Basically I put 10,000 down on a property on JANUARY 27 and just found out TODAY (2/27) that the seller has not signed the contract and basically NOTHING has occurred on my purchase. I have my loan locked until 3/22 so I am telling the seller to open escrow TODAY. At this point, I am demanding a 15 day escrow.
Ok, worst case scenario, what can happen?
2007-02-27 08:04:39 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If the $10k good faith deposit was cashed, it is enough evidence to support "implied" acceptance of the contract for purchase. Obviously a signed copy of the contract will be necessary for your loan to be processed and if the sellers hasn't provided it to you, you may have to sue the seller to get the return of the deposit, but also might be in a position to sue for further damages resulting from any expenses you endure. If the seller has a Realtor, the Realtor could be held liable for not providing you with a signed copy of the contract and breaking a number of administrative real estate laws (which is one of the reasons most Realtors are required to keep errors and omissions insurance). I am sure no one wants to go to court so I suggest you speak to the boss of the seller's Realtor or simply ask the seller if it is time to speak to your lawyer.
If the check for $10k was not cashed, you have no contract.
2007-02-27 08:32:20 · answer #1 · answered by linkus86 7 · 1⤊ 0⤋
No signature on contract means no sale. But wheres the beef- $$$$. 1., Contact your agent- ask where is the earnest money deposit. 2, Or do you have an agent? Calling the seller demanding is not going to get you anything but resistance. Handle first things first. If you are so inclined to call the seller explain the situation, ask if the offer was presented. If not THEN call the agents Broker- then file a complaint with the Real estate board. Call your bank put a stop payment on that check. Demanding again is NOT going to get you anything- 15 day escrow not uncommon but you need to stay cool. Remember the seller has all the balls in his court not you so be the nice guy here and keep us posted as to what is going o;n.
2007-02-27 08:47:43 · answer #2 · answered by Anonymous · 1⤊ 0⤋
First you need to let your realtor know that if there isn't some movement on your transaction within 5 days you will be contacting his/her managing broker along with the real estate board in your area. There is a time limit on how long the sellers have to sign on your offer so at this point it's probably dead. Your realtor will need to rewrite the offer and have it signed within the set time frame (this should be in your offer/contract as well). If the sellers won't sign and you've already given a deposit, you have the right to get that back! You are employing your realtor to know the rules and regulations so don't take any nonsense from them. I'm in the real estate business and I as well as any other person in this industry understand that we are "employed" by our clients and need to always work hard for them and make sure they are taken care of. Do not let your realtor run you around, demand answers or tell them you know your rights and walk.
2007-02-27 08:35:21 · answer #3 · answered by Jmariel7 2 · 0⤊ 0⤋
How did you put 10,000 down on a home before the seller signed the contract?? If the seller has not signed, you legally do not have a contract, so the seller is not obligated to go through with the sale.
You might have to sue the seller to get your downpayment back.
2007-02-27 08:10:39 · answer #4 · answered by indiana_darlin 2 · 1⤊ 0⤋
you live in the USA? are you buying in CA, where everything closes in escrow? even if the answer is yes, how in the world would you have put $10,000 down without submitting a signed contract? i think you are saying ??? that you put the down payment into the bank's escrow for your purchase?
i HOPE you are not saying you put money "down," meaning your EARNEST MONEY, of $10 grand, into the hands of the seller, did you? who took this money? didn't you have a real estate attorney? you see, if you are buying in california, nobody there gets a real estate attorney since the deal closes through the title insurance company ("escrow"), so, in essence, it would be all right if you gave the money to the escrowee, since there it's guarded towards your purchase.
but is sounds really STRANGE to me that even if "the escrow" took money from you, it didn't demand a signed contract, signed by both you and the seller!
did you have a real estate licensee representing your interests? you may have had a licensee, but it would not have been a salesperson that hangs his license inside of a real estate BROKER'S office, since it is law, in every state that i know of, to put earnest money into a guarded, separate escrow on your behalf, to consummate your purchase of the real estate, within at least two business days of acceptance of the CONTRACT.
the reason that a broker must submit your earnest money into a guarded escrow account is that there can be no "co-mingling" of your money with that of the operating expenses of the broker! if we did that, we would surely lose our license--something i worked way too hard to get for me to jeopardize it for playing around with earnest money!!!
the offer is not the contract. first you write an offer and have it submitted to the seller with at least a check for "initial" earnest money, to be increased to x% of the sale price within y number of days...
who are you demanding a 15 day escrow OF? this all sounds too weird.
the worst case scenario: you bought a "for sale by owner" property without having a Realtor (r), a licensed real estate salesperson working under a broker, a broker associate working under a broker, or a broker, which would mean that you went "for purchase by purchaser," wouldn't it? you would have no protection from anyone. especially if you did not have a real estate attorney either. the worst is that you gave the dough to the seller without having submitted an offer in writing (although, sometimes a verbal contract can hold up in a court of law, but lawsuits cost a lot of money).
unfortunately you have not given us the scenario under which you bought this place. the thing you should be demanding is:
1. the seller to sign the contract as you last wrote it, giving you an exact copy to bring to your bank and real estate attorney;
or
2. 100% of that $10,000 back, immediately, immediately (!!!) if you do not get a SIGNED contract!
you are going to close with no signed contract? yeah, right.
we are not morons, we are professionals trained in more laws and ethics than you can shake a stick at. but how in the world did this happen if you are thinking that you are working with above-mentioned "MORONS in Real Estate?"
stuck, no, i don't think so. but you had better see to it that the money is in a regulated, separate, protected EARNEST MONEY account and that you have the SIGNED CONTRACT that supports that you will close, based on everything stated in the contract between you and the seller.
i do have to state here for others reading this that it would behoove you to hire (if you are a buyer, this will not cost you a dime) a buyer's broker. and you sellers: unless you really and truly know what you are doing and how a prospect is qualified to buy your house, hire a Realtor (r), a listing broker!
if you have anything specific to ask me, go ahead and write to my email provided herein.
2007-02-27 08:39:58 · answer #5 · answered by Louiegirl_Chicago 5 · 1⤊ 0⤋
Yikes, call the agents broker and let them know you want them to personally supervise the transaction from now on, you should find your level of service increase dramatically.
Or just fire your agent and hire another since they have broken the law by not submitting the offer.
We arent all morons, this is an individual situation.
2007-02-27 08:15:30 · answer #6 · answered by Mark P. 5 · 0⤊ 0⤋
10 GRAND DOWN AND AN UNSIGNED CONTRACT?
WHERE IS THE 10 GRAND?
WITH THE AGENT OR DOES THE SELLER HAVE IT?
YOU NEED TO KNOW WHERE THAT BUNDLE IS ASAP...
YOU COULD BE OUT 10K.....
2007-02-27 08:20:57 · answer #7 · answered by cork 7 · 0⤊ 0⤋
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2016-10-02 02:09:47 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Where the heck is your agent? If you do not have one, this is why you should of got one. Always always use a buyers agent for these reasons.
2007-02-27 09:48:46 · answer #9 · answered by frankie b 5 · 1⤊ 0⤋
you can sue the real estate.... and get all your money back
I am free for consultation
fnfssandoval@yahoo.com
2007-02-27 08:21:03 · answer #10 · answered by Anonymous · 0⤊ 1⤋