Question Details

Vincent P. W…, Home Buyer in Home, WA

the buyers have missed escrow close date by 2 weeks-no loan docs. How can we terminate with them and move on?

Asked by Vincent P. Womack, Home, WA Thu Jul 5, 2007

In back up position and waiting everyday to hear if current buyers have ended their position or have submitted loan docs. Buyers are way past escrow close date, no loan, won't terminate, and won't sign addendum to end later. Sellers agent desperately wants to terminate with them and move forward with my wife and I. The "mutual agreement" aspect of the contract is seemingly difficult to override.

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4
Hello Vincent,
All of your answers are in your contract. In Arizona, we have a "cure period." This is the time frame in which the Buyers have to "cure" their breech of the contract. Your contract is your legal leg to stand on. Do you have a good working relationship with your REALTOR? Remember he/she is on your side! They want to close this deal as well. I understand your frustration. Keep the dialogue open with your agent. Try to remain calm, as this is a very emotionally draining process. If need be, have your agent get their Broker involved. There are many ways to close this transaction gracefully. It all starts with communication, and your contract. Best Wishes for a successful closing.
Kind Regards,
Nancy
Web Reference: http://searchhomes.com
1 vote Thank Flag Link Thu Jul 5, 2007
The seller may need the services of an attorney. If the buyer won't sign a release then the seller will have to initiate legal action.. much of course depends on the state you are in.. but most states require all parties to the contract to sign a termination agreement and disperse the deposit based on the agreement. perhaps that is what the buyers are waiting for is for the seller to relinquish their earnest money deposit.
1 vote Thank Flag Link Thu Jul 5, 2007
Kaye Thomas, Real Estate Pro in 90266
MVP'08
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Contract, contract, contract. What are the terms of your contract? Your agent should be able to help you to "move-on". If you are confident that you have another buyer - but if not - why not wait?

The termination process should be outlined in your contract - earnest money disposition, etc. etc.

Good Luck!
1 vote Thank Flag Link Thu Jul 5, 2007
Vincent,

I empathize with you after having been a seller as well as a listing agent in Georgia under similar situations. I think Nancy's answer and recommendations are well worth considering. If the listing agent or broker cannot break the log-jam (so to speak), then seriously consider seeking professional legal counsel from a good real estate attorney.

Wishing you a swift & successful outcome. - Ted Shoop
Web Reference: http://MyGeorgiaHomes.com
0 votes Thank Flag Link Thu Jul 5, 2007
TED SHOOP, Real Estate Pro in Buford, GA
MVP'08
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