to sell. If you can buy, unless there is a better buyer on the hook, then do your best to convince them it is in their best inetests to work with you.
Without knowing why the seller wants to terminate your deal, it is really hard to provide you with solid advice.
If the final date of the agreement has come and gone, the agreement is no longer in force, and new agreements would need to be drawn (though frequently extensions will be used to do this - even though it is not the best way to make the agreement tight and legally binding). In fact, the seller is not killing the deal - the deal is already dead since you didn't perform (whether its your fault or not, the non-performance is a fact).
As far as being in default goes, the broker holding the funds has to retain the funds until either the parties agree to its disposition or a court of competent jurisdiction determines who gets the money. If that happens, you would just go to court and explain your position. You could bring an attorney or represent yourself -Pro Se - a choice that might be made based on the amount of money at risk and the cost of the attorney to represent you.
If the seller is reaching out to you , you might want to call them back with your agent present. Just be clear on what they might be proposing and careful that it doesn;t put you in a more difficult position than you already find yourself in.
I thought the worst thing that could happen would be not approved for the loan but this is murder. I've received my committment letter and was looking forward to closing but and this merge is killing me,
To hear that I can be in default and lose my funds in escrow has left me with a stomach ache and one big ole headache asking why.
I got a call late tonight and didnt recognize the number so I sent the call to voicemail. I was shocked to find out it was the seller he left a message for me to give him a call directly tomorrow. I've never spoken to him before. My agent and i dealt directly with his agent.
Would this be wise to return his call, from what I've been learning on this board I need to make sure that I'm protected. My heart is saying talk to the seller let him know that this merge thing is beyond my control and I'm still interested in his home and closing out this deal ASAP. But my head is saying be extra careful my deposit is in Escrow.
Keep me posted
My agent is asking for another extension due to the lender has merged with another bank.ays its a breach of contract.
The seller wants to dead this deal , since the deal is unable to close on set time. But this is due to the lender . There has to be some way not to dead this deal I need honest advice.
The Funds in Escrow is my savings for my new home am at at total lost of words right now regarding my agent, the mortagage broker, and the lender : ( i do not want to dead this deal as well as lose my savings that's in escrow .
A buyer defaults when a buyer is unable or unwilling to close and has no contingencies or terms of the contract which allow him/her to terminate the contract. From your description, it sounds like you are the buyer and are having mortgage company challenges. Is your buyer agent working exclusively for you, or is the agent a dual agent for both the seller and the buyer.;
Before you terminate a contract when it is against your wishes, and/or forfeit deposits, I recommend you get legal advice.
I am not an attorney and this is not legal advice.
Sorry to hear of your issue. Ok, so I have some questions for you. You are the seller? I am a bit confused because your question is "what are the grounds for seller default?" But then you say the "the buyer agent wants to dead the deal since our contract is up now"
Are you the seller or buyer?
If you are the buyer and your bank needs a bit more time, you could simply extend the AOS by addendum if the seller still wants to sell it to you and there are no other issues with your mortgage. If the seller wants to back out because settlement date came and went, I do believe that they can do that if no extension was agreed upon but my question would be why didn't your buyer agent extend it to protect you? If you have a buyer broker agreement with your agent and that contract is up, I'm sure your agent wants to be paid for all of his/her hard work so he/she can extend your contract.
Seller default would occur if the seller backed out of the sale.
If it is getting very complicated, you may be wise to seek out a Real Estate attorney.
If you could provide some more details about your situation that would be more helpful.
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask For Renee