This is realtor speak for: I will lose mY commision. Both seller and buyer agents care only about you closing the deal, not about your best interest. Agents routinely scare clients into closing a deal. |
Sorry about your industry. OP has a realtor (excuse me: Realtor [TM]) and look how that’s working out! |
If you really have this issue talk to an attorney - lots of advice here is not correct. Both the terms of your contract, escrow agreement and the underlying law of the jurisdiction in the place where the property is located will determine what happens. Also you may actually have to go to closing even if you know the buyer can't close to prove you were ready to close to get the deposit. |
+1 Can't wait to start reading the contracts from unrepresented buyers. If they are as clueless as the people on this site, it's going to be fun. |
What happened, OP? |
Are you kidding? Their realtor will tell them exactly what we are telling OP, and add, "It costs you nothing to decline to sign the release, and it's likely it will allow you to recover the EMD." It's a mortal lock that's what they'll do. |
I would never be unrepresented in a RE transaction. That's what a good RE lawyer is for. I'd have mine draft the contract and monitor as needed. No need for agents. |
How can the financing contingency be gone if the seller is having trouble getting the loan? |
You all make it sound easy to get back the EMD (as the buyer). Yet I know people who have lost it. |
If the contract says they must close by date X and it's now Date X+1 day, yes technically the buyer is in default and seller could choose to take the earnest money and move on. Personally, I'd ask for a clause to continue showing the home while the buyer gets their shit together. That way you have a backup should the lending not work out. The buyer is obviously having issues. |
No title compan is agreeing to clause 3 |
Then they are idiots. If you don't sign the release, the title company holds it. It then goes to arbitration which takes a long time. You can then appeal the arbitration which takes even longer. You lose at every step, but until it's final, the house does not have clean title and can't be sold |
A real estate attorney is great at drafting contracts and addenda but they do not have contacts or relationships that are crucial to getting a deal though. My Realtor got us a deal because she knew the agent on the other side and we were able to get into a house early and write a compelling offer. Sorry but no lawyer is hitting the pavement like that for you. |
There are myriad reasons securing financing could be held up that have nothing to do with the buyer. Is it a condo? A coop? The lender will need third party information and if they don't get it, there are delays. Is there a lien on the property or some sort of title defect? This will also hold things up. There's not enough information here to judge what is reasonable. Also, how long have these delays been? Maybe the first addendum was delaying settlement a week, the second one another week and the third a few days. (or even shorter). That's not terribly unreasonable if the situation is out of the buyer's hands. We don;t have enough facts here. It definitely could be the seller being unreasonable or at least impatient. |
We finally closed, property sold. I cannot for the life of me understand why a buyer would enter a process without having all their ducks in a row. I'm prepared to do my job as a seller (and this was my first time selling). You better be ready to hold up your end when buying. I know even the buyer's realtor was irritated with the buyer - they were wasting everyone's time (and money). I would bet they haven't even purchased an insurance policy yet. fyi, this is also me. I left no card, no wine, no chocolates, nothing. Because this buyer didn't deserve another penny of my time. https://www.dcurbanmom.com/jforum/posts/list/1191920.page |