Tim

Vicky,
Thanks for reccommendation on an attorney. We just relocated from Florida to Virginia, so that's why the question is here. Fortunately, for us, according to our broker, our contract does not allow for 30 days for the bank to clear this up. Our agent has advised us that we can, in fact, void the contract since the bank failed to meet the closing date they set (and yes, had we missed it, we were going to be paying $150/day).

Had the seller mentioned that they needed time to record the deed before hand, I could have made other arrangements. The problem is, they never said anything about it and so we made plans to close on their chosen date, and move in. We're in a really bad spot now - no place to live, a truck load of stuff that has to be delivered soon. Oh well, live and learn I suppose. - Mon Aug 11 2008, 05:34

Thanks for all the advice and comments. We do have a buyers agent, and she's helping us through this. Unfortunately, the selling bank chose the title company, and according to the title company, they close in situations like this regularly and the seller approves the deal and the deed to be recorded later and folks still get access to their homes. That's really the frustrating part - that the title company sees no reason we shouldn't be able to get into the house, our agent says the same thing, but the seller is refusing to even agree to a pre-occupancy so we can move in.

My preference is to let it ride, but there's so much financial and emotional stress tied up in getting into a place to live that its tempting to use the only real leverage we have in the situation. The big problem is going to be that since I moved from Florida, I've got a moving company who HAS to deliver my stuff by Wednesday.

Anyone know any rental properties in Burke (3+ bedrooms) that I can look at as a back up plan? They'd need to be available immediately. - Sun Aug 10 2008, 18:13

We're having a devil of a time getting our title company reps to call back, so I'm glad to see no one here reccomended the use of the company we are dealing with right now.

Whatever you do though, don't let the seller chose the title company. That's what we did, because we we're working with the bank on a foreclosuer and now here we are less than 24 hrs before the bank's requested closing date and the people they selected won't return phone calls or emails. Buyer beware - use a title company that your realtor knows and trusts.

FYI - The title company we are using is a LARGE company with an ok reputation, but they are really dropping the ball this time. Be sure to talk with the rep/processor you'll be using from any title company that you chose and make sure they are on board and part of the team. - Wed Aug 6 2008, 13:14

Frank, thanks for the warning/encouragement. There's no way I'd sign something without a legal review. But, I'm just not to that point yet. My real question is if anyone has opinions about the pros and cons of a lease/option to buy agreement in general. It's a completely new notion to me so I'm trying to learn more about it before pursuing far enough to even see a document.

Thanks for taking time to respond though. - Wed Jun 25 2008, 13:55

SB - I'm actually shopping for homes in that price range in Springfield right now that would have the ability to close quickly. Can you provide details on your home (how many bed rms, baths, sq ft, etc)? Maybe it'll be what we are looking for. - Wed Jun 25 2008, 12:54

Thanks for the help Cindy and Brian. Could either of you suggest specific communities or zip codes that I should look into? We're traveling there this weekend to shop/purchase and having some focus before we arrive would be quite helpful. Plus then I can check out the schools in those particular areas (fyi - greatschools.net is an excellent site if you all aren't aware of it) and be ahead of the game.

We have a local agent, but we're off to a bit of a rocky start in our relationship, so I appreciate any additional help I can get.

Thanks again! - Thu Jun 12 2008, 05:37