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If I really needed advice before its 10x's needed today!!!

 

I have a house under contract w/a seller. We both agreed to the closing terms and signed acknowledging that we would close on or before August 31. My lender pulled my credit June 8th and right after that West Asset placed a sprint cell phone collection on my credit report. Of course my fico scores dropped. My broker found a lender who agreed to use my credit report from 6/8 with the higher scores before the 60 day expiration date. I was approved for the loan.

 

Fast forward to today- I signed the contract 7/27 and the seller 7/28. My realtor told his realtor that we were going to have to close this friday. All of a sudden the seller says "NO". He states he's not ready to move until the 31st. After speaking to me my realtor said then we will allow the the seller the chance to move and not require him to move out by this friday(yes I know sticky situation). His reply: "I don't want to live in someone else's home". WTF!!!! Why won't this man move? What does he have to lose?

 

By the way I had an appraisal done and I think he realized that the home has a lot of equity in it. asking price well below appraisal price. His realtor has indicated that the seller's willing to allow me out of the contract. But if I do this I feel that I am liable for the inspections, surveys, etc. I don't think I would have a leg to stand on if I sign a release. But then again if he doesn't show up at the closing I'm doomed anyways. I can't force him out. I can't make him sign the papers. Do I just complete the closing process and if he doesn't show up (which more than likely is whats going to happen) what do I do then. Again I offered to allow him to remain in the home for a couple of days rent free so that he can move and he's refusing this. We tried to get the lender to extend the closing but they won't budge. Please help me out with advice. WHAT DO I DO?????? Must close this friday :good::D:rofl:

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Disclaimer - I have not bought a house and I am not a lawyer.

 

Anyways, I would go to the closing as scheduled. And then if the seeler doesn't show up, file suit for specific performance and get a judge to order them to sign the docs. And let them know if they fail to sign at the closing you will not release the escrow. From what I have read on here, they can't sell to anyone else as long as the escrow for your deal is still open but I may be wrong. Check with your RE agent on that, it may be a way to force them to complete the contract. After all, if they can't sell in your state with an open escrow, then they can't sell it to anybody else. And I'd tell my REagent to make sure their agent knows if the mortgage falls through becaus eof their delay that you will sue them not only for expenses incurred but also for punitive damages.

 

ETA: IMHO, the seller should never have been given any info on the appraisal you paid for except that it is enough for the loan to go through.

Edited by genseeker
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genseeker: thanks and I truly believe that you are right. He's stalling bcz he knows how much the appraisal came in at.

 

VA Loan Guy: my mid score dropped from 584 to 556. I was fortunate they found this lender. Now everythings about to fall apart. My loan is a 90/10.

 

Do I really have any recourse or am I going to be the loser. Can I just sign on friday and he sign on the 31st? My mind is spinning with questions. In the end I'm probably going to be the loser. I just think I can't sign the release form, bcz then I'll be responsible for the outstanding payments. OMG. Why do people put their houses up for sale if they don't want to move out? Has anyone ever heard of a judgment against someone for doing this exact same thing. If a seller can sign a contract to move before and then just change their mind, what is the purpose of signing a contract?

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As long as the seller closes on or before Aug 31st they are not in violation of the contract.

 

Has the seller always known that closing was scheduled for Aug 11th?

 

That being said, short of you finding another lender, I believe you should consult a real estate attorney to what options you have. Maybe sweeten the deal to allow him to stay until Aug 31st.

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If the contract states he has until the 31st, the nhe has until the 31st. You won't be able to demand specific performance, because he is not in violation of the contract.

 

Unfortunately, if he isn't going to the closing this Friday, then you aren't going to close.

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markmark1969, no one knew when we would close including myself. But since my report expired tuesday I don't have a choice. As for sweetening the deal, how much sweeter is FREE RENT! I have requested nothing else from him other than to allow me to close this deal and then he can move on the 31st. He is being unresonable. Why include the phase (or before) if a seller won't accept it. Then he should have requested the contract say on August 31.

 

So now that I'm finding out I have no recourse but to have this close and the check sit at the title company. This just seems like I signed a contract that could have been written on toilet paper for what its worth. I don't understand why the lender can't wrap up everything and just let it sit until the 31st. But then I guess thats why they call it closing. OK well I have to come to terms that I'm screwed. I thought it was rough trying to sell a home, but now I feel its worse trying to be the buyer.

 

All I want is him to SIGN the papers. UGH :)

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Sorry things aren't going right for you - but it's not the lenders fault at all. Until the seller signs, the closing has not happened and they don't want their money just sitting at the settlement company for weeks. Since the seller is being unreasonable, I suggest you do 2 things:

 

1. Check to see if the contract enables you to force him to the table. If the wording is "August 31st or before", then I believe you cannot do anything about that.

 

2. Get your LO to research for other banks that will fund your loan - that will be your backup.

 

Good luck!

 

800s

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Thanks 800score-How ironic if I had your score I wouldn't be in the position. The contract states: on or before 8/31/06. Once again how is this not binding if he knew there was a possibility that this loan would close early. Whats the purpose of the word "before" if not binding.

 

There has been some good advice here. I have been researching online to see what my position is bcz my realtor wants to hold up his home so that he can't accept another bid or up the price. I want to protect myself from paying all of those outstanding inspections out of pocket. Seller has agreed to let me out of contract of course, but if I sign a release it looks like I back out. Simple solution: Close, stay in home for few days while backing and then move. He would have his money and I would have my house. At this point I have to show up at closing. Just to be humiliated. Some websites say I could have a legal case to place a Lis Pendins on his property. At this point I don't know what I'm going to do. All that I knew is that at this moment and time I am truly sick to my stomach. But I truly appreciate all of the advice.

 

One day left under D-day. :lol::sorry::angry::(

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I dont know if this is legal or not but have you tried calling him yourself? Try to plead you case to him, tell him how you LOOOOOVE the houase and dont want to let it go. It is only 24hrs...please, please, please!!! Tell hime it will allow him to sign papers and then go home and finish cleaning up and move out calmly the next day, instead of having to rush.

 

Just my opinion, dont know if it will work or if you are even allowed...

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I don't know if the appraisal has anything to do with the seller's refusal to close before the 31st. He has agreed to close on the 31st, so I doesn't look like he is trying to back out.

 

 

markmark1969, no one knew when we would close including myself.

 

You gave the seller 3 days notice on closing. I personally don't blame him. I wouldn't move either, if I needed the extra time.

 

 

So now that I'm finding out I have no recourse but to have this close and the check sit at the title company. This just seems like I signed a contract that could have been written on toilet paper for what its worth.

 

Since most realtor contracts are specific and standard to an area, chances are your contract is a good one. I am sure the seller disagrees about the worthiness.

 

 

Whats the purpose of the word "before" if not binding.

 

For situations, just like yours. If it didn't say "before", then you would definately be forced to close on the 31st. Written as it is, it gives both parties leeway on the closing date if they can come to an agreement.

 

 

 

 

At this point I have to show up at closing. Just to be humiliated.

 

You don't have to show up for closing.

 

 

 

 

Disclaimer - I have not bought a house and I am not a lawyer.

 

Anyways, I would go to the closing as scheduled. And then if the seeler doesn't show up, file suit for specific performance and get a judge to order them to sign the docs. And let them know if they fail to sign at the closing you will not release the escrow. From what I have read on here, they can't sell to anyone else as long as the escrow for your deal is still open but I may be wrong. Check with your RE agent on that, it may be a way to force them to complete the contract. After all, if they can't sell in your state with an open escrow, then they can't sell it to anybody else. And I'd tell my REagent to make sure their agent knows if the mortgage falls through becaus eof their delay that you will sue them not only for expenses incurred but also for punitive damages.

 

ETA: IMHO, the seller should never have been given any info on the appraisal you paid for except that it is enough for the loan to go through.

 

 

I have bought and sold a few homes and things rarely go as expected.

 

 

Filing suit for specific performance, will lose the OP more money than she has already paid out. The seller isn't in violation of anything until the 31st.

 

The only money in escrow is the OP's. If she wants to hold that up until the 31st that is fine. However, if after the 31st the house hasn't closed, the contract will expire and they can sell.

 

Threatening the seller's agent, with something that isn't valid, is not a good idea. It only pisses off the seller and their agent. They can then make things, very difficult for a buyer that needs some leeway.

 

 

 

How did he find out what the house appraised for? I still don't think that is the issue though.

 

Where are you located?

Edited by orangecrush
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***update***

 

Yes we tried as much as possible to make this work. By the way he had more than 3 days to know we could have closed tomorrow since we sign the contract at the end of July. Thought I was the good guy by saying "hey you can live in my house rent free until you move".

 

Seller spoke to an attorney (or so he says he did) and was told that he has the right to stay in home up to the 30th. He said he doesn't have to close until Aug.31 (just like most have said here on CB.

 

My broker told lender and they have come up with a solution. Hopefully I can meet this new terms, because officially tomorrow my loan is no good. My realtor informed the seller's realtor that we are not releasing the contract and that the lender was working with me to insure I close at the later date. If he doesn't sign on the 31st he is breaking. I can't believe all of this drama for a house. "Who wouldn't want a check early", answer: my seller.

 

Time will tell what is the real motive for not moving early.

 

OhBoyOhBoy at this point I don't want to talk to him nor do I want to see him on the Aug. 31 closing date. If there is a way that I can sign after he leaves. I'm angry and I'm hurt, but mostly disappointed. I will ask my realtor in the morning if I have the right to request signing w/o him in the same room.

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This just seems like I signed a contract that could have been written on toilet paper for what its worth.

 

The contract IS worth something and DOES HAVE definite terms, you just don't like them. Orangecrush has given you some good advice. The "on or before" language is perfectly acceptable and reasonable. It gives flexibility to have the closing before the listed date if the parties agree. Your seller really shouldn't have to worry about your financing and loan commitments . . . that is YOUR problem. You might have some cause of action for lack of good faith depending on your state, but that is something that IS worth toilet paper. Next time make sure you understand the terms of a contract before signing it. Never expect the other party to be reasonable. Good luck and I hope you close.

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Good luck with the loan officer.

 

People can be weird about closing dates. I bought one house where the sellers were building a bigger, more splendiferous house in the next town. They delayed and delayed, and the 3rd closing date they wanted to postpone again. The house would be ready in 2 weeks and they offered to pay us to stay in a motel for that period so they could stay in the house. We refused- both of us worked full-time and we had a 5-month old baby. He actually went around us and talked the people buying our condo into the deal. So on Date X, we all closed. The couple buying our condo moved into a hotel (paid for by our seller), we stayed in the condo, they stayed in the house we'd just bought from them. The reason we didn't back out was that we'd agreed on a price 6 months earlier and mortgage interest rates kept coming down. (late 1984/early 1985). We figured that on the open market the house would have gotten a higher price because mortgages had gotten so much cheaper.

 

I hope it works out for you.

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By the way he had more than 3 days to know we could have closed tomorrow since we sign the contract at the end of July.

 

Your post: Fast forward to today- I signed the contract 7/27 and the seller 7/28. My realtor told his realtor that we were going to have to close this friday.

 

That makes it seem like you signed the contract in July and your realtor notified him the day of the orginal post, that you would be closing on Friday.

 

If you knew before hand that the closing had to be on the 11th, why didn't you put that in the contract?

 

 

 

Thought I was the good guy by saying "hey you can live in my house rent free until you move".

 

How is that being the "good guy"? The seller doesn't have to close until the 31st. Be the "good guy" and follow the terms of the contract.

 

 

"Who wouldn't want a check early", answer: my seller.

 

Answer: Me and thousands of other people, that don't want to close before the final day specified in the contract.

 

 

Time will tell what is the real motive for not moving early.

 

You have not given anything that points to any other "motive", for him not moving early. He has clearly stated that he will sign on the 31st. I don't see a big conspiracy to keep you from getting this home. You signed a contract and feel the seller should abide by it, but not you.

 

From everything you have posted, the seller has done nothing wrong. He is under no obligation to change the closing date to suit your financing problems. You are angry, because he is following the contract. If he tried to force you to close on the 11th, BEFORE your financing was ready, you would be here screaming foul. Instead, he is abiding by the terms and won't close before he has to and you are still crying foul.

 

 

 

 

I'm angry and I'm hurt, but mostly disappointed. I will ask my realtor in the morning if I have the right to request signing w/o him in the same room.

 

Why are you angry? Because the seller is following the very same contract that you want to hold him to?

 

You don't have to sign the same time as him. I have done closings where I had the closing documents mailed to me.

 

 

Good Luck.

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orangecrush please read what I have been saying. Maybe I' writing it wrong so I will try again. When I signed the contract I never focused on any date to close knowing I had until the 31st to close. (Or so I thought)NO PROBLEM.

 

Bcz my original credit report was pulled around the beginning of June I thought that report was no good anymore. Once again my fico scores had dropped when another lender pulled it around the beginning of July. Low and behold my Broker notified me that my original credit report with higher scores could be used by a new lender. I was excited. Catch-I had to close within 60 days of funding. That meant that I would have to close this week in order to be approved. Because I'm not familiar with the mortgage side I actually thought that everything would be done and the check would be at the Title company until the 31st. I never would have known that I needed to close so soon and not tell the seller. That would be cruel. Honestly I never meant to turn the seller's plans upside down, its just that when I was notified that we had to close early I thought the seller would be happy.

 

Looking at your responses I really don't understand. I'm not trying to be beat down anymore than I already feel. At this point the lenders are trying to make this still happen even though the approval for tomorrow is over. Tonight I really would appreciate some understanding. After looking at the calender and seeing the dates in print this was actually a rush job. But, I assure you I didn't know it would go down this way. Just wanted a house, didn't want to disrupt the seller's life. Sorry I'm the dumb one here, but once again you overlook the fact that I would not have required him to move and allow an agreement for him to remain until the 31.

Instead of tearing apart each sentence I write please understand where I'm coming from. I can't speak for him I just wanted to share my experience on here. Regardless of what I write or you write its a mute point. I won't close tomorrow. The end.

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I am not trying to beat you down. You came here for advice and the truth. I gave you both. It just wasn't what you wanted to hear. You have tried to blame the seller and make him out to be a bad guy, when he isn't. If he was, I would be the first to tell you he was and flowers and a jerk.

 

 

I can sympathize with you, because I know closings can be hell (from both sides of the table), but I will not sugarcoat my opinion. Unless the seller does something wrong, I personally think you have no reason to be mad at him.

 

I can understand being excited about a first home. It is a big deal and a big purchase. Sometimes people overlook things and are surprised when everything does not go smoothly.

 

 

It looks like everything is gonna work out and you will get the home. That is what matters.

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It doesn't sound like your contract was explained to you correctly. "On or before August 31st" means his deadline is the 31st. If your realtor knew your financing was running out on the 11th, your contract should have been renegotiated before you signed anything. Realtors carry insurance to cover these kinds of errors. I would take your complaint to the broker at the realty you went through.

 

Good luck.

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Thanks LadySuhada. Tomorrow I will check into this. Reading all of these posts are making me feel worse. Now I'm feeling like OhBoyOhBoy is right. I feel like I owe the seller some kind of apology for thinking he was in the wrong. LadySuhada you're right I should have had the contract explain to me better. Shouldn't my realtor have known this? My realtor has made it seem like this guy broke the contract. The first time I found out that he didn't have to sign until the 31st is from the posting on CB. WTF! I think I better heed the advice here and try to make a bad situation better. I don't know how I can, bcz I think that I'm not allowed to communicate w/his realtor or him, bcz I'm represented by a realtor. If anyone has an opinion on how to make this better I'm opened to listen.

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Thanks LadySuhada. Tomorrow I will check into this. Reading all of these posts are making me feel worse. Now I'm feeling like OhBoyOhBoy is right. I feel like I owe the seller some kind of apology for thinking he was in the wrong. LadySuhada you're right I should have had the contract explain to me better. Shouldn't my realtor have known this? My realtor has made it seem like this guy broke the contract. The first time I found out that he didn't have to sign until the 31st is from the posting on CB. WTF! I think I better heed the advice here and try to make a bad situation better. I don't know how I can, bcz I think that I'm not allowed to communicate w/his realtor or him, bcz I'm represented by a realtor. If anyone has an opinion on how to make this better I'm opened to listen.

 

 

I will say this: Sometimes emailing or calling the seller can smooth things over.

 

I had a situation where I thought the buyer was a nutcase. She needed me to do something and I flat out refused, because she was driving me crazy and squeezing a lemon me off. She sent me an email and it turned out that it was not her, but her realtor.

 

The buyer was really angry when she found out the load of bull her realtor had been feeding me and my realtor. She didn't let her realtor know she had contacted me, until the house closed. I found out that my buyer reported the realtor and the realtor got in trouble with the local board.

 

I don't want to hijack your thread, so I won't go into detail. However, that email saved the deal.

 

There is no shame in being wrong, just as there is no shame in trying to make amends. I wonder if your realtor is at the root of your problem........

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