All Forum Posts by: Dave Mustaine

There were real reasons and my agent was aware of them.   my agent is the owner/broker.   We got along fine and communicated through the entire process.   That ended when I started talking about canceling the contract.   He kept saying talk to my attorney.   Of course, he is pissed about me cancelling, which any agent would be. 

well, my agent asked me to talk to my attorney whenever I tried to talk to him and mentioned terminating.  .   I was in constant communication with my attorney and her assistants.   I sent my attorney a request to terminate the contract on 7/24.    She was out of town on 7/25 and she told me she could not do it.    

I then called a litigation attorney and he said send it yourself if you want it done and your attorney is unavailable and won't do it.  I talked extensively with 2 litigation attorneys and they both said I have nothing to worry about.    It costs 5k minimum to start a lawsuit and the buyers can't sue me for breach of contract.  They both said it's  rare for law suits in residential real estate transactions.  Unless there is big money involved.   It costs too much to litigate and you can't gain much.     My house is only 190k.  The judges go by what it says in the contract, and the contract said I could terminate.    

That said, I'm not worried about any legal action from the buyers.   Their attorney came back to my attorney to ask me to sell them the house the next day. The buyers were desperate and Offering more money.     However, how am I going to get my agent to do what he needs to do if he won't reply to me.  And I don't know what he needs to do.   As I said, he kept referring me to talk to my attorney. About the cancellation and negotiating. and everything

Illinois standard contract.    The buyer did not provide the written loan approval letter from the bank by the 7/22 deadline.  The contract says in this case I can terminate within 2 business days.     I scanned and emailed a signed termination letter declaring the contract terminated to the buyers attorney and copied both agents.   I then mailed the letter certified to the buyers attorney and emailed him the certified mail receipt.  

The next day I emailed a scanned signed request for the buyers broker to return the entire earnest money to the buyers.  I copied the buyers attorney and my agent.    I then went to office depot and I faxed that letter to the buyers broker and I have the fax time stamp.    So they got a fax and email.    Is there a form required for them to give the buyers their earnest money back?    Do I need to sign a form or is my letter good enough?    

Do I need to do anything else? Does my agent need to do anything? The agents and buyers are pissed so I don't expect any replies. Will my house stay as contingent forever on the websites and MLS if my agent doesn't do something?

I'm asking what the listing agent needs to do after a contract termination.  I have no clue what you are referring to calling about or sending.   I already took care of the earnest money with the buyers broker.    

I terminated on 7/25 the contract to sell my house. My listing realtor has not replied to emails since I terminated. I see the house shows contingent on realtor.com and Redfin. Is my house still on the MLS if its in contingent status? Does the listing agent need to do anything after the contract has been terminated to get my house out of contingent status? Do they need to do anything else? I already requested the buyers broker and copied their attorney to return the earnest money to the buyers. Thanks.

Thx all. Charity they had a pre-approval letter when I signed the contract. I'm talking about a loan commitment letter stating the bank has actually approved them. There is a deadline for this next week on my standard Illinois contract. I have a listing agent but I paid a flat fee to get on the MLS so I am mostly on my own.

Another question, if they get the approval from the bank before the deadline, is it safe for me to sign an apartment lease?   I know crazy things happen like job loss, medical issues, etc.   but would the odds be at least 90% to close after they are approved?  We are in agreement on home inspection and attorney review.   What other steps in the process are after the loan approval that could mess things up.   

I am selling my first house.    I was thinking of possibly cancelling the contract next week if the buyer doesnt have a loan commitment letter from the bank by the deadline.  The appraisal was over a week ago and the buyers agent has not even told me if the house appraised out, which I assume they are supposed to let me know.  

If I cancelled,  I would re-list the house right away.    If you cancel contract and relist the house, everyone will be wondering why the contract was cancelled.  Will this deter some buyers?    Will new buyers be reluctant to see the house and make offers not knowing why the previous contract was cancelled?  Is it harder to sell the second time?  Thanks!

Thanks!   One more important question.    Should I give the appraiser the home inspection report?    It wasn't too bad.    The buyers asked for $750 in repairs on a 190k house and $300 of the requests didn't need repairs.   Only concern is he would see the thin basement wall crack on the report that needs to be sealed, but it's Not leaking just some mineral deposits. 

One more question.   Should I give the appraiser a copy of the contract so he knows what price to "shoot for" to make all parties happy? (including the lender who will make money)  or is that not allowed 

okay thanks,   On one hand I want the appraisal asap so the house closes faster.   The apartment complex I put down deposit at is pressuring me to sign the lease. 

The flip side is another house on my street is closing soon and I know the closing price, which is extremely high.   It would definitely get me a higher appraisal.  If I delayed the appraisal it might close beforehand.