Yes because the assets for the downpayment must be sourced before you can be cleared to close on the loan.
You need to notify your attorney and advise him of the situation so that he can request an extension on the closing date.
Depending on the lender you may be able to get a conditional commitment stating that it is subject to verification of sufficent assets to close.... more
it is not normal for the buyer and seller to communicate directly. As REALTORs that makes us very nervous that one will say something that will totally kill the deal. Write your questions, give them to your REALTOR and ask your REALTOR to get the answers from the seller"s REALTOR... more
Talk with a real estate attorney. This is beyond your area of expertise (unless you are an attorney) and you are not a party to the contract.
Based on the 3rd party information it appears something isn't right.... more
only, and 4 is still encumbered by different Bank.
So, we are dead in the water and we are rather pissed off. Our problem is we have an investment in the property consisting of earnest money, title, appraisal, inspections, travel, time, etc. This investment has been put out on a property the bank had no right to offer for sale without being able to provide clear title. Besides the above investment we stand to lose future monies consisting of interest rate increase (we locked for 60 days at near bottom) and strong likelihood for further erosion of value prior to close.
We’re considering working with the Bank (as we like the house) to stay under contract if they allow adjustment of price in accord with an updated appraisal (when they get it sorted out) and also our increased cost due to interest rate increase.
We’ll probably need to get a lawyer to sort it out if they don’t offer us something to compensate us for what we stand to lose. Even though, I think there is potential to get some good input from people here as I’m still trying to sort out all the thoughts going around in my head.
We don’t think it’s a “just too bad” type of deal; they should never have listed the property without being able to sell it cleanly. Additionally is the title company (that the Bank chose) partly responsible? What recourse do we have with them?... more
Where is your buyers agent address all these issues.
IF THE SALES CONTRACT STATES you take possession at close they are to be out of the property. IF NOT you need to amend the sales contract for them to lease back to you.
You do a walk through x or xx hours prior closing for confirm no damage. HOWEVER if sales agreement states AS-IS not much you can do.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Even if the property is in foreclosure you need to keep paying rent. You are under contract with the current owner of that property. If there is a breach of contract then things might change. You should go over the "Landords and Tenants Act" for more details or consult with an attorney if you believe there has been a breach.
Carlos J. Ramirez, PC, ABR, CNE
Associate Broker/Realtor, HomeSmart -
I see this as a 3 part approach.
1) If you qualify, like the home and want to purchase make an offer to the owner through a realtor or other legal real estate entity.
2) Check to see if lease is transferable to new ownership. Chances are you may that you have renters rights to the term of your lease.
3) Wait and buy it from the mortgage holder. You may be able to pick it up from the bank for the loan amount or value of the home whichever is best. Banks who have the home returned to them tend to allow renters to stay in the home until the lease is expired or until they have a closing. A little investigative work can be done by calling the bank to see what their policy is (if the owner is willing to tell you who their lein holder is.
Good Luck.... more
A case for what? Pre approval and commitment are just guesses that you can get a loan based on what you told someone. When it gets down to doing a real credit check or a application for a loan the lender digs much deeper and there must have been something they did not like. Based on what you have told us there is no way for us to know why.... more
Mb - I don't blame you for being frustrated! It's crazy sometimes. I could go on and on about how "political correctness" makes it difficult for real estate agents -- and home buyers and sellers -- to do their jobs.
Every agent is different. We always try to explain everything up front, including what we can and can not say/do. An agent's primary job (n my opinion) is to help their clients navigate through all the .... well, crap... that is required to purchase or sell a home. We aren't "salesmen" we are "consultants", "guides", "helpers" -- whatever term you chose.
"I have never known an agent who would work with you without you signing an agreement with them"
We don't sign agreements with our buyer clients. Call me old-fashioned, but I believe in building mutual trust in a business relationship and don't want to contractually bind a client to me that doesn't want to work with me. We're required to sign a contract for a listing, but we always write in a "fire me any time" clause.... more
At this point, it may be in your best interest to consult with an attorney who specializes in real estate, see exactly what options you may have--if you cannot afford an attorney, contact your local Legal Aid Society for a pro bono attorney, free; also keepin mind that most professionals do offer a free consultation.... more
So sellers request another 3 weeks so the bank can accept the new offer. It goes to underwriting and they reject it based on the addendum that says we were going to give the sellers $1300, because it was a short sale. Time expires, the listing agents doesn't put anything into equator until 2 days before the new close date. So sellers then ask for another extension. We agreed to this new extension only if the sellers voids the $1300, which was required by our loan company. The sellers decides not to sign it and the deal is now off. we send the sellers a cancelation contract and they didn't sign that either. The sellers are now trying to keep the deposit and has already relisted the property as "for sale" in mls. Is this legal? Can they refuse to seign the cacelation and put the property back on the market without resolving escrow? Are the short sale seller even entitled to a deposit, since they are not allowed to profit from a short sale?... more
1st time buyer,
It seems that closings nevr happen on time. There is always some sort of issue that holds closings up. I would contact your real estate lawyer about the issues that you are having. A lawyer will know more of the ins and outs. They also may find the way to get you out of the deal if you no longer are interested. I hope this works out for you.
Realty Exectives, Pequannock
Trust your attorney's advice! If I were your agent, I would reply "I don't care what you are comfortable with, Mr. Buyer, but the seller is under no obligation to reimburse you for your inspection fee." They rolled the dice and chose to walk. They are out the $495, in my own opinion and I would hold fast to that.
I would indeed ask for a new release to be written. Have your agent write it up, you sign it and offer their deposit back and not a penny more.
Ask your attorney: why could this buyer put a lis pendens against your home? I have never heard of such nonsense... more
You should contact the broker through your agent to make sure what the rules in your state or contact are. It may be in the offer or listing agreement, but if the buyer makes some sort of legal appeal toget it back they may hold it in escrow a little longer just until they have cleared all objections.
It sounds like you have good reason to expect that money eventually, but I wouldn't budget for it anytime soon.... more
Much will depend on your contract--what is your agent advising....if you really need to back out, you may wish to protect yourself and consult with an attorney who specializes in real estate, have all related documentation reviewed, and see exactly what options you may have--then go from there.... more
Loyalty is very important in the real estate industry. The only real way to say "yes" to your question is if you signed a buyer broker agreement. This would commit you to that Realtor and as long as they're doing their job then it's a legal agreement. Now if you don't have a buyer broker agreement then in you're not legally committed. If that Realtor has spent time with you, did their job by providing you with what you need and always being available to you, then you have to look at the lost time to that Realtor if you switch. If you're not committed legally and the Realtor isn't providing you with the service you require then "yes" you have the ability to seek out the services of another Realtor.
I hope that helped.... more
Unless otherwise stipulated, time is of the essence in the contract.
So the contract expires if it goes past the closing date as stated in the contract and the closing date has not been extended by mutual agreement. And in such a case neither party may be obligated to perform.
I'm not a lawyer; so you may want to go over all the details of the transaction with your agent or a Real Estate attorney.... more
Review your contract with your agent. The purchase contract should indicate the contingency period for loan approval. If the buyer has passed this date without obtaining a signed extension, you can most likely provide a "notice to perform". This provides the buyer notice to release the contingency, extend the contingency (with your acknowledgment/acceptance), or cancel the contract. There lack of "performance" may provide you the opportunity to cancel.
It is best to review options with your agent or a real estate attorney as breach of contract by the buyer or seller can result in the other party pursuing the "liquidated damages" clause.