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My opinion is that you can't get emotionally involved in the transaction. Keep it simple and look at the hurdles from afar, without emotions and ask yourself, "how can I personally help the other agent with his dilema?" Perhaps he's ignorant of what to do and you could help him with that. Perhaps there's malice there, but I hardly doubt it. Regardless, you have to keep cool and move towards a solution, you owe that to your client.
Seller can do a simultaneous closing...its done ALL the time. I get that you are inpatient...I am a perfectionist, like I's dotted, T's crossed - but most likely seller is doing a simultaneous closing and has no idea why you are worked up.
He goes in 5 minutes before you, closes on the contract for deed, and then turns around, and signs it over to you.
Your paperwork just need to be correct for what will be present at your closing. Don't worry about his...you have recourse if he defaults....its not pretty, and I would not want to risk being homeless, so you may want to take a few extra precautionary steps on your end...but legally speaking, this can be accomplished easy.
A lender will want a smoother transaction path, I think, and prior to closing.
I was told by my agent- confirmed by the other side- that all new paperwork needs to be signed. I am waiting for that paperwork x 2.5 weeks. That is the issue. They are changing the seller sonot possible to do a simultaneous deal. Tomorrow is the last day for it to close on time. My agent expected an amendment, no big deal, but for whatever reason the listing side wants all new docs. So, its a double injury on the side of the listing agent. The appraisal report is on hold pending the resolution of cured situation. So nobody expects simultaneous closing at this point.
Quote:
Originally Posted by marksmu
Seller can do a simultaneous closing...its done ALL the time. I get that you are inpatient...I am a perfectionist, like I's dotted, T's crossed - but most likely seller is doing a simultaneous closing and has no idea why you are worked up.
He goes in 5 minutes before you, closes on the contract for deed, and then turns around, and signs it over to you.
Your paperwork just need to be correct for what will be present at your closing. Don't worry about his...you have recourse if he defaults....its not pretty, and I would not want to risk being homeless, so you may want to take a few extra precautionary steps on your end...but legally speaking, this can be accomplished easy.
Last edited by Nycrefugee2015; 09-18-2018 at 02:12 PM..
Yes, you are right. As soon as I heard about it, I looked it up and quickly found the owner of record. I wasn’t aware of the process, what my guy is supposed to do or not. I think a lot of complacency occured here. Now that I think of it, no way should my side have waited this long to mobilize and do something. For 2 weeks, I kept hearing about how the other agent is a senior guy, reliable, never blew a deal.... so trust, trust, trust. I should’ve trusted my gut instead. If I ever can count on something, its my own action. I won’t ever just take someone’s word again. As the saying goes, if you want something done right, do it yourself.
Quote:
Originally Posted by 1insider
Respectfully, the buyer's agent should be confirming the owner of record on the tax site when he's getting the full legal description for the contract, no matter what the listing says. Have you looked up the tax record of the property? I am reasonably certain the real owner's name is there. Contract for deed means it stays in the original owner's name until terms of the contract for deed have been met.
"There was an unregistered contract for deed involved, with the original owner being an LLC."
With an unrecorded Contract of Sale, how does the buyers' agent confirm?
The listing side played a game, ineptly, and that has now come to light.
Our MLS listing input fields include an opportunity to check, "Seller does not yet own this property," just to accommodate an assignment of a contract, or an unrecorded contract.
That is common with Relocation listings, but also flippers and scam investors.
Seems to me, taking the OP at face value, the listing side dropped the ball and should be accountable.
It does bring the validity of the proceedings into question, IMO.
What does accountability look like, re the listing agent?
OMG- what an exhausting few days! Turns out pitching a fit served me well. Not only to my guy but to the listing agent, so when my guy said I would walk- then sue- it was believable.
So I got the new purchase agreement signed and filed with my lender in time for closing, this afternoon.
I haven’t gotten ALL the story but my agent and his broker met with the seller- AND his brother, who is also an inactive real estate agent- as well as the listing agent and broker. It seems like the new guy was trying to get more money for his brother, ostensibly. I don’t really understand. Except they never asked me. Nor did their agent say. But my agent drilled the point home enough to bring everyone to their senses. He said its one of the worst transactions he has been involved in, anomaly wise and stress wise. So, we will see if anything else presents itself as an obstacle or I can move in next weekend.
This kind of mess comes up when problems are discovered when title search is done, and the person in charge of the closing goes to work to solve the problem, often papers like you are talking about are finally all signed day of closing. As you have seen things all come together on such problems at or just before closing.
Don't blame the listing agent, because he had no control over the people getting the closing documents all available such as the documents you are talking about. These problems happen all the time, and are discovered when title searches are done, and lenders and closers find the best solution to solve the problem, which takes time to make happen.
This kind of mess comes up when problems are discovered when title search is done, and the person in charge of the closing goes to work to solve the problem, often papers like you are talking about are finally all signed day of closing. As you have seen things all come together on such problems at or just before closing.
Don't blame the listing agent, because he had no control over the people getting the closing documents all available such as the documents you are talking about. These problems happen all the time, and are discovered when title searches are done, and lenders and closers find the best solution to solve the problem, which takes time to make happen.
2 major- national- brokerage firms stated “this never should’ve happened”, “this is not how real estate works”, and “there will be consequences”. So, no, it was not your ordinary kind of complication..
I found out the real deal: the real owner’s brother is his personal realtor. Since the listing agent approached the owner, he only thought it fair that his brother get a percentage. The listing agent refused. That was the deadlock. Total BS for me to be hung up like that- and have excuses made (another word for lies) about what was really going on.
Good news: my closing date is still intact.
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