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First, they accepted our offer. Two days later they accept another. Then, they come back to us and at an increased price, long story, and we both sign contracts. Now that the date, on or before april xx, on the contract is approaching I find out that date means nothing. THEY set the date & signed the contract. How can the date mean nothing? My rate expires a couple of days after the contract date.
Is there anything I can do? Everything is done on my end. They have an @sshole estate lawyer, the original homeowner died, who takes vacations every other week and never follows through on anything he says.
I locked my rate knowing, or so I thought, that we would be closed by the set date. I'm not going to be happy if my rate expires and this thing doesn't happen as scheduled.
Why does this whole process suck? They should be legally bound to compensate me for the rate I have and the new rate I might get. I hate this house and I haven't even moved in yet.
First, they accepted our offer. Two days later they accept another. Then, they come back to us and at an increased price, long story, and we both sign contracts. Now that the date, on or before april xx, on the contract is approaching I find out that date means nothing. THEY set the date & signed the contract. How can the date mean nothing? My rate expires a couple of days after the contract date.
Is there anything I can do? Everything is done on my end. They have an @sshole estate lawyer, the original homeowner died, who takes vacations every other week and never follows through on anything he says.
I locked my rate knowing, or so I thought, that we would be closed by the set date. I'm not going to be happy if my rate expires and this thing doesn't happen as scheduled.
Why does this whole process suck? They should be legally bound to compensate me for the rate I have and the new rate I might get. I hate this house and I haven't even moved in yet.
I'll wait for a real estate agent to reply but it is true that the contract date means nothing.
Are you sure there were 2 contracts on the house or are you referring to a binder? 2 contracts does not make sense; this should not have happened.
I went through hell buying my fisrt house, all I can say is if you really like the house, keep fighting.
As for the rate, don't worry. Rates are low and will more than likely remain low. Make sure your bank paperwork stays up to date. You may want to call them.
You should also call your lawyer because it may be illegal for the seller to enter in to 2 contracts. Regardless, don't think there's a lawsuit or anything like that. Just either move on or stick to it if you really want the house.
A contract is only as good as the people who sign it.
There was only one contract - not two. When I wrote "both" I meant the Seller & Buyer(us). I have never wasted so much time on something as I have on buying a house. This is my first house so everything is new to me. I wanted to move in 5-10 years but after this I think I might die in this house.
There was only one contract - not two. When I wrote "both" I meant the Seller & Buyer(us). I have never wasted so much time on something as I have on buying a house. This is my first house so everything is new to me. I wanted to move in 5-10 years but after this I think I might die in this house.
Ah, ok.
The lawyers not being "In" and "On vacation" is probably a stall tactic. So you need to figure out why they are stalling. 2 obvious reasons:
1-they need more time to get their situation in order. Maybe they can't find a new place to live, etc.
2-They want you to walk so they can accept a higher offer.
Getting an answer to #1 is pretty easy. Just ask them.
#2 is a little more difficult to deal with and must be handled tactfully.
Buyers sometimes forget that greed can get them into trouble. Legally, they can't enter in to a new contract without killing your's first (I'm pretty sure this is true) and a new higher offer does not mean it will be a smooth transaction. The new buyers may run in to pre-qual problems, etc and the seller may end up losing 2 buyers!
I know for a fact the owner wants to sell to us the house. It is an empty house and has been empty for months. They are paying taxes, utilities and upkeep on an empty house. They are trying to find a CO for a patio that was put in the front yard. I just don't understand why all of this wasn't sorted out when they decided to sell the house. I also don't understand the point of the contract when it really means nothing.
I know for a fact the owner wants to sell to us the house. It is an empty house and has been empty for months. They are paying taxes, utilities and upkeep on an empty house. They are trying to find a CO for a patio that was put in the front yard. I just don't understand why all of this wasn't sorted out when they decided to sell the house. I also don't understand the point of the contract when it really means nothing.
Sorry, can't help you other than to agree it is true a contract basically means nothing.
Good luck.
Now that the date, on or before april xx, on the contract is approaching I find out that date means nothing. THEY set the date & signed the contract. How can the date mean nothing? My rate expires a couple of days after the contract date.
What does your real estate attorney say? If it were me, and I was worried about my rate expiring, I would demand my attorney light a fire under their butts ASAP! I would demand that a rider be added to the contract that the sale must go through BEFORE my rate expires because if my rate changes upwards, I might not be able to or want to buy the house anymore because my monthly payment would go up. They and their lawyer sound like a bunch of slothful idiots. Be very demanding and get what you want. You are in the driver's seat here and it's important that you get the interest rate you planned on!
I know for a fact the owner wants to sell to us the house. It is an empty house and has been empty for months. They are paying taxes, utilities and upkeep on an empty house. They are trying to find a CO for a patio that was put in the front yard. I just don't understand why all of this wasn't sorted out when they decided to sell the house. I also don't understand the point of the contract when it really means nothing.
Co's can take a while to get if they didn't apply for it. That could be why they are stalling. When Co's aren't filled, many owners pull the house off the market and put it back a few months later when they have the correct permits. Being an estate sale, the sellers many not have known there was no CO.
Make sure you get a good real estate attorney and best of luck. Remember, it is not the only house out there and set a limit of what you can deal with before you walk. My closing and home buying experience went smooth, but I have heard horror stories. Don't let this sour you to the home buying process.
Now that the date, on or before april xx, on the contract is approaching I find out that date means nothing. THEY set the date & signed the contract. How can the date mean nothing? My rate expires a couple of days after the contract date.
Are you sure that the contract says "on or before"? Most contract in New York say "on or about". If it says "on or about" either party can extend the date by up to 30 days. If it, in fact, says "on or before" you can walk away and get your down payment back if they fail to close on or before the stated date. You need to talk to your attorney about this.
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