I owe more than the house is selling for, and therefore, need to acquire the difference by closing. I don't think I can get the money by closing, but I'm sure I can have the difference 20 days after the now contracted closing date.
2007-01-21 17:46:53 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
you have 2 things..
you can ask for an extension.........
and let the realtor know why..
or ask for a temporary loan on a small amount..
so if your short $1,000 if the seller,,or even possibly the realtor..will allow a loan..for 20 days..loan.
it is similar to a "hold back"..but you will pay..and all complete as needed..
realtor's also have knowledge to cut costs..
I phoned on my deal last dec. and cut my lawyer's cost to $500
just be honest......and call..
2007-01-21 20:42:03 · answer #1 · answered by m2 5 · 0⤊ 0⤋
several questions here...first being, are you sure you want to sell your house.
If you are selling the house for less than you owe, you might have to come up with more money than the difference since the realtors fees are going to come from YOUR side of the tally sheet.
Talk to your lender and see if they can do what is known as a 'dry closinig' where the other party and you go to closing and sign everything and the money changes hands at a later date.
I dont know how much you have to come up with but if the sellers have put up good faith money, you might be looking at a breech of contract lawsuit from them since they have undoubtedly quit looking at other homes and have tied some capital up in waiting for you to come up with your side of the bargain.
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It sucks but think about it from the other point of view.
Suppose you were selling ME a house and I told you I wanted it so you stopped showing it ect and then I told you, sorry cant buy it this month (you have hired a moving company etc)...I think you would be a bit peeved to say the least. I know I would if I were you in that scenario.
Read your contract carefully and obviously talk with an attorney if you can. If you cant find an attorney to talk to, you might want to be honest wtih your listing agent and tell him/or her what is up. They might be able to intervene on your behalf with the clients/potential buyer and steer them elsewhere or make up some lie about why they dont want this house afterall to make it seem as if it was THIER decision to back out of the deal and thus not go after you. If you breech the contract, you could end up owing them (the potential buyers) alot more money than you have to come up with as they can sue you for actual damages (if they gave 30 days notice where they currently live, contracted a moving company etc) and punative (sp) damages (the punishment stuff) you could be liable for all of that. IF all that fails, LIE to the buyers yourself.
Tell them that your house was the target of a drug task force that was put together in honor of a roommate that you just kicked out of your house. Since they are such nice people you did not want to endanger thier family or something of the like. THey might BEG you to break the contract.....
But if not, a deal is a deal and you might be screwed if you wait until the closing date to make some kind of decision.
2007-01-21 18:05:53 · answer #2 · answered by kissmymiddlefinger 5 · 1⤊ 1⤋
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2016-10-15 22:23:25 · answer #3 · answered by ikeda 4 · 0⤊ 0⤋
Have your agent ask your buyers if they are willing to push back the closing. Just explain your situation and they may be willing to help.
2007-01-21 17:51:49 · answer #4 · answered by miztiffany 3 · 0⤊ 0⤋
Only under the condition that the buyer also agrees to the extension.
2007-01-21 17:51:20 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Just ask your agent, or their agent. Or the bank.
2007-01-21 18:02:40 · answer #6 · answered by Anonymous · 0⤊ 0⤋