It means a deal has been negotiated and a contract executed, but something has to happen before the buyer can close. Sometimes the sale is contingent upon the buyer's financing or the sale of their current home.
Don't Let Them Make a Monkey Out of You! Follow the links below.
Rent to owns are rare and even more rarely are they a good deal for the renter/buyer. The vast majority of rent to own renter/buyer's never end up buying the house. They are a great deal for the landlord/Seller as they get to collect large up front deposits and over market rent only to do it all over again in the same house. I consider it basically immoral and predatory in most cases.
Resolving credit issues isn't rocket science and a local mortgage lender can and often do assist buyers with this. Many things you can do yourself, others the lender can direct or assist you with.
Most people in this position are far better off renting the least expensive place they can stand to live in and save up some down payment, get on a budget and fix their credit. Once you are qualified, you can select any listed property in your price range and you've fixed the issues that hurt your credit.... more
You can but since you do not have approved financing either it is unlikely it would be accepted. I would not recommend my client take their home off the market in this climate for a buyer who does not have financing in order. You also won't be able to close your loan until you have one full month of paystubs with the new employer as well so that is really not a good option for any buyer looking to sell.
Focus on finding a job and getting your financing in order so you can put in an offer and close. If this were a year or two ago it would be different possibly but this is an entirely different market now.
Hope this helps.
Don Groff | REALTORÂ® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | firstname.lastname@example.org
websites: www.AustinListed.com | www.360LendingGroup.com... more
Most important thing to do is talk to a lender...there are so many different loan programs available, and a good agent will want to know what type of loan you are going to use...it can help, or hurt negotiations!... more
You make it sounds like this is a "normal" sale; not a distressed sale.
Assuming that, you have three choices,
Accept the property "as-is", with all the problems,
Wait until it is saleable, or,
Walk away.... more
Sometimes it takes a while.
Also did you sign with real signatures.
Did you offer close to asking or way below?
Did you include copies of your preapproval letter, earnest money check, and anything else they asked for?
Could someone else have offered more than you?
The good news for you is that a back up is just that...a back up. You are in the first position to purchase...if you are getting close to the end of your current contract, go ahead and submit an amendment to extend the date. That will give you some peace of mind, even if you don't need the extra time.
I've worker many short sales and often the hold up isn't the agent but rather the bank. The sellers of the home won't receive any proceeds, so they normally don't care what offer is higher...the bank's main objective is to close the deal quickly-they don't want to start the process over again.
And, in most short sale scenarios-the bank won't look at back up offers...they only work the offer in the first position..
As to your rights-you have the right to purchase as long as the seller can perform. Without knowing what the hold ups are its hard to offer more advice. I can say that most of the short sales I've worked have been last minute closings...the bank lets you know about 48 hours before closing that they are ready...other hold ups have been bc the lender is requiring updated documents from the seller...which can be hard to get...and without them you can't get the property approved for the short sale.
Here is the most important question...do you know if the seller has received a permission to participate in a short sale approval letter? That would tell us a lot about where you are in the process.... more
While all the answer below are true...you should keep in mind that the 'contract survives closing'...if a refrigerator was part of the contract and not left, you should be able to have that resolved. Unfortunately, it may result in having to go to small claims court to do so. In Texas the refrigerator would be listed an a non realty addendum...check your contract paperwork for that, and if you have it, have your agent start the process for you by contacting the sellers agent.
I would speak with an attorney. This is very odd sounding. You went to closing and were not given keys. Did they tell you they were not moving out. The whole situation seems absurd. Ask your agent to refer you to a good attorney.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
You could be in one of those catch 22's we find ourselves in these days with all the poorly maintained bank owned homes out there. When you find one that needs repairs or the deal won't close until the repairs are made is when you are in the catch 22. Who pays? Banks says no and lender says no and you get the problem. It's always risky for a buyer to spend money fixing up a property that is not theirs - yet. Often the banks are full of rules and coat and tie guys at a meeting table saying no to your offer. When banks sell they don't act like you and I would. Good luck with it.
This is a conversation you should be having with your Realtor. Your Realtor can talk to their Realtor and get to the bottom of things. This is how it is done. I am unsure if this is your fear of what may happen or if these things are actually happening but while this forum is a great resource this is a question you really need to be discussing with your agent.
If anybody, buyer or seller are not keeping up their end of the sales contract the other party can sue for specific performance.
Best of luck to you.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
College Station is a great market considering the current housing market trend. Most homes sell between 90 to 96 percent of list price. Our market is geared towards college students, leaving a demand for single-family neighborhoods! Our office has closed over 11 million in sales in 2011, we also are located in College Station's hottest private golf community. Hope this helps!... more
Depending on the state you live in, there will be a division of the state government that oversees contractors' licensing and they have a complaint division, in New Mexco it is called the CID. Also, did you have a walk-through with your builder? Do you have a builder's warranty? Most reputable builders offer a warranty for at least one year. Let me know if I can be of further assistance.... more
Well, if you didn't have the Termite Inspection done prior to your purchase it is on you to get it checked out and move forward on treating the termites. If you had it inspected prior to close and was not identified (by actual Termite Inspection Service) you may have grounds to go back to them for assistance in dealing with the problem? I bought my own House that I knew had Termites. They were identified at the Inspection and the Seller elected to give me $30,000 off the price. I elected to move forward and purchase the House and it costs me $4000.00 to repair the damaged wood and another $70.00 a mouth for a 2 yr. Termite system around my House.
Good luck on taking care of your pesky Termites!... more