Offlinei everyone,
i need to talk with someone who knows what i am going through. FIrst of all i have a deal for a purchase price of $110000 and i have negotiated with the mortgage company to accept a short sale, we already have a contract dor 110000, supposed to close in ten days, tommorrow is the tenth day and we have not heard fro the closing attorney, yet. The buyer vebally told us he would close in ten days, but made some excuse about the title coming may be needing more time, so he put June 4th on the contract. He thinks the propery is going to foreclosure, but i had it stopped, what recourse do i have if he is just holding out, to lock us in to not selling, in the hopes of buying it on the courthouse steps, since we know, it will not go to foreclosure, should we seek a back-up deal so that we can not close with him on the fourth, and close with a better buyer. I am sorry, but this guy seems very shady since he would not put those terms in writing. isn't it illegal for him to intenitonaaly stall to get the home at foreclosure? what is my recourse? The mortage company needs a settlement statement and a copy of the contract. I am wary of him findingout that their is no sale, because he has agreed to rent it back to the owner, but we dont want to work with him anymore.i negotiated a shortsale of 86000 the principal, and our contract is for 110000, how do we make sure the seller gets the difference, without having tax penalties in the future? I would hat to think theywould come after her after the agreement.Help!!!!!!!
I aslo have six more homes to sell, i feel a bit overwhelmed. i want to do a good job, however, people are very bad. I am open to all suggestions.
Thanks so much as time is of the essence,
Patrice
you have alot going on. But let me see if I got this straight.
You have a house that is owned by someone else that you are under contract with and you are wanting to sell it for 110K to the NEW buyer. You have a short sale amount of 86K and you want the seller to make the 19K difference?
No.
You should get an assignment contract with the NEW buyer for the 110K because he is buying it from YOU. Then once he does that and you get the down payment from him or earnest money. Go ahead and close with seller ASAP. If this guy is stalling tell him NOW that you need his offer in writing and the assignment agreement signed. This is your recourse. Have him put up either earnest money or a deposit or both. So he will think twice about backing out. t seems to me he may be stalling for time because he too is looking for another buyer to buy it from him.
Take other offers on it as back up and be prepared to act on them if this guy balks. Be firm and put your foot down. let him know this is not going into foreclosure and if thats what he is waiting for then he has a long wait.
This is your deal so act like it dont let someone else come in and boss YOU around. Handle you business Patrice.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
it does not matter what amunt they sell it for they will still get billed for taxable income but if sale is for 86K then thats all they are responsible for. You as the buyer (even on assignment) will get hit for the taxable income of the diff for 19K
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
No.. it's not "illegal" for him to stall. RE is really a civil game rather than a criminal one.
Anything he will not put in writing is something he is NOT obligated to do. If it's important to you then get it in writing.
Do you have a signed contract with a buyer? I was not clear on that.
He has until the closing date (which I guess is June 4?) to finish the deal. After that, if he does not close then you can go after his earnest money.
Whatever contingencies he has (inspection, financing etc) should be running out in the meantime.
GL,
Mark
hi,
we do have a contract for $110, but now they are saying that there is a cloud on the title, i have done a title search, there is nothing, he thinks that the house will go into forclosure, but it will not. we have asked for settlement statement and a qualification letter from the bank. Do you know where i could find a HUD-1 Sheet. i need on for the mortage company., how do i over come the buyer's refusal to respond?
thanks,
Patrice
we do have a contract for $110, but now they are saying that there is a cloud on the title, i have done a title search, there is nothing, he thinks that the house will go into forclosure, but it will not. we have asked for settlement statement and a qualification letter from the bank. Do you know where i could find a HUD-1 Sheet. i need on for the mortage company., how do i over come the buyer's refusal to respond?
thanks,
Patrice
Who is saying there is a cloud on the title? The buyer or the title co? If it's the buyer then so what. If it's the Title Co then you need to take it seriously and find out WHAT they think is clouding the title. Even if it's the buyer.. can't hurt to ask that question too.
I would send a notice to the buyer that in X days, you will cancel escrow and go after their earnest money since they are refusing to perform. Send a copy of that to the title co. also.
The title co. prepares the HUD-1.
Who is saying there is a cloud on the title? The buyer or the title co? If it's the buyer then so what. If it's the Title Co then you need to take it seriously and find out WHAT they think is clouding the title. Even if it's the buyer.. can't hurt to ask that question too.
I would send a notice to the buyer that in X days, you will cancel escrow and go after their earnest money since they are refusing to perform. Send a copy of that to the title co. also.
The title co. prepares the HUD-1.
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I TOTALLY AGREE - drop the time limit of days on them and if no response kick his tale to the curve and move on to some real money.
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"