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Old 10-19-2010, 11:01 AM
 
15 posts, read 49,790 times
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I agree you need to get an attorney. We closed (sold) our home 2 weeks ago on a Friday late in the day. The buyers realtor had the keys to give to her client but at 5pm the wire transfer still was not even pending at the bank. Therefore, the house was technically not sold. Our realtor called theirs and told them in no way could they have possession and our closing attorney told us not to cancel our homeowner's insurance on the house until we received the money. They weren't happy I am sure but Monday morning the money was there and they took possession.

Good luck.
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Old 10-19-2010, 09:27 PM
 
Location: Nashville, TN
957 posts, read 3,700,226 times
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If they are doing a good job, it seems like a win-win. If they don't follow through, you get a free remodel. If they do follow through, you get the house sold. Either way, you come out ahead.
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Old 10-19-2010, 09:37 PM
 
29,981 posts, read 42,939,504 times
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Originally Posted by rossc View Post
If they are doing a good job, it seems like a win-win. If they don't follow through, you get a free remodel. If they do follow through, you get the house sold. Either way, you come out ahead.
Not necessarily. If they buyer doesn't pay the contractor and doesn't close, the estate/Seller could be stuck with mechanic liens. The buyers insurance hasn't even kicked in yet. This is highly irregular and the listing agent should not have allowed this to happen. OP needs to contact the broker and the buyer needs to stay out until the title has been recorded and Seller receives funds for closing.
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Old 10-20-2010, 06:45 AM
 
Location: Nashville, TN
957 posts, read 3,700,226 times
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Originally Posted by lifelongMOgal View Post
Not necessarily. If they buyer doesn't pay the contractor and doesn't close, the estate/Seller could be stuck with mechanic liens. The buyers insurance hasn't even kicked in yet. This is highly irregular and the listing agent should not have allowed this to happen. OP needs to contact the broker and the buyer needs to stay out until the title has been recorded and Seller receives funds for closing.
I can see how it could go bad. I had a similar thing happen back in the 80's. Buyer wanted to put in a concrete driveway while waiting for the closing. It was supposed to be a cash deal and funds were supposed to come from a trust fund. Turns out for some reason they could not access those funds and could not get financed. They paid cash for the driveway. I got a free driveway and 2 months later the house sold for $6000 more because of it.

I agree that it's highly irregular and I guess if I couldn't afford a lawyer, I'd be making sure the contractor knew what was what. Most of the time, they get paid in stages so they don't end up getting burned tool badly.
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