 Posted 10/27/2006 4:29:49 PM
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| Have you or the buyer cancelled the contract? Why?
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Posted 1/12/2007 11:59:30 AM
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I had a contract in 6 weeks that fell through when they could not sell their home and another within 4 weeks and closed.
After the 1st contract fell through I raised the list price 8k. The next offer was for my original asking price!
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Posted 4/25/2007 12:59:39 PM
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| can anyone tell me what rights I have if I signed a purchase agreement on March 8, 2007 to sell my home and it stillhas not gone through. It was supposed to close on April 16, 2007. The mortgage broker for the buyer told me last Friday that the loan was ok'd and that he ordered the docs and it will take 24 to 48 hours to get them. that was on the 20th and now it is the 25th and still nothing. He told me this morning that the loan company wants more proof of employment now. Do I have a right to cancel this contract and if so, do I have to pay all the escrow costs, since it has already been in escrow for a month and a half now. title work is all done, HOA papers have all been turned in everything. Any information will be greatly appreciated. Thank You, Millie
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Posted 4/26/2007 12:55:36 PM
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Hi Millie:
Unfortunately, lenders play lots of games these days. Remember, the mortgage broker is just that - a broker between the borrower and the lender. He may, indeed, have received an OK from the lender. But, when it came time to fund, someone at the lender's office may have discovered that the loan wouldn't quite meet underwriting standards (perhaps a new credit report revealed something amiss or maybe papers were missing) and asked for more info. I hate to say it, but I think these sorts of delays happen more often than not. Hopefully, your buyer will be able to provide adequate confirmation and the deal will move forward.
Check with the mortgage broker and/or the buyer to find out what's going on. If it's just a technical snafu, it's probably worth waiting a little longer. If, on the other hand, the whole financing has collapsed, it may be time to think about putting the home back on the market.
Best,
Bob Irwin
Author, "For Sale by Owner Kit"
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Posted 5/4/2007 1:15:29 PM
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Are you perhaps in the State of Florida? Similar circumstances with our home. The deal finally fell through because the buyer compromised their credit score and the appraisal was never done. If you are in Florida, especially Cape Coral please respond.
Thanks
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