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Updated over 4 years ago,

User Stats

20
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0
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Susan W.
  • New York, NY
0
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20
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Chain closing with loan - closing date and rent back

Susan W.
  • New York, NY
Posted

I'm a buyer. Seller needs to sell the house and buy the house at the same time. The seller's seller also needs to sell the house and buy the house at the same time.

The agent is the dual agent - when picking between the loan offer and cash offer, he picks my loan offer because I waived all contingencies, and the cash offer is a low offer with repair contingency. The agent can maximize the commission on both buyer and seller sides.

Under contract review, the agent demanded me to use the same loan agent as the seller's. The loan agent refused to provide load estimate, higher interest rate AND points, un-certain closing date - maybe 1 day gap, maybe 3 days, maybe 5 days. So Seller added a new term on rent back U&O for 5 days. What if they don't move-out after 5 days? They pay $100/day which is nothing but annoying.

Next, Seller demanded strict closing date - if you can't close on 9/10, you must close in cash. That's at most 30 days as the contract has not signed yet. Usually loan takes 35-45 days, with 10 business days extension.

How can I continue the purchase? 

Can I file complaint to the dual agent?

Thank you for your help!