Comments on: Left without a house http://www.realtycomplaints.com/left-without-a-house/ RealtyComplaints.Com: Where You Can Report Your Real Estate Complaints Sat, 04 Feb 2012 00:21:49 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Mike http://www.realtycomplaints.com/left-without-a-house/comment-page-1/#comment-10 Mike Sun, 26 Apr 2009 21:22:10 +0000 http://www.realtycomplaints.com/?p=28#comment-10 Remember the difference between promises and contingencies. Terms must be written to reflect the intent of the party who will benefit, provide a time limit for the term to be satisfied and a provision for the consequences in the event of non-compliance. By writing "Buyer to make loan application," the seller may have no recourse in the event of non-performance. "The obligation of the seller to sell is contingent upon the buyer making loan application within five days of acceptance" provides both an avenue for declaring the contract null and void as well as setting a deadling for satisfaction of the contingency. Do not neglect to provide for the return of the buyer's deposits with deductions, if any, in the eventa contingency is not met by a specific deadline. When a contingency depends upon an approval by either the buyer, seller, or third party, it is best to indicate that written disapproval must be provided wihtin a specific time frame in order to declare the contract null and void, or that approval will be deemed to be granted and the contingency thereby removed. Somebody dropped the ball. It seems that the conditions of the contract continued up until closing. You should be able to work with your local Real Estate Commission to get your escrow money refunded. In the meantime the market has continued to drop and you can problably get a better price. It would seem that the seller will get a lower price. It may sound hokey but "there's something better out there for you and your family". Mike www.DenverRealtyExpress.com Remember the difference between promises and contingencies. Terms must be written to reflect the intent of the party who will benefit, provide a time limit for the term to be satisfied and a provision for the consequences in the event of non-compliance. By writing “Buyer to make loan application,” the seller may have no recourse in the event of non-performance. “The obligation of the seller to sell is contingent upon the buyer making loan application within five days of acceptance” provides both an avenue for declaring the contract null and void as well as setting a deadling for satisfaction of the contingency.

Do not neglect to provide for the return of the buyer’s deposits with deductions, if any, in the eventa contingency is not met by a specific deadline. When a contingency depends upon an approval by either the buyer, seller, or third party, it is best to indicate that written disapproval must be provided wihtin a specific time frame in order to declare the contract null and void, or that approval will be deemed to be granted and the contingency thereby removed.

Somebody dropped the ball. It seems that the conditions of the contract continued up until closing. You should be able to work with your local Real Estate Commission to get your escrow money refunded. In the meantime the market has continued to drop and you can problably get a better price. It would seem that the seller will get a lower price. It may sound hokey but “there’s something better out there for you and your family”.

Mike
http://www.DenverRealtyExpress.com

]]> By: vivtherealtor http://www.realtycomplaints.com/left-without-a-house/comment-page-1/#comment-2 vivtherealtor Tue, 14 Apr 2009 23:37:10 +0000 http://www.realtycomplaints.com/?p=28#comment-2 Unfortunately at this point the only thing you can do to enforce the contract is seek legal advice. I'm sure there's more to this story. The lawyer will have to sort this one out if the realtors can't resolve problems with the seller. Unfortunately at this point the only thing you can do to enforce the contract is seek legal advice. I’m sure there’s more to this story. The lawyer will have to sort this one out if the realtors can’t resolve problems with the seller.

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