cam the agent put the house back on the market?

Question

my friend is in the process of buying a home in NC. they paid 1000 earnest money to the sellers agent. the sellers accepted an offer to sell the home in the contract it was stated to close the 1st week of dec2006. it took a week to get the home agreement back from the sellers. also the home inspections was held up because of slow coordination on the sellers agent part. these items were needed to submit to my friends lender. well they are pass the 1st week of dec and the sellers agent sent a letter stating that if the deal is not closed by mon at 4:00 that they will with draw the deal and put the house back on the market. my friend have already paid them 1000 in earnest money and over 1000 in inspections & fees can they do this as they contributed to the delay

Answer 1

It seems like the agents would be responsible. If both agents are at fault, I cannot believe the seller's agent would now demand a closing date. I have a feeling he/her did not tell the seller of anything he/she did to hold up the presale requirements. I would talk to the sellers, but that's me.

Answer 2

Every city and state has a real estate board. That's the place to be putting the question and they will only respond to your friend as your enquiry is based on "hearsay" and not facts. Every sales ofefr has a deadline of completion. If your friends put a deposit down with an agreed deadline, and if the inspections were delayed because of the sellers, this should result in the deal either going through or them getting their deposit back. They will not get inspection costs back. Over $1,000 in inspections? wow! Usually a home inspection by a qualified inspector that is acceptable to the lender costs about $300. Should have no other costs unless they paid a mortgage broker up front a fee which usually indicates they are not solid financial risk anyway as no bank would charge a fee to accept a mortgage application! Time for your friends to have a face-to-face meeting with their agent AND the sellers agent, come to an agreement about a time extension and have it all signed. Every seller wants their house SOLD and usually the only reason for playing hard ball is because they have had some indication that the buyers will not get the mortgage financing and they have a better buyer waiting with a solid offer. If they are the ones who back out, though, your friends get their deposit back.

Answer 3

Yeah if you signed for a certain date, and the deal is contingent on that, then they can probably re-list it. But it's probably just a scare tactic. Talk to the seller, see what they'll do. They probably just want to sell and are frustrated.

I'm sure they'll give you an extension, although the buyer may have to pay a per diem for it. Rush rush rush with the lender is all I can tell you. But make sure the seller is on the same page.

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Answer 4

Unfortunately, yes they can. You agreed to the closing date, and you and only you are responsible for getting the home inspection.

Also if your friend paid over $1000 for a home inspection, he got ripped off.

Your friend and his agent screwed up by setting a very short closing date.

Answer 5

They are entitled to do so. I am a mortgage broker and just had a deal fall through in the same manner. The contract binded them to that particular date unless they were granted an extension in writing and signed by both parties.