Date of closing needs to be extended...

Asked by Selfsupporting, Newark, DE Wed Sep 21, 2011

Our closing date came and went due to the Seller having tenants still living at the home until 2 days ago. We, the Buyers (via our Realtor), sent an Extension Form (via our Realtor), and the Seller hasn't signed it in 2 weeks! The Realtor is a dual agent and says that the Seller may just let the house go into foreclosure at this point, but the Seller denies that's what she is doing. We really want the house. What can we do????

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4
Ronald Hutch…, Agent, Harpswell, ME
Mon Oct 8, 2012
I'd say Rick and Dorothea have given some solid advice. There should have been a date on the extension agreement in which the sellers had to reply (accept or refuse). If you still want the home than Dorothea's advice is good to move things along. If you've had enough and just want to know where you really stand, Rick is right. In both scenerios, get a lawyer.

Now, there is one more step to take before you call a lawyer. Every real estate office in Maine has a Designated Broker. Generally this is the owner of the office. It is their license that is at stake here too. Call and ask for the DB and explain your situation, he/she may not be aware of what is taking place. Give the DB the chance to respond and be sure to let them know you'll be intouch with the Maine Real Estate Commission if you are not satisfied with the outcome. Good luck.

Respectfully, Ron H
Buyer Broker, Midcoast Maine

Maine Real Estate Commission (207) 624-8524 for complaints.

http://www.maine.gov/pfr/professionallicensing/complaint.htm
0 votes
Rick Beal, Agent, Portland, ME
Thu Sep 22, 2011
My first question to you is why aren't you using a buyer agent with full fiduciary responsibilities to you, particularly if this is a long distance move. Disclosed Dual Agency, legal in Maine as long as both buyer and seller agree, gives you limited representation in this transaction. If what you say is true, this agent may have violated their fiduciary duties to the seller.

My second question to you is are you buying a short sale? I find it hard to believe that if was not represented to you in that way that the house is in danger or being foreclosed upon. In general, foreclosures take many months to process and it's hard to believe that if the "F" threat is real if you are just learning about it. Had you used your own buyer agent, you would certainly know this.

The seller is in default as they weren't able to perform to the agreement that you have. You have specific remedies, but should check with your agent and/or an attorney to see where you go from here. I wish you th best and I'm not trying to beat you up here, please don't take it that way. I want the public to see what can happen without proper representation.
0 votes
Dorothea "Do…, Agent, Brownville, ME
Wed Sep 21, 2011
You can ask the agent and the seller to offer the tenants money to move, AKA, cash for keys...this may get them out in a hurry...typically $500 to $1000 can get them out very quickly, especially if they are facing an eviction. Check with an attorney, and DO NOT offer this yourself...it needs to come from the seller...and I would make it payable out of the closing proceeds(if the seller does not have cash on hand), so that the tenants KNOW that they will get paid when the seller does...they could have a contract for the cash for keys...Once again, this should be done with the advice of an attorney, but I have seen it done many times...
0 votes
Ron Thomas, Agent, Fresno, CA
Wed Sep 21, 2011
Nothing!
You are not in control.
It sounds like the Realtor is doing everything possible too.
Pray.

Good luck and may God bless
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