Without looking at your contract, itâ€™s impossible to say. Talk to your Realtor and get their advice. Once the closing date is passed, you need to issue a Notice to Perform before you can cancel.
In reality, many escrows are closing late these days because of increased lender processing issues. We just had one close yesterday that was almost a month late and have a couple more that are also running significantly behind. Although no one likes it, itâ€™s part of the new reality forced on us by nervous lenders who are taking longer than ever to make up their mind about lending their funds to buyers. In addition, because prices are going back up, weâ€™re seeing long delays resulting from appraisal issues.
If you can prove that the buyer has been negligent in not closing on time, you may be able to get some financial recourse. You will need to have your Realtor draft an addendum with per diem fees or something similar. Unfortunately, in most cases, the delays are not the buyerâ€™s fault and buyers usually wonâ€™t sign any addendum assessing them penalties if they havenâ€™t done anything wrong.
As long as the buyerâ€™s realtor is providing you with valid contract extensions and it appears that they can still close the transaction (even though late), Iâ€™d personally hang in there until it closes.... more
The true value of a property is the highest amount that all willing and able buyers are willing to pay for a property after it has been advertised properly on the open market. I don't know your area, but one question is what have similar homes sold for in your area? My advice is for you to contact 2 to 3 local agents and ask for price opinions.... more
That is definitely not a standard practice. The best thing for you to do is to check with the company that was used for Title Insurance, that should be specified in the Residential Purchase Agreement. Title is engaged on transactions in part to ensure that all liens are cleared prior to the transfer of title to the new owner.
I am sorry to hear about your frustration. I am a licensed broker and licensed contractor, so I can relate to the issues you described. I have also been to a few bar-b-ques so I know thee is always two sides to every story...
I can tell you that the CA Department of Real Estate www.dre.ca.gov is there to protect consumers, and also that the California State Licensing Board www.cslb.ca.gov is there to regulate unlicensed and licensed contractor activities.
All that said, as in every conflict the best way to resolve it is through dialog and compromise and good faith. I find it hard to believe that someone would just start repairs on a house without having a legitimate good intention... Additionally whether you pursue legal or regulatory redress of your issues with the courts or governmental entities, you are looking at a very long time and lots of energy. Be ware of trigger happy attorneys that speak incendiary language just to collect attorneys fees...
Good dialog, calm attitude and honest good faith is always a better path to compromise.
Best of luck, and if you find my answer helpful, please give it a "Thumbs Up"
Ron Escobar, MBA
Broker & General Contractor
Are you in Los Angeles? Your ID shows WI.
There's more to it than just the DTI.
We're you unemployed and relocating because you got a new job out of state?
Have you written your hardship letter? Have you provided all the documents necessary? Do you have an offer to present to the lender? Does the lender have a BPO for your property?
Theres a lot to know even though it looks like a simple question but to answer it and give you direction some more detail would help.
Please contact me at your earliest convenience. A large lot with a view in that area is valuable and won't be difficult to market. I work with in the area and have buyers that are hungry for good lots, especially with views!
Keller Williams Realty
Cell) 213/309-5005... more
Normally, the Sellers pay the "Owner's Title Policy", the "Transfer Tax" and half of the "Escrow Fee".
Since everything is negotiable, and everything is variable; I cannot give you numbers.
If you are LIsting your house, you can conact a Title Company, and have them do a hypothetical HUD1, (since you do not know the selling price yet).
Hi the Inna! =] hope you are well. I think this is because the seller is more likely to be the one that already has an existing relationship with an escrow office or officer. For this reson they usually care and also have the leverage as the seller to chose escrow, but also the buyer most of the time doesn't really care about escrow cause half the time they are a first time buyer and they have never even worked with an escrow company before.... more
99.9% of our business is built on relationships. If you have a lender that you use at BofA, take them out for a lunch... pick the mind and get the inside information. Unless you are just looking for BPO work...... more
It's vital to stay on top of the latest info and trainings in the short sale market. I'm including a link to the Bank of America agent resources in the link box. They offer replays of their training videos, and any agent doing short sales should be signed up to get their updates.
This is a very good question. Currently, there is a path to resolution with defaults. The banks have agreements with GSE's (Fannie, Freddie, etc.) , and sometimes in response to lawsuit settlements that have created their rules and procedures for helping their customers avoid foreclosure. Sometimes these require a borrower to exhaust one remedy before going to the next. For example, a borrower may be required to apply for HAFA, and be turned down before they can be offered a cooperative short sale. Your client can "opt out", however, they require the client to tell them that personally, and they have to have a call with the client so they can be certain that it is the borrower's decision, not the agents.
It's always important to let the borrower (seller) make their own decisions. We provide information and guidance, but the seller, ultimately is taking the risk of foreclosure if the path to short sale doesn't work out, so they need to be fully informed, and active in the decision making process. I don't want to say, "just opt out of HAFA, it's easierâ€¦it's betterâ€¦ etc." . I want to say, "my experience with HAFA has been xyzâ€¦here's what you gain, here's what you risk" and let the client make their own choices. The truth is, I have had HAFA sales go so smoothly you wouldn't believe it - and the opposite. Same with cooperative sales. Every short sale is different - a different set of buyers, sellers, negotiators, investors, circumstancesâ€¦. no two sales will even be similar. Even within the same bankâ€¦EVEN with the same negotiator. If there is a good chance that the seller can receive some moving money with the short sale, such as with HAFA, I feel that it's worth some extra effort to help them achieve that, unless there are compelling reasons that HAFA isn't likely to work in that situation.... more
I have gotten my Seller 2 incentives... $3000 and $20000 incentives for a total of $23,000. They were shocked and thrilled.
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills South
166 N. Canon Dr, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0690 fax ATT: RJ
RichardKas@gmail.com - www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting... more
In a regular sale, when the escrow company receives a fully executed contract they will officially open an escrow. Earnest money will be deposited and the timetables will begin. With a short sale, the contract is executed but contingent upon receiving written approval from all lenders. Until written approval is received by the escrow company, the escrow instructions will not be implemented. Hope that helps.... more