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@Jackmichigan- yes our house is in Ogemaw county Michigan. It is a 3 bdrm, 2 bath w 14 acres wooded oak. I'm all for ending this right now and getting an atty., my husband on the other hand is still holding out hoping for a close by the 15th. He is planning on seeking legal recourse but with work and hardly any time everyday it is difficult that is why I am seeking advice and doing the research. In going through our copies of the paperwork I found 2 contracts. The 1st one is dated 11-7-2015 (I would upload it if I knew how) #3 on pg 1 states buyer will apply for the loan within 30 days after sellers acceptance. If buyer fails to deliver to seller evidence of loan approval before Dec. 31, 2015, seller may cancel this agreement. The 2nd contract is exactly the same as 1st is dated 1-7-2016 basically states same info. "Buyer will apply for loan within 30 days after seller acceptance. If buyer fails to deliver.....the date line is left blank, seller may cancel this agreement.
#10 STATES CLOSING DATE: Buyer and seller will close the sale within 10 days after all necessary documents are ready, but in no event no later than February 29th, 2016.
#11OCCUPANCY: Seller will give occupancy as follows: immediately after closing.
All other dated areas on contract are left blank by realtor. Was wondering if because closing date on this contract was not met does this make this contract void and also the addendum- which is titled: by new mortgage co. -
FHA Amendatory Clause & Real Estate Certification dated May 31, 2016
It is expressly agree that notwithstanding any other provisions of this contract, the purchaser shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise unless the purchaser has been given in accordance with HUD/FHA or VA requirements a written statement by the Federal housing commissioner, Dept. Of Veteran affairs or a direct endorsement lender setting forth the appraised value of the property.... basically this says the purchaser should satisfy himself with the price & condition of property are acceptable. The buyer signed the form and dated it May 10th, 2016-21 days prior to date of agreement at top of page. Further:
NOTE: The dollar amount to be inserted in the Amendatory Clause is the sale price as stated in the contract. If the borrower and seller agree to adjust the sales price in response to an appraised value that is less than the sales price, a new amendmendatory clause is not requuired. However, the loan application pkg must include the original sales contract with the same price as shown on the Amendatory clause, along with the revised or amended sales contract.
So, here's my question- since the only sales contracts we have are #1 dated 11-7-2015 ran out on Dec. 31st 2015, a new contract was issued on 1-7-2016 which ran out on Jan. 31, 2016-no other contracts were issued or signed. We have requested a copy of sales contract sent to buyers new finance "Geneva finance" and agent stated that this
"FHA/VA DISCLOSURES AMENDATORY CLAUSE/REALESTATE CERTIFICATION" is the copy of the contract. Hmmm.
to me, this is not a contract. We are thinking if this closing does go through, then they will pull out all this paperwork to be signed that we are asking for right now. My husband is calling the buyers new finance co. today to request from him a copy of the contract they are using. (I tried to use paragraphs
Do you have the lender's contact information? Call and ask for a status update. They will not tell you confidential information. But they may tell you something.
Then call your agent's managing broker or broker in charge. Demand answers.
Yes we do. Calling Geneva Financial today and telling them we want a copy of the sales contract that was sent to them by our brokers agent. She's doing a lot of sidestepping with us. Thank you for the info. to all who have contributed. We really appreciate the advice and information provided.
@Jackmichigan- yes our house is in Ogemaw county Michigan. It is a 3 bdrm, 2 bath w 14 acres wooded oak. I'm all for ending this right now and getting an atty., my husband on the other hand is still holding out hoping for a close by the 15th. He is planning on seeking legal recourse but with work and hardly any time everyday it is difficult that is why I am seeking advice and doing the research. In going through our copies of the paperwork I found 2 contracts. The 1st one is dated 11-7-2015 (I would upload it if I knew how) #3 on pg 1 states buyer will apply for the loan within 30 days after sellers acceptance. If buyer fails to deliver to seller evidence of loan approval before Dec. 31, 2015, seller may cancel this agreement. The 2nd contract is exactly the same as 1st is dated 1-7-2016 basically states same info. "Buyer will apply for loan within 30 days after seller acceptance. If buyer fails to deliver.....the date line is left blank, seller may cancel this agreement.
#10 STATES CLOSING DATE: Buyer and seller will close the sale within 10 days after all necessary documents are ready, but in no event no later than February 29th, 2016.
Stop farting around with this and GET A LAWYER. NOW. You're going to need him when you tell the alleged buyer a) the contract has expired and you will not be pursuing this matter further, b) the stuff in your house is on the curb in 24 hours unless they pick it up, and c) when you report your agent to the state real estate commission to have their licenses revoked. (And honestly, I am dumbstruck at the clause that says the "buyer will apply for a loan within 30 days of seller's acceptance" - that's about 27 days too long. The buyer should be in the mortgage lender's office within 24-72 hours after the contract is accepted. Why should you and your husband sit around waiting for a closing while your buyers are lollygagging on getting financing?)
I am not a lawyer, but I am a real estate agent, and I am sitting here shaking my head in disgust at this entire fiasco. From you've told us, you are at least 3 months past any performance deadlines. The contract appears to be dead. So basically, you are being nice and storing their stuff for free (while YOU incur storage charges -- how crazy is that?!) and you have lost six months of prime marketing time when you could have sold this house twice. Not to mention that it appears that your agent was working against your best interests in allowing the alleged buyers access to the home against your instructions.
Your husband needs to stop with the magical thinking and starting taking steps to get your house back!
Well- now we are getting an attorney! The "addendum" sent was not what we asked for, she said it "is the contract" she lied. My husband called Aaron Von Trojan of Geneva financial in Tempe, Az. this morning and told him to email him a copy of the sales contract that was sent to him by our agent. I just printed it off. OMG!! It is the same sales contract from 1-7-2016! The 1 has been turned into a 4 in the date at top of page, the sale price has been changed from $135,000 to $140,000,
Page 2- #10 the CLOSING DATE has been changed from Jan. 31,2016 to May. 31 2016 (written over),
Page 3-#22ARBITRATION-Any claim or demand of seller or buyer arising out of this agreement but not limited to any dispute over the disposition of any earnest money deposits or arising out of related to the physical condition of any property covered by this Agreement, included without limitations, claims of fraud, misirepresentation, warranty and negligence, shall be settled in accordance with the rules then in effect, adopted by the endorsed provider of arbitration services for the Michigan Association of Realtors. This is a voluntary agreement between buyer and seller. Failure to agree to arbitrate does not affect the validity of this agreement. A judgement of any circuit court shall be rendered on the aware or determination made pursuant to this agreement. This agreement is specifically made subject to and incorporates the provisions of Michigan law governing arbitration, MCL 600.5001, as amended, and the applicable court rules, MCR3.602, as amended. This agreement is enforceable as to all parties and brokers/agents who have agreed to arbitrate as acknowledged by their signatures below. The terms of this provision shall survive the closing. Initial below agreement to arbitrate:
SELLER______ BUYER______ LISTING BROKER_______ SELLING BROKER_______
#23 FAX The parties agree that this offer, any counter offer, acceptance, or notices pertaining to this agreement may be deliverable by facsimile.
#24 COUNTERPARTS This agreement may be signed in any number of counterparts with the same effect as if the signature of each counterpart were on the same instrument.
#25 HEIRS AND SUCCESSORS. This agreement binds the Seller, Sellers personal representatives and heirs, and anyone succeeding to Sellers interest in the property. BUYER SHALL NOT ASSIGN THIS WITHOUT SELLERS WRITTEN PERMISSION.
#26 OTHER CONDITIONS. Approval of a bank loan.
Deposit check for five hundred with acceptance of offer. Seller to pay $5000 toward closing cost.
The original contract dated 1-7-2016 states on line #26-Approval of a bank loan. Deposit five hundred with acceptance of offer.
So- the broker/agent copied the original contract, changed the date of the sales contract,
Changed the closing dateby writing over Jan with May, initialed my husband's initials on line#22
Arbitration (where it talks about fraud & misrepresentation), changed #26, and changed the date my husband signed the original contract from 1-7-2016 to 4-9-2016.
Wow! UNBELIEVABLE!! SO, I'm off t make some phone calls to find a trustworthy attorney around the Saginaw area. Will update as we make progress. Thank you all for your help!
Well- now we are getting an attorney! The "addendum" sent was not what we asked for, she said it "is the contract" she lied. My husband called Aaron Von Trojan of Geneva financial in Tempe, Az. this morning and told him to email him a copy of the sales contract that was sent to him by our agent. I just printed it off. OMG!! It is the same sales contract from 1-7-2016! The 1 has been turned into a 4 in the date at top of page, the sale price has been changed from $135,000 to $140,000,
Page 2- #10 the CLOSING DATE has been changed from Jan. 31,2016 to May. 31 2016 (written over),
. . .
So- the broker/agent copied the original contract, changed the date of the sales contract,
Changed the closing dateby writing over Jan with May, initialed my husband's initials on line#22
Arbitration (where it talks about fraud & misrepresentation), changed #26, and changed the date my husband signed the original contract from 1-7-2016 to 4-9-2016.
Wow! UNBELIEVABLE!! SO, I'm off t make some phone calls to find a trustworthy attorney around the Saginaw area. Will update as we make progress. Thank you all for your help!
Wow . . . this is starting to get into lawsuit territory. Arbitrarily changing contracts? Upping the sales price?!
Good luck -- let us know when the trial is so we can bring popcorn, this is going to be interesting . . . !
A very basic element of contract law is that all parties who are on the title need to sign the purchase agreement. Did that happen?
It really sounds like the agent messed up in so many ways. If you do follow through and report this to the state, it may very well end up in one of our future continuing education courses--as an example of the disciplinary actions taken by the state against wrongdoings by agents. It should make for interesting reading.
Wow! UNBELIEVABLE!! SO, I'm off t make some phone calls to find a trustworthy attorney around the Saginaw area. Will update as we make progress. Thank you all for your help!
It's going to take some time, but you should write down a step-by-step timeline of the events surrounding your situation (with supporting documents) so you can give that to the attorney. That will enable the attorney to get a better understanding of all that has transpired.
It is the same sales contract from 1-7-2016! The 1 has been turned into a 4 in the date at top of page, the sale price has been changed from $135,000 to $140,000
Please tell me there magically is an initial (from your husband) next to the change of a 1 to a 4 (that he never personally initialed)..
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