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Old 06-03-2008, 02:23 PM
 
Location: Montana
2,203 posts, read 6,177,571 times
Reputation: 1033

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Just curious, Capt Bill - what does the listing agent say? And what does your buyer say?

I applaud you for trying to get your bases covered, but there are other people involved in this deal that need to step up to the plate, too. Just because this is a short sale, it doesn't relieve the listing agent of his responsibility. The listing agreement would have been signed by his sellers, regardless of the bank's involvement in the process. I would think that the listing agent bears a large responsibility in seeing to it that his clients live up to the contract as signed by them.

As far as your buyers - are they "okay" with closing on a house that may require a forcible detainer and possible legal fees in order for them to take possession?

I would definitely tread lightly - you don't want to be the guy left holding the bag and having to pay legal costs for unhappy buyers.
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Old 06-03-2008, 02:50 PM
 
Location: Salem, OR
10,995 posts, read 18,889,531 times
Reputation: 6945
Maybe since you have done all of this great research, you could pass it on to the listing agent. I mean if you have a feeling they aren't going to move, the listing agent may have that same feeling. Then the listing agent can share the information with the owner. Sometimes when people hear the laws they are breaking and the consequences, they move on. It's only going to buy them 1-2 weeks it sounds like.

What happens to their possessions with the detainer? Does the buyer get the keep them and sell them or is it more like a landlord tenant issue? Oregon has specific rules about how long landlords have to hold tenants possessions before they can sell them.

Oregon has a law that during a real estate transaction, sellers or buyers can rent the home for up to 90 days before tenant laws kick in. So I have no idea how this would work in this situation. This is a fascinating situation (okay not for you, but what a great learning experience for me).
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Old 06-04-2008, 07:40 AM
 
Location: Gilbert - Val Vista Lakes
6,066 posts, read 8,462,088 times
Reputation: 3678
Gretchen, the listing agent has done a great job working with the seller. And he has worked closely with me. However, the closing was originally scheduled for last week, but got extended, and the listing agent had a planned vacation out of the country. So he had to leave on Sunday. He's available by email and will get involved if needed. At this point I dont' feel the need to disturb his vacation.

The buyer agreed with the advice that he should not agree to post possession because of the legal ramifications. He is willing to go the attorney route if necessary.

The buyers want the house very badly. It is in the community that they want and it exactly fits their needs. They are also very nice and patient people.

I've spoken with the seller and he is moving out, but I think it is possible that they may not have everything out by COE, (deed recording, in AZ)which will most likely be this afternoon. The buyers don't plan to move into the home for a couple weeks, after doing some basic remodelling.

I'll visit the seller this morning to see if he needs any help, and offer him my cargo van if he needs it. After the buyer signs docs this morning I'll go back to the seller to offer some light assistance. We all live in the same community so I want this to end up as a win/win situation.

If things are not all out prior to the deed recording, then my buyer is just going to hang back. He's not going to give permission for the time the seller is still moving out, but since there is really nothing he can do at this point, he'll stay uninvolved. I'll be there with the seller assisting. That will keep things moving along, and hopefully everything will be done today.

If it looks like everything may not be out today then I may discuss with the seller that we need to give him a demand letter to vacate, as a formality to cover the legal bases.

I didn't find the laws on abandoned property. I need to look them up because I'll be doing some REO's soon and that will come into play. However, I believe one has to take photos and document everything. It may have to be moved to a storage facility and kept for a certain amount of time before disposing of them.

However, they're not going to leave anything there. I'll be letting them know that they need to leave the place broom clean, and the listing agent has let them know that also.

I think everything will be ok.

But we have a usual last minute glitch. The lender sent the docs late yesterday and said funding would be on the 9th. COE is today, the 4th. So the escrow officer had to work into the evening to get everything ready for signing this morning; and this morning has to get with the lender early to get the funding changed, and that could require new docs. We're in AZ and the lender is in GA. It is not wise to work with an out of state lender, and my buyer has now learned why I advised him to use a local lender.
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Old 06-04-2008, 11:46 AM
 
Location: Montana
2,203 posts, read 6,177,571 times
Reputation: 1033
Hey Bill - it sounds like you've got everything under control. It's good to hear that the seller intends to be out of there . . . just maybe not as quickly as he should. This seems to happen quite frequently as people from other states sometimes have 3 days after COE to move out or at least til midnight the day of closing.

It's good your buyers are patient and aren't planning on moving in immediately. I actually had one deal where we closed at 10 a.m., and the buyers had scheduled delivery of their stuff at 3 p.m. (had people lined up to unload, etc - I had advised them earlier not to push the move so close to COE). Anyway, we actually had both trucks at the house - with the sellers moving out the side door and the buyers literally moving in the front!

I totally agree with you on the out-of-state lender thing. Sometimes even using a big lender with the loan processing done out of state can present a problem. I really like everything done locally. It prevents so many headaches - plus if issues do arise you've got somebody locally that has much more at stake to get things taken care of quickly.

The best to you on your closing today (or later this week)! Actually now that I think of it, maybe having to close a day or two late due to the loan funding might give the sellers the extra day or two they need to vacate the premises.
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Old 06-05-2008, 11:01 AM
 
Location: Gilbert - Val Vista Lakes
6,066 posts, read 8,462,088 times
Reputation: 3678
We were able to get the bank to extend to the 9th (or sooner). We could get funding tomorrow. Since the agent isn't in town I offered the seller assistance, but he had plenty of friends helping. The agent knows I'm just trying to help expidite things, and am not interferring with his client relationship. They had most everything out, and expect to be completed today.

So everything is working out well.
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Old 06-05-2008, 11:17 AM
 
Location: Cary, NC
19,701 posts, read 31,496,365 times
Reputation: 16799
Quote:
Originally Posted by Captain Bill View Post
We were able to get the bank to extend to the 9th (or sooner). We could get funding tomorrow. Since the agent isn't in town I offered the seller assistance, but he had plenty of friends helping. The agent knows I'm just trying to help expidite things, and am not interferring with his client relationship. They had most everything out, and expect to be completed today.

So everything is working out well.
Good news report indeed.
Great!
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Old 06-05-2008, 01:27 PM
Status: "It's 5 o'clock somewhere." (set 23 days ago)
 
Location: Mountain Ranch, CA The heart of Calaveras County
6,175 posts, read 11,595,668 times
Reputation: 4950
Just another example of how a real estate professional acts behind the scenes in the best interest of their clients and earns their money.

Good job CB
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Old 06-07-2008, 07:29 PM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,148 posts, read 8,316,400 times
Reputation: 5967
There's always the option where the buyer waits outside the house holding a 2X4....

Then again, I'm a little crazy.
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Old 06-18-2008, 09:09 PM
 
Location: Gilbert - Val Vista Lakes
6,066 posts, read 8,462,088 times
Reputation: 3678
Escrow finally closed on the 9th.

That morning I called the seller (listing agent was out of town) to tell him I needed the key as soon as the deed was recorded later in the day. (official closing in AZ is the recording of the deed). The key was not in the lock box.

He said he still was moving stuff out and would try to get finished today. I asked for a time commitment. I told him that I needed to have the key today because there was no post-occupancy agreement, and that had potential legal and insurance ramifications. He gave me a time of 5pm.

I told my buyers to hang back and let me call them when I got the key.

I decided to go to the home at 4pm. He was still moving the garage area and I saw that he would not finish because he had no help. So I asked if I could help and he said yes. We loaded one trailer and he went to unload it at his new place.

I called my buyer and told them what we were doing. They decided to come over and offer their help.

The listing agent called to check in. He had just returned from his vacation. I updated him and he said he would come over and help.

So all of us pitched in and helped to load the next trailer, and the house was finally empty at 7pm.

The seller was able to exit gracefully with everyone pitching in to help, and the buyers were happy that they were able to begin work getting the house ready to move in.

Sometimes one has to go above and beyond in order to make things happen. It was a very difficult closing, but it worked out well.
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Old 06-18-2008, 09:11 PM
 
Location: Nine Mile Falls/Spokane, WA
864 posts, read 2,995,129 times
Reputation: 503
A happy ending when all pitched in for a common goal. Good job Captain Bill!
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