ok..... Find home, just say for 25,000 sign a binder (no deposit) get lawyer get contract BUT now the home is 40,000 agree still won't sign, now

Asked by Tsm, Staten Island, NY Wed Oct 27, 2010

60 ? when is it now extortion and not just confusion? The more we agree to the the price the more they keep uping the price ( oh yes, by the way our binder just bought them another 2 wks with the court for forclosure proceedings) what are my legal bonds ???

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Anna M Brocco, Agent, Williston Park, NY
Thu Oct 28, 2010
As for your legal bonds--consult with your attorney as he/she can best advise you on any legalities--also do keep in mind that in order for a binder to have some kind of validity it must be signed by all parties and money needs to be exchanged--again, your attorney can best advise, consider a consultation.
0 votes
dave, Agent, Charlotte, NC
Thu Oct 28, 2010
Unfortunately, it looks like you are caught in the stall game. There is no commitemtn on either side until BOTH parties sign the agreement. Unless in an attachemnt that you signed unless ti stipulates in an attachement you may have signed that this agreement is binding upon verbal acceptance from both parties..

however; it looks like they are trying to see where you are going to say NO. it seems that the listing agent is trying to buy time. the bank should want the home either sold or foreclosed upon. the fact it bought them two weeks means there probably is a variable there you are not aware of. Did you place the offer on this home as a short sale? if so that could answer a lot of questions.
Web Reference:  http://WWW.DAVEDICECCO.COM
0 votes
Dorene Marino, Agent, Staten Island, NY
Thu Oct 28, 2010
It's not illegal. The binder is not a contract, therefore it's not binding. As long as you are not in contract, the homeowner can decide not to sell, or change the terms etc..
Once you both sign an actual contract, that changes everything, but until then, you have nothing solid. Unfortunately I still think you are better off finding another home. There are many good deals out there today and the rates are amazingly low. I know it's frustrating for you, but you'll find something else, probably even a better deal. It always works out for the best.
Web Reference:  http://www.dorenemarino.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Thu Oct 28, 2010
In order for a contract to be binding, it has to be signed by all parties (buyer and seller) and HAS to have some sort of a deposit (in legal terms it is considered "consideration" and you have to give soemthing of consideration, it cant be 0) and lastly should not contain and contingincies that have not been met.

You should contact a lawyer at this point to review your contract to see if it is binding, this is prime reason 1 whe a buyer need representation as a buyer broke ror attormey reviewing contracts before signing things.
0 votes
Tsm, Home Buyer, Staten Island, NY
Thu Oct 28, 2010
When can this be considered illegal. and why aren't the courts or lenders holding them responsible for not accepting the contract ,after they approved the agreed amount of the binder which Halted foreclosure in the first place. So the Lender was fine with the amount in court, so it must have covered the mort.
0 votes
Ralph Windsc…, Agent, Hauppauge, NY
Thu Oct 28, 2010
There are some owners out there now that are using the short sale process to stave off foreclosure. Sounds like this may be one. Move on. There are other good deals out there.

Ralph Windschuh
Associate Broker
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Century 21 Princeton Properties
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rwindschuh@c21princetonproperties
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0 votes
Dorene Marino, Agent, Staten Island, NY
Thu Oct 28, 2010
Sounds like they are playing games and stalling. They didn't sign the contract, so you have no real deal. Move on and get yourself another house with someone who is serious about selling. You're wasting your time with this one. Good luck.
Web Reference:  http://www.dorenemarino.com
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