Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 17 years ago,

User Stats

40
Posts
0
Votes
Mr Good
  • Bellevue, WA
0
Votes |
40
Posts

Seller not providing docs

Mr Good
  • Bellevue, WA
Posted

Hello. I got great advice here before. Thanks again. Current dilemma:

I made an offer to buy a home which is owned by a bank (foreclosure). The seller accepted my offer, signed a purchase/sale agreement. Expiry of agreement is Feb-27.

Home passed appraisal and I was approved by a lender, and I put down 30% ($95k) of my own money.

Monday Feb-11 I delivered $95k to a Title company, and signed a stack of documents for the loan in front of a Title Officer. Typically, once this is done the deal is "recorded" at the county within 2 days and I get the keys. Stated closing date was Feb-14.

Feb-14, the title company advised that they were waiting for a "Signed Warranty Deed" from seller. Feb-15 (today) I got the same story "still waiting for seller to sign and courier to us the warranty deed". They said "we will call you on Monday with any updates".

My loan rate-lock expires Mar-01, if the deal is not recorded by then it will cost me a fortune due to increased rates. Aside from that, Feb-27 is contract expiry.

Shall I hire a lawyer to ensure that seller performs on the contract? They did, after all, sign an agreement to sell by Feb-27.

I am not sure if this is just a clerical delay. Hypothetical: if someone else offered them double the price for the home, they still can't sell it to anyone else because they already agreed to sell it to me, right? Isn't my real estate agent's good offices (huge company) responsible for providing me legal counsel or do I need to get one on my own? What would you do at this point--wait longer? Monday is a bank holiday... I still have time but the clock is ticking and I want this over with.

Thanks for any advice.

Loading replies...