Hi All,
I found a house for my residence. I put in an offer accepted by the sellers. Last Sunday, I signed the contract. We were supposed to have the home inspection this morning at 9. We did not because both of the sellers still have not signed the contract.
I learned Tuesday or so that the house is going to foreclosure. Naturally, I asked why I can’t just buy the house from the bank. I got a lavish explanation about the foreclosure process. I asked again today, after learning that only 1 of the sellers had signed the contract, and I was told by my agent that “it’s too late.” [huh?!] Then she goes on about how I’m going to be these ppl’s hero yadda yadda.
I don’t need to be a hero. If it doesn’t work out, then it doesn’t, and don’t screw me.
I’m getting bits of run around… now the seller is pregnant and going to have a baby this month. [where, exactly? } she’s on bed rest… yadda yadda. there’s more drama here than Days of our Lives.
Is it just circumstancial drama, or should I run far, far away?
if it hasn’t been foreclosed, the seller still owns it and can sell it. The bank would probably be happy to hold off a few weeks to avoid taking it back. that wouldn’t worry me unless action is imminent.
however, it could be real drama. I’m seeing:
mom’s on bed rest and they don’t move out
realtor is running you around to get the price (and commission) up
if they haven’t executed, then you don’t have a contract. Let them know you are serious; no more excuses, give them a deadline. then write a letter voiding the contract (put in as much info on the deal as you can), go to their office. If they cannot produce a fully executed contract, hand deliver it and get a receipt with date and time. Walk away. No discussion, no argument.
This is business. They need to either take care of business or move on.
you’re right…you don’t need to be a hero.
You can go to the County and get the Notice of Default that the bank filed with the County. Either online or in person. Then you will know when the home is going to be auctioned off.
With that knowledge you will now have a time frame to work in.
Most likely the Realtor is an idiot and has no concept on how to handle the transaction.
You could buy from the Bank but there is to many chances that someone may beat you to the punch with the Bank. This may be a good sub2 candidate if the auction is within 10 days or so.
And yes the Realtor won’t know how to write the offer for you.
Your agent says it’s to late …Does he already know the auction date? Get informed, contact the county for the foreclosure filing then you can tell your realtor if it is to late or not. If the auction is around 30 days out tell your realtor to open escrow. No don’t ask…tell him to open it because you will want a title search done asap. Because you want to proceed.
And Mcwagner is right the Bank will wait if you are a qualified Buyer.
Get informed and start telling your Team members how you expect it to be done, Darin
GOD WNZ,
If the sellers have not signed the purchase offer, there is no contract, and no escrow to open. The best realnew can do at this point is give the real estate agent written instructions to withdraw the offer if it is not accepted by whatever deadline he wants to establish.
realnew,
From the circumstances you gave us, I am guessing that these property owners are in denial, maybe believing that the lender would never evict a pregnant woman. The real estate agent is no help here, either. You need to meet with the broker in charge (face to face) and ask him/her to give your agent whatever assistance s/he can to get the deal moving forward if it can still be salvaged. The broker in charge can more easily enlist the listing broker’s assistance, too.
You can’t deal with the bank yet, because the bank does not own the property. Maybe they will after the foreclosure sale, but for now, you have to deal directly with the homeowners in default. If the foreclosure sale is scheduled to occur soon, you will need a ratified contract in hand to get the lender to stop or postpone the foreclosure. This is something the real estate agent may not know how to do either. Another reason to get the broker in charge helping you out.
realnew,
It sounds like your agent is either very new and has no experience or has better deals to work on or is lazy. Get a new agent asap.
The property is not lost yet. Although if foreclosure procedure is started time is your enemy. mcwagner is right, set a deadline for the contract to be executed. Take the letter to the agents broker so that person will know what is going on and take care of the agent. Hopefully, this agent will learn a lesson.
One more thing to do yourself. Check the purchase contracts you use. There should be a clause there that states the contract must be executed by all parties by a certain date or the contract is void. Ask your attorney for the exact wording.
Good Luck
tsimpson
Is the RE agent that you’re dealing with also the listing agent? If not, is the house listed within the same company as your agent works?
If not, then it’s very doubtful that your agent has any more information on what’s actually happening as you do. The listing agent works for the seller only. There may be a problem with the seller or there may be a problem with the listing agent getting the contract signed.
You definitely need to set a deadline up for the contract or void it, but I’ll reserve my judgement on what you’re agent is doing until I get more info.
BTW, you DID sign a buyer’s agent agreement with your agent, didn’t you?
Raj
[quote author=Dave T link=topic=27674.msg129174#msg129174 date=1178517100]
GOD WNZ,
If the sellers have not signed the purchase offer, there is no contract, and no escrow to open.
Good Morning Dave T,
True and false , In this case I believe one seller on Title has signed the contract. This is enough to open escrow and have Title co call bank and delay auction. This could give the buyer more time ,if needed to work on the transaction and not let it slip away due to possible unknoweledgable Realtor. It would be enough to effectively tie the property up.
For me I would hand deliver to Title and explain the needed phone calls to bank and request pay off figures. There in giving Realnew option to finance as planned or with new payoff #s switch to sub2 w/addendum. Realnew could/should depending on bedside manner talk w/sellers to determine needs and hold up of sale, then try to solve needs of seller and move ahead with sale if still profitable.
Now is the time when an investor can shine for the seller when the Realtors involved may not see a standard solution. Perhaps put the seller up in a Hotel for a month and fill it w/baby diapers ,wipes etc for the seller or help them move to the Inlaws. I’ve done both and that made the deal on both of them. The realtor may not be aware of their needs and Realnew’s ability to solve the needs.
When sellers are afraid(new baby,no house) standard procedure is to do nothing, give them a solution and help execute it.
Here’s to Huggy’s and Formula ! Darin