 |
|
My house recently went into escrow that was
supposed to last 60 days. One week before closing we were notified by
the real estate agent that the house did not appraise for the amount
agreed upon in the sales contract. The buyers are refusing to obtain
another mortgage company or another appraisal at my cost. Do they
forfeit their 2500.00 that is in escrow to me, or is it a technicality
and they get their money back? |
|
|
|
. |
|
First, look at your purchase contract. Most
Realtors put deadlines in the contract during which certain things
must occur, such as appraisal or loan approval. Review the contract to
see if they lived up to those types of terms in the contract. Second,
press to find out why it took 55 days to get an appraisal. This just
seems wrong. Request the name and phone number of the appraiser so
your agent can make inquiries.
You’re probably not being given the true reason for
cancellation.
Escrow normally cannot release the deposit money
without the permission of both sides. Continue to press until you feel
you are being given the real reasons for not closing the transaction.
Keep in mind that if you are asking for legal
advice, that can only be obtained from a lawyer. |
|
. |
|
|
|
We were set to close and the seller now wants to
set up new closing date. Can i get them to come down off the price of
the house and anything else you think that would help me? |
|
|
|
. |
|
The seller may have had legitimate reasons or
perhaps not. You can attempt to renegotiate the price if you choose
to, and this can be looked at several ways. Once you make your offer
to purchase the house at a lower price, this can be looked at as a new
offer, which can nullify your original offer.
Most likely, you are going to just have to decide whether you like
the house enough to go ahead with the purchase.
|
|
. |
|
|
|
The seller is unable to find a replacement property
by the time the sixty day escrow closes. They have requested an
extension of thirty days. If we do not agree to that extension, will
we lose the appraisal fee, the home inspection fee, and our deposit?
|
|
|
|
. |
|
You'll probably get your deposit back, minus a
small cancellation fee. However, the appraisal and home inspection
have been done and those guys don't work for free, so that money is
gone. Since both the appraisal and home inspection were done for that
specific property, if you choose not to extend and buy a different
property you will have to pay those fees again.
Suggestion:
Do you want to extend and wait around another
thirty days and find the seller still has not purchased something?
Remember in your purchase contract that you had time conditions placed
upon you. For example, it may have been two days to apply for a loan,
seven days to review the disclosures, fourteen days to get a home
inspection, and so on.
If you agree to a contract extension, put
conditions on it. Give them a certain number of days to find a home
and make an offer.. If they do not, then get them to pay the escrow
cancellation fees and compensate you for appraisal, home inspection,
etc. |
|
. |
|
|
|
One hour before closing i signed an addendum to
remove tires from the property. There were about 6 to 8tires that i
had removed. Mysteriously, about 30 tires have appeared on the
property. Am i responsible for their removal? I have witnesses that
can state they were not on the property on settlement day. |
|
|
|
. |
|
It just goes to show you how crazy real estate can
be, doesn't it?
Most real estate contracts detail exactly when you
are to turn over possession of the property to the seller. Turning
over possession usually occurs sometime after the transaction actually
closes. Often this is three days after closing. If the tires showed up
before the transfer of the property (as stated in the contract), you
should probably remove the tires.
|
|
. |
|
|
|
. |
|
. |
|
Back to Real Estate Questions |
