Closing on Monday, funding will not be completed until Wednesday.
Buyers & the Realtor trying to force me out on Tuesday or by 6 AM Wednesday, before I will have my funds... which are needed to close on my house out of state (those will be wired on Wed.).
Also, I *have* to have the remaining proceeds in order to pay for my long trip.
The buyers will not get their proceeds to fund *my* house until Wed., either, of course... so technically shouldn't the house remain in my possession until funding has occurred?
I'm in Louisiana, btw.
Please advise! Thank you in advance.
2007-02-17 11:15:09 · 10 answers · asked by coffeepleasenosugar 4 in Business & Finance ➔ Renting & Real Estate
I have a *supposed* dual agent who has done NOTHING for me... basically has done everything for the buyer. We signed an addendum giving me through Tues. to get out.
I think it's not-so-kosher, but??? Monday is a bank holiday, so nothing can happen, Tuesday is Fat Tues, & a state holiday here in La. (yes, believe it lol). Thus, funds can't be dispersed til Wed.
This selling process has been a total nightmare for me... I should have gone w/ a well-known company, but instead went w/ a small, local co., who will definitely be reported for incompetence & unethical, unprofessional behavior & representation (or lack thereof).
2007-02-17 11:35:47 · update #1
This is called a "Dry" closing...pretty common when done in mail-away situations, or over holidays or weekends...technically, it is not FULLY closed untill the funds have transferred, but for all intents and purposes, it CAN close in this manner...
IF you Don't leave, they may not release your funds till you vacate, as most contracts have a provision for "possession at the time of closing". This is usually considered to be when the deed is signed, BUT that is NOT a "completed" closing till the funds have transferred...speak to an attorney, if you have a question...
What about just closing on Wed???
Would that solve your problem, or do they NEED to move in, as is they have children or pets and no where to stay???
Just wondering...
I see this all the time...
Communication on the part of your agent would have gone a long way...I would ask her designated broker (owner or branch manager) how THEY would solve this problem...
2007-02-17 13:03:31 · answer #1 · answered by dolly3371 2 · 3⤊ 0⤋
Unfortunately this type of problem happens far to often!
What probably happened in this case is the mortgage company for the Buyers did not get the approval in a timely manner and/or the Buyers didn't get the neccessary paperwork to the lender in time. Irregardless, there is someone to blame for this mishap. If you were ready to complete on the contracted day (which sounds like it was originally Monday) then the blame would lay with the Buyers.
Often Lawyers will assess damages in this situation that would be paid for by the party at fault.
Example:
Lets say it's the Buyers fault and you now have extra fees or penalties charged to you from the purchase on your new home or maybe even your long trip provider. The Buyers could be liable for these charges.
I would tell the REALTOR involved that they better be extra cautious especially since they are the Dual Agency in your situation. REALTOR jail is full of Agents who misrepresented clients in these situations! ("REALTOR jail" is just a way of saying they could get an unexpected holiday with loss of their license and a physical jail does not exist).
Definitely don't give possession till you have your funds, but do follow your conveyancing Lawyers advice.
It sounds like the Buyers are in a pickle and they are putting pressure on the REALTOR probably because he/she double ended the listing.
It is a stressful situation and REALTORS for the most part are not to blame when these things happen but are left to deal directly with the upset Buyers and Sellers.
After writing enforceable contracts on both parties, we pass along the deal to Lawyers and mortgage brokers and leave it to these professionals to follow through. At this time it is primarily out of our control and unfortunately when something screws up we are left with the aftermath!
Cool heads will prevail. The Buyers might just have to pay the extra costs for the movers and stay in a hotel for a couple of days. But from the sounds of it...It's not your fault!
Good luck!
2007-02-17 13:38:49 · answer #2 · answered by glen s 3 · 2⤊ 1⤋
How are you closing on Monday if the buyers do not have funds until wed? Sounds weird. The closing should not be official unless funds are transferred.
I find it hard to believe the lawyer is going to let this close without money being distributed.
I know that funds will not be released until the closing is recorded at the town hall, but that should be the same day, if not first thing the following day.
Are you sure you have your facts correct? Something just doesn't sound right.
RE Agent,
Remax
2007-02-17 11:20:52 · answer #3 · answered by frankie b 5 · 2⤊ 1⤋
Where the heck is your realtor? A deal is not closed until the funds transfer. Nobody can force you to be out unless you agree to it. You do not turn your house keys over until you receive the funds. And you do not sign on the dotted line until you you receive the funds. Something sounds very wrong here. I certainly hope you have a lawyer if you are not represented by a realtor because this whole thing sounds very fishy to me.
2007-02-17 11:28:46 · answer #4 · answered by Anonymous · 1⤊ 1⤋
Since you need the funds in order to move, have your Realtor do a rent back agreement. Since it appears you need 2 extra days after the closing, agree to pay 1/15th (2 days of 30) of the buyers mortgage payment. This is assuming the buyers don't need to get in immediately, and since the closing/funding is at the beginning/middle of the week typically they wouldn't move in until the weekend anyway.
2007-02-17 15:37:53 · answer #5 · answered by Scott B 3 · 0⤊ 1⤋
I don't know it doesn't make sense. When I have closed on a sale of my home the funds are distributed right then and there at the closing. I personally would not be selling my home if the funds are not being distributed then. Do you have a lawyer going with you at closing?
2007-02-17 11:23:49 · answer #6 · answered by mora fan 2 · 2⤊ 1⤋
First is it in your contract you have to be out by the closing date? Who is your Realtor and why isn't she/ he protecting you? There should have been something stipulated in contract that you receive your funds before relinquishing the home.
2007-02-17 11:20:11 · answer #7 · answered by Biker Babe 3 · 1⤊ 1⤋
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2016-10-02 07:45:05 · answer #8 · answered by Anonymous · 0⤊ 0⤋
No. Funds make the deal sealed.
2007-02-17 11:17:53 · answer #9 · answered by Anonymous · 2⤊ 1⤋
deal is seal after it records!!!!!!!!!!!!!!!!!!!
2007-02-17 14:06:38 · answer #10 · answered by 4walls 2 · 2⤊ 1⤋