You are never bound by an agent. I am a Real Estate agent in Lake Elsinore, Ca. If you are unhappy with this agent you do not have to stay with her. When you find the agent you want to use, let them know about your experience and don't let her convince you she has an interested party, if she did, she would show them your house regardless if she has the listing or not. Agents make up to 3% for each side, buyer and seller.
If you want to you could contact CAR-Ca association of realtors and report her. Hope this helps.... more
Definition: The number of days a listing is active in a multiple listing service before it is entered into "pending" status. Pending status is when an offer has been accepted by the seller but the transaction is not yet closed. Many agents refer to "average days on market," which is derived by adding all the days on market of each listing and dividing by the number of listings. In a buyer's market, the DOM are generally higher because inventory takes longer to sell. In a seller's market, the DOM are fewer.
By definition DOM is a pending sale. Intodays market DOM are longer due to all the short sales in trhe market place.... more
Ditto on the advice to hire an attorney. From the limited facts available, it appears you have a serious pending legal liability. You will need an attorney with experience in real estate as well as torts.
I've assisted a couple of attorney friends with similar cases in Florida on behalf of the grantor (seller) on a Contract For Deed in which the buyer failed to make the mortgage payments (I provide "forensic" underwriting services to the on behalf of their clients).
A couple of general points to consider from my non-expert experience:
1.) The lender is under no obligation to deal with you since the mortgage contract is between the seller and his/her lender
2.) If you have breached your contract with the seller to make his/her mortgage payments, and if the breach has caused a loss or damages to the seller (such as late mortgage payments being reported on the seller's credit report), the seller may have cause to sue you for the damage of the negative credit reporting in addition to damage resulting from the failure to complete your side of the contract (ie the unpaid balance ofthe $355k purchase price).
3.) The lender won't care about the contract between you and the seller since the lender is not a party to that contract. The lender will pursue the seller for the breach of the mortgage contract between the seller and the lender. Even if the seller is able to pick up those mortgage payments again, damage from the breach of the sales contract still remains.
4.) Any possbility of a short sale will depend on the seller qualifying for a short sale agreement with his/her lender. If a short sale agreement is consumated by the lender and seller, you may still be liable to the seller for the breach of your contract with him/her.
In the Florida cases with which I am familiar, the plaintiffs (sellers) were successful in winning judgments against the buyers for the unpaid balance of the Contracts for Deeds PLUS damages for late mortgage payments made by the buyers on behalf of the sellers.
It depends on how the Contracts for Deeds are written. In both cases, the properties reverted back to the sellers (one buyer had spent more than $80,000 in repairs and improvements) and the judgments allowed the sellers to seize other assets owned by the buyers for partial satisfaction of the judgments.
You are in a very unfortunate circumstance. It is best to not delay in hiring an attorney and try to work out some sort of agreement wth the seller before the seller becomes aware of the breach by receiving a Notice of Default on the mortgage you took over.... more