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Asked by Hollie, Tracy, CA Tue May 8, 2012

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Answers

14
Terri Vellios, Agent, Campbell, CA
Tue May 8, 2012
Even though the agent is a dual agent, she still has duties to both you and the seller. This is spelled out in the agency disclosure.

Did she include a short sale addendum in your offer? If you and the seller agreed to terms on when timelines start it will be clarified in this addendum.

As mentioned and you know this, if you don't have signature from all parties on the contract it will be difficult for you to perform as your lender needs this.

If she mailed the contract to the first with the wife's signature were you copied on that email? Was the contract attached and you have access to it? If so then you have it. If not ask her to resend it to you.

What are the timelines stated in the first approval? Perhaps she is concerned about you being able to perform in time. As for them proceeding with another offer, that too would be specified inside the short sale addendum. Because if so, it is contingent upon bank approval.

For others reading this, it is this type of situation why we agents discourage dual agency.

In the meantime, if you want to proceed you need to have a conversation with your agent to clarify where everyone is in this transaction, then follow up with it in writing as to your understanding. You can also contact the agent's managing broker to make sure have the information needed.

Have an amazing day!
Web Reference:  http://www.terrivellios.com
2 votes
Walter 'Skip'…, Agent, Brea, CA
Tue May 8, 2012
In addition to Shanna's good advice, review your contract. If you used the SSA or short sale addendum, it clearly states that time periods including inspections do not begin until the buyer receives copies of approval letters from all lenders.
Good luck,
2 votes
Shanna Rogers, Agent, Murrieta, CA
Tue May 8, 2012
Hi Hollie,

You need to contact your agent - even though she's representing the seller, since she is doing dual agency, she is also supposed to be representing you. If you want to proceed with the purchase, you need to let her know that. She should not be working two offers at the same time!

Your lender will need a fully executed contract - with both your signatures and the seller's signatures. Ask you Realtor for a copy of the fully executed contract to send to your lender. They will not do anything without it.

Keep in mind, the second lien holder may not approve the short sale so proceed with caution in how much money you spend before you have written approval from both lenders.

Good luck.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
2 votes
Norman Aless…, Agent, San Jose, CA
Tue May 8, 2012
Hollie,
You have recieved excellent advice, you have posted here before and agents have answered you and given you one piece of advice that you have NOT followed. Please, please, please have your own agent represent you any percieved advantage in useing the listing agent is negated when you are in contract. As far as what the listing agent said get that clarified, do you have a signed contract if so then proceed. If you don't have all signatures, then you don't have a ratified contract and your lender will Not proceed until you do. Talk to the agent and see where you stand and go from there, we are missing to much data to really tell you more.
At your service,
Allyson
408-705-6578
allyson@homesbyallyson.com
Certified Distressed Property Expert
1 vote
charles butt…, Agent, san jose, CA
Tue May 8, 2012
Thank you, Hollie:

If you do not want to back out of the contract, as Mr. Juarez recommended, you need to get your own agent, or your own Real Estate Attorney.

Your description of this rather messy chain of events illustrates one of the reasons why it is important to have your own agent.

If you do not have your own agent, or your own Real Estate Attorney, this type of messy chain of events will continue throughout the transaction. Essentially you will constantly be correcting mistake after mistake or incomplete document after incomplete document throughout the course of the transaction.

Unfortunately, if the listing agent is trying to push you out of contract, without your own agent or your own Real Estate Attorney, you will almost certainly lose that contest.

I recommend that you get your own agent or contact a good Real Estate Attorney.
1 vote
John Juarez, Agent, Fremont, CA
Tue May 8, 2012
If you want to cancel, notify your agent (who appears from your information to also be the listing agent) right away. It appears that the agent is trying to move forward with another buyer, anyway. Don’t stand in the way of the completion of the sale to another buyer since you want to cancel. Ask your agent to prepare a Cancellation and move on.

Hollie, NEXT TIME…get your own agent. You need someone on your side and not someone who’s first responsibility is to the seller as evidenced in your current experience.

I can recommend a great Tracy agent if you want to contact me directly.

Good luck.
1 vote
Pat Chadwell, Agent, Campbell, CA
Tue May 8, 2012
Hi Hollie,

Shanna gave you good advise. Get all signatures and proceed with caution if you do not have the approval on the second. Also the agent is acting as dual agent.

Contact your agent. If you have, as a part of your contract, the short sale addendum it will spell out the time frames in which you will need to perform and when actual short sale approval starts.

You laid out the points well.

Good luck.
Pat Chadwell, Broker
Realty World - Residential Specialists
408-927-6565 x 11
http://www.patchadwell.com
1 vote
Phil Rotondo, Agent, Melbourne, FL
Tue May 8, 2012
It appears you do not have full loan approval (since you have not received an ok from the 2nd). But in any case you should notify the agent of your intentions to cancel and move on.
And, as always, please feel free to contact an attorney.
1 vote
Hollie, Home Buyer, Tracy, CA
Tue May 8, 2012
if it doesn’t close by june 8th it will be foreclosed upon.

Normally can we get extension for short sale?
0 votes
Hollie, Home Buyer, Tracy, CA
Tue May 8, 2012
Thank you all.

It's hard if I use my own agent. Most listing agents like dealing with buyers directly.
0 votes
Andrea Wince…, Agent, Milpitas, CA
Tue May 8, 2012
Hi Hollie, you ask if the listing agent can cancel the contract but we are not privy to the details and timelines of your contract and whether or not there is a breach. That is, if you even have a valid contract (you say has not been signed by the wife) if the wife is on title, and has not signed your contract, you may not even have a valid contract to breach. Your dilemma is a prime example of why buyers should not use the listing agent as their agent. Buyers in our area pay no Realtor commissions so why not have your own representation?
0 votes
Hollie, Home Buyer, Tracy, CA
Tue May 8, 2012
My agent just told me that my loan agent can make it (wife's signatur) a pre funding condition.

if it doesn’t close by june 8th it will be foreclosed upon. I think this is why she want us to start loan processing ASAP. But how about if the 2nd lender doesn't approval? And when will my loan officer charge me the appraisal fee?
0 votes
Hollie, Home Buyer, Tracy, CA
Tue May 8, 2012
Thank you all.
I don't want to back out of the contract.
I know I should wait until I got the fully executed contract and the approval from the 2nd lender. This is one of the reason that I don't order inspections now.
Does the agent have the right to cancel the contract?
0 votes
charles butt…, Agent, san jose, CA
Tue May 8, 2012
Thank you Hollie, for your question:

If you want to back out of the contract, it is best to cancel the contract now. You should not proceed with a contract where you want to back out. All of the other issues that you raise with respect to this transaction are not relevant to you if you want to back out of the contract.

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
0 votes
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