How much patience should I have with seller?

[Anonymous]

I got a good deal on a property, was set to close with cash. No the closing has been delayed for an unknown period of time because the seller has been unable to clear one of the liens on the property. I already sent the cash to the Settlement company with no interest. Does anyone know how long I have to allow before walking away from this deal without losing my deposit?

[Anonymous]

OP again, Closing was set for yesterday per the contract. My realtor says I can't just walk away.

[Anonymous]

Anonymous wrote:OP again, Closing was set for yesterday per the contract. My realtor says I can't just walk away.

So you made an all cash deal with contingencies like no liens on the title and now you want to back out?

Obviously, your agent sucks and should be able to get at least verbal response from the seller about what's the deal.

[Anonymous]

Yes, that's not the question though...if seller can't clear the liens, how long do I have to wait in limbo while they try?

[Anonymous]

Why did you pay before closing? They should give you your money back from escrow.

[Anonymous]

If I knew for sure she can't clear the liens I would definitely get my money back, but there's no way to know when. How much leeway do I give the seller?

[Anonymous]

Anonymous wrote:Yes, that's not the question though...if seller can't clear the liens, how long do I have to wait in limbo while they try?

If you don't get a response by the end of this week.
Just get a lawyer to send over a letter anout providing a definitive repsonse within xx amount days of exercising the closing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yes, that's not the question though...if seller can't clear the liens, how long do I have to wait in limbo while they try?

If you don't get a response by the end of this week.
Just get a lawyer to send over a letter anout providing a definitive repsonse within xx amount days of exercising the closing.

+1

[Anonymous]

The seller has 30 days under the local contract in which to delay settlement while they fix title During which you cannot back out. After 30 days you can keep the seller in contract or back out.

[Anonymous]

Anonymous wrote:I got a good deal on a property, was set to close with cash. No the closing has been delayed for an unknown period of time because the seller has been unable to clear one of the liens on the property. I already sent the cash to the Settlement company with no interest. Does anyone know how long I have to allow before walking away from this deal without losing my deposit?

What does your contract say about the time period the seller has to clear title to the property?

[Anonymous]

Pick up your phone and call the seller directly. Agents like to pretend like you can't talk to them but that's BS.

[Anonymous]

Anonymous wrote:The seller has 30 days under the local contract in which to delay settlement while they fix title During which you cannot back out. After 30 days you can keep the seller in contract or back out.

Thanks, this makes sense.

[mjsmith]

you know where the house is, you know where the seller lives. stop by and chat with them... and get the full skinny...