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Purchasing a home and bank underwriter had not finished with my file to close, this is on a 30 day contract to close time line. They, the bank also tried multiple times to do final inspection which was needed inorder for them to complete loan and realtor was uncooperative in turning on utilities. He would not answer phone or have utilities turned on. So we submitted a 7 day extension which was denied and seller requested a ccancellation. Is there anything that can be done and can they keep my earnest money.
Purchasing a home and bank underwriter had not finished with my file to close, this is on a 30 day contract to close time line. They, the bank also tried multiple times to do final inspection which was needed inorder for them to complete loan and realtor was uncooperative in turning on utilities. He would not answer phone or have utilities turned on. So we submitted a 7 day extension which was denied and seller requested a ccancellation. Is there anything that can be done and can they keep my earnest money.
Everything depends upon the terms of your contract. Hopefully you had a financing contingency.
I dont know if the seller knows this. Its a small real estate company that owns the home and i cant find a number or even a website or email address to attempt to speak with anyone.
Yes i do have a financing contingency, and loan was approved and sent to title company the following thursday. My realtor thinks that they have a higher offer lined up. If its not that, i dont understand the refusal, this home has been on the market since nov, i offered asking price and didn't ask for any repairs.
Purchasing a home and bank underwriter had not finished with my file to close, this is on a 30 day contract to close time line. They, the bank also tried multiple times to do final inspection which was needed inorder for them to complete loan and realtor was uncooperative in turning on utilities. He would not answer phone or have utilities turned on. So we submitted a 7 day extension which was denied and seller requested a ccancellation. Is there anything that can be done and can they keep my earnest money.
Call an attorney immediately and talk to your agent if you have one. In some states (Georgia being one of them), there is a one-time 7-day closing extension that can be invoked for situations such as these. If not, you may be able to sue for nonperformance (i.e., not allowing inspections, etc.) -- which will tie it up so no one else can buy it while you're working it out.
Does the seller have a more attractive back-up offer in hand? That can add to the seller's unwillingness to negotiate on this. It's a fairly common request, and for most sellers, the option is to go another week, or go back to marketing the house and maybe not closing for yet another month or two.
It sounds like the seller wants out of the sale. Is trying to run out the contract period and wants out on day scheduled for closing. May or may not think it will give them the deposit. It is usually a sign that there is another contract at a higher price. So it is time for you to play hardball in return.
Immediately notify the Realtor that is not answering phone etc., you are going to do 2 things.
1: File a formal complaint to the state licensing bureau over Real Estate agents/brokers at the end of 24 hours as you are want to close on the property. It is a serious charge and could cost them their license (both the broker and the agent if the agent does not own the agency).
2: Notify them that you are going to file a copy of the contract at the courthouse and are going to enforce you rights to buy the property through the court, and will do so before the contract close period expires. Doing so can tie up the property so no one else can close on it for a year in most states. A vacant home that they are pulling this on, means if you tie up the property for a year, that the owner has to keep making payments, etc. while waiting for you to sue them to enforce the contract.
3: If the office call themselves Realtors, that means they are members of both the state and national Association of Realtors. Notify them you are filing a formal complaint against both the agent and the office broker, of what they are doing to undermine your buying the property. This is a serious charge, and can cost them the right to be Realtors now and in the future.
Send a copy of your demand to 3 persons, the agent, the broker of the office and the seller by certified mail with receipt of delivery. If there was an escrow company attorney or other person that was to do the actual closing, also send them a copy. Do it immediately. By Tuesday
Yes I have done this type of thing, when a listing agent and/or seller pulls things like this. It has always worked to my favor. If they don't suddenly cooperate, file the contract. I have done it in more than my home state.
A broker pulled this when my son in another part of the country, when he realized that the property was worth about 30% more than the contract price which was the asking price, behind the owners back. The broker realized he could buy the property, and sell it at a big profit. When that letter hit everyone the owner went ballistic against the listing office, and the sale closed. He was doing what is happening in your case, and trying to mess up the financing (he had screwed it real good). The sale closed, with no more trouble. And any extension to the contract to close when the agency is trying to keep the financing will be there.
My son had called me for my advice, just as you are looking for help.
This is playing hard ball in the world of real estate brokerage. I know as I spent many years as a commercial/investment real estate broker, doing business in several states over the years. A tactic that I learned at a University real estate class for brokers/agents taught by one of the sharpest real estate attorneys in the U.S. Good Luck on teaching the listing agent/broker a lesson, and getting your sale closed.
I dont know if the seller knows this. [Does the seller know his realtor was uncooperative?] Its a small real estate company that owns the home and i cant find a number or even a website or email address to attempt to speak with anyone.
Well this gets either mysteriouser and mysteriouser or clearer and clearer depending on how you look at it.
First, now the small real estate company owns the home. (So they would then be the seller.) BUT you don't know if that seller(owner) knows the games the real estate company (owner) is playing.
Can you clear this up?
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