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We have a funny little hiccup on the road to our closing. Hopefully it will turn out to be nothing but thought I'd bounce it off you guys.
We had the inspection, and there were a few fairly big ticket items that needed repair. We knew this would happen before we agreed to buy the house, and the sellers had told us they would give us a discount towards things like repairs to the roof and replacement of a few things such as broken ceiling fans. We had the inspection, decided to ask for repairs on about half the items, and then the realtor had a contractor come in to give us an estimate. It came to $4525, we asked for $4000 (we didn't ask for HVAC repairs since we're going to replace the unit anyway.)
The inspection sign off was sent to the sellers, and I believe he also sent them the report and photos to show that we weren't even asking for all the things found in the inspection. We had a verbal agreement that day, and our realtor told us to expect the form to be returned later that day with their signatures. It seemed like everything was going smoothly.
But then......
The next day our realtor told us the husband had signed but the wife was severely ill and they needed to wait for a power of attorney to be granted. He thought it would probably be signed by the next day.
A few days later, our realtor informed us that everything was ok even though we still didn't have the wife's signature, "I have the husband's signature, so I'm not worried."
A week has now passed, and there is still no signature from the wife. I'm not sure what this means. Is one signature enough? Is this a common thing that happens or a red flag that something (or someone) is going to make the deal fall apart? To be honest, although I like this house and want to buy it, this turn of events is leaving a bit of a sour taste with us, and makes us wonder what else might go wrong with this. I'm the sort of person who thinks that if you start running into a lot of bumps along the way, something isn't meant to be. As time is passing, we are starting to think that if they are no longer willing to contribute towards repairs we'd rather look elsewhere.
I don't want to be a PITA with our realtor, but I'm wondering if it's time to get more answers (if he has any to give). Despite his statement of "I'm not worried" we wonder if it's time to become concerned. We had actually arranged for a roofer and an electrician to meet us at the house after closing so we could get the repairs done right away. I'm considering asking him if we should cancel that, and if this deal is going to fall through. Or does that sound like my imagination is over-running? I know closings can sometimes make people nuts (even though they think they are perfectly sane, LOL), so would I be smarter to just chill for at least another week?
Closing is July 7, so even though it seems like "just around the corner" to me, we still have plenty of time. Thoughts?
Last edited by Piney Creek; 06-12-2017 at 07:38 AM..
Always a safe answer and probably a good idea if the house was worth fighting for. But if we're really at the point that attorneys need to be brought in, the house isn't worth it to us. As I said before, if it's not meant to be I am ok with walking away and starting over. Having said that, I'm not convinced we're at the point where we need an attorney. I want to believe that all that's needed is a little patience on our part.
Last edited by Piney Creek; 06-12-2017 at 07:38 AM..
We have a funny little hiccup on the road to our closing. Hopefully it will turn out to be nothing but thought I'd bounce it off you guys.
We had the inspection, and there were a few fairly big ticket items that needed repair. We knew this would happen before we agreed to buy the house, and the sellers had told us they would give us a discount towards things like repairs to the roof and replacement of a few things such as broken ceiling fans. We had the inspection, decided to ask for repairs on about half the items, and then the realtor had a contractor come in to give us an estimate. It came to $4525, we asked for $4000 (we didn't ask for HVAC repairs since we're going to replace the unit anyway.)
The inspection sign off was sent to the sellers, and I believe he also sent them the report and photos to show that we weren't even asking for all the things found in the inspection. We had a verbal agreement that day, and our realtor told us to expect the form to be returned later that day with their signatures. It seemed like everything was going smoothly.
But then......
The next day our realtor told us the husband had signed but the wife was severely ill and they needed to wait for a power of attorney to be granted. He thought it would probably be signed by the next day.
A few days later, our realtor informed us that everything was ok because we still didn't have the wife's signature, "I have the husband's signature, so I'm not worried."
A week has now passed, and there is still no signature from the wife. I'm not sure what this means. Is one signature enough? Is this a common thing that happens or a red flag that something (or someone) is going to make the deal fall apart? To be honest, although I like this house and want to buy it, this turn of events is leaving a bit of a sour taste with us, and makes us wonder what else might go wrong with this. I'm the sort of person who thinks that if you start running into a lot of bumps along the way, something isn't meant to be. As time is passing, we are starting to think that if they are no longer willing to contribute towards repairs we'd rather look elsewhere.
I don't want to be a PITA with our realtor, but I'm wondering if it's time to get more answers (if he has any to give). Despite his statement of "I'm not worried" we wonder if it's time to become concerned. We had actually arranged for a roofer and an electrician to meet us at the house after closing so we could get the repairs done right away. I'm considering asking him if we should cancel that, and if this deal is going to fall through. Or does that sound like my imagination is over-running? I know closings can sometimes make people nuts (even though they think they are perfectly sane, LOL), so would I be smarter to just chill for at least another week?
Closing is July 7, so even though it seems like "just around the corner" to me, we still have plenty of time. Thoughts?
Then don't worry about it. She signed the original purchase agreement, correct? If so, she most likely wants to sell and will follow through with the repair request. Relax. Either way it turns out it sounds like you'll be fine.
Then don't worry about it. She signed the original purchase agreement, correct? If so, she most likely wants to sell and will follow through with the repair request. Relax. Either way it turns out it sounds like you'll be fine.
Yes, she did signed the original agreement. Hoping you're right (and I'll bet you are). Boy closings can make people feel a little nuts sometimes. I'll be glad when it's over.
Yes, she did signed the original agreement. Hoping you're right (and I'll bet you are). Boy closings can make people feel a little nuts sometimes. I'll be glad when it's over.
Different states might have different laws on this. In Idaho, for example, one buyer can sign and it is a binding contract for all buyers. But it takes signatures from all sellers on the deed to have a valid contract to sell. I think it is because it is easier for a buyer to get out of a contract than it is for a seller.
But I agree with jack. It sounds like you have a valid contract. You are just missing the wife's signature on the addendum. I would agree with your Realtor. Probably not that big of a deal, and will likely not affect anything. I wouldn't lose too much sleep over it. We sometimes have addendums get signed at the closing table, just so that all signatures are accounted for for a clean file.
HOWEVER, that being said, from what you said, it sounds like you might just be working with the seller's agent, and not have representation of your own. If that is the case, then they have no obligation to look after your interests. If the seller is having second thoughts, they might be holding back that 2nd signature on purpose. I doubt it, but it is a possibility. You should go to the agent and tell them your concerns and that you really need to have a accepted addendum.
Different states might have different laws on this. In Idaho, for example, one buyer can sign and it is a binding contract for all buyers. But it takes signatures from all sellers on the deed to have a valid contract to sell. I think it is because it is easier for a buyer to get out of a contract than it is for a seller.
But I agree with jack. It sounds like you have a valid contract. You are just missing the wife's signature on the addendum. I would agree with your Realtor. Probably not that big of a deal, and will likely not affect anything. I wouldn't lose too much sleep over it. We sometimes have addendums get signed at the closing table, just so that all signatures are accounted for for a clean file.
HOWEVER, that being said, from what you said, it sounds like you might just be working with the seller's agent, and not have representation of your own. If that is the case, then they have no obligation to look after your interests. If the seller is having second thoughts, they might be holding back that 2nd signature on purpose. I doubt it, but it is a possibility. You should go to the agent and tell them your concerns and that you really need to have a accepted addendum.
Check your state statutes. That would be the deciding factor in anything. Do not take your realtor's word for it unless he/she is RE attorney. Things like this can come back and bite you later. I worked in RE law during the boom and crash of the 2000s. Everyone was skirting rules during the boom. After the crash the litigation attorneys were the ones with all the business, in a big way. Getting a POA is not a big deal, an attorney can draw one up in an hour for the spouse.
Is the wife dying? That is a special circumstance, for sure. It sounds like that power of attorney is needed for all her affairs, and that is what is holding things up. Someone, agent or owner, should be able to keep you up to date on that.
Is the wife dying? That is a special circumstance, for sure. It sounds like that power of attorney is needed for all her affairs, and that is what is holding things up. Someone, agent or owner, should be able to keep you up to date on that.
You probably have a legal contract. However, suppose this is the case and the wife dies. The property is likely titled "and," rather than "or" - which, unless the wife has a POA, could complicate or delay your closing. It's best to get this issue resolved now, rather than at the closing.
Tell the agent/owner that you want a legally binding resolution or legal assurance this will not present a closing problem ... or you will walk. As difficult as the situation may be, the ball is in the seller's court.
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