The Agent for Homesteps is telling our Agent our accepted offer (with a cashed 3,000.00 escrow check) has been kicked citing lack of activity, help ?

Asked by Doesn't Pass The Smell Test, Oregon City, OR Sun Apr 4, 2010

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John Juarez, Agent, Fremont, CA
Sun Apr 4, 2010
BEST ANSWER
What does ''lack of activity'' mean? I have never seen that term in a real estate transaction.
1 vote
Emelia Sanch…, , Ontario, CA
Sun Apr 4, 2010
In CA escrow instructions advise by when the balance of the funds should have been transferred to them, usually a 2 day process funds in one day and record the next day. With escrow instructions come all the forms they need to determine your identity and how you want to hold title etc that you fill out and return so for a cash offer you do not need to go to escrow because there are no loan docs to sign just send the money. I realize this changes from state to state. So if you were in CA you had to have your funds in prior to April 1st in order to close on time. You don't mention if you were waiting for a response about the mold issue, and if that is so you should have requested an extension. I recommend your agent involve the Broker to help sort this out.
1 vote
Emelia Sanch…, , Ontario, CA
Sun Apr 4, 2010
Lack of activity - what have you done so far? Appraisal? Home inspection? What has your lender done? Have they requested escrow instructions? Prelim?
1 vote
Dallas Texas, Agent, Dallas, TN
Sun Apr 4, 2010
You would need to obtain true clarity from the listing agent? Lack of activity have you continued to follow thru of the terms and conditions sales agreement,

You need to review your executed sales contract determine what it take place next.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
Web Reference:  http://www.lynn911.com
1 vote
Doesn't Pass…, Home Buyer, Oregon City, OR
Sun Apr 4, 2010
We are in Oregon. Our Agent has expressed fustration regarding the lack of response to her emails and telephone calls to the listing agent for Homesteps. I understand the listing agent is also expressing fustration with his dealings with Homesteps in as far as not being able to contact just one person and also he lack of a human contact (he claims everything is done on the internet). In the meantime the damage to the house is getting worse from all the rain. Our agent says she will call the listing agent every day but the listing agent blames Homesteps. We have purchased two homes in the past and never run into this. We placed our initial offer in January, we are ready, willing and able and should have already closed. I don't understand. It has been suggested to us the listing agent/Homesteps is hoping for a better offer however our offer was accepted already. We qualify for the 8,000.00 credit but time is running out for us.Thank you for any and all help given, it is sincerely appreciated.
0 votes
Doesn't Pass…, Home Buyer, Oregon City, OR
Sun Apr 4, 2010
We submitted an offer, it was accepted. Then our agent phoned and said the listing agent said he made a mistake and there was now a counter offer. We accepted the counter contingent on an inspection. Our offer was again accepted. The inspection showed dangerous levels of mold from a leaking roof. We received an estimate to remove the mold for $8,000.00 we asked if the sellers would help out with the cost of the mold removal - all the while having a closing date of April 1st. It is a cash offer, $299.90, (listed at $315.00,) so not cheap for a foreclosure which needs work. When we asked our Agent about the time and location of the closeing we were told there was to be no closeing, no advance notification. A couple of days went by and then our Agent said our offer had been kicked out of the computer due to lack of activity. Our Agent did keep in touch with the listing Agent however she says she heard nothing back from the sellers. Thank you for your responses, I look forward to hearing back.
0 votes
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