All Forum Posts by: Account Closed

GREAT NEWS!!  It took place yesterday. It finally closed. 

I was really not expecting it to go as smooth as it did. At first my agent was hinting me that he was probably not going to make it since he was at a home inspection too far away. I said: "You get yourself to this closing. You have to be responsible with this contract." He got the there 10 min before it started even though it started 40 min late. I got to signed first, and then I did not move from that chair until the buyer was done with his stack. 

My agent would not look at me in the eye. He greeted my family and everyone else but not me. Not sure if he was mad for all I had said to pressure him or if he was embarrassed because he knew I was right to be upset at the lack of information.

Before I left for the closing I sent my agent a letter that basically said that anyone who signs it is acknowledging that closing was taking place that day and that after that day I was no longer responsible for any expense of the property. I was skeptical because of the TRID someone here mentioned. My plan was that if this was a mock closing just to get me to sign the addendum, I was going to request signature from all parties. Well, that letter was in the hands of the buyer's agent, who in my opinion was the slick one that managed to convince my agent to keep me in the dark regarding the delays. In the end the letter was not used and she new it. She showed it to me before the closing just to "let me know" I was being taken serious... right.

I really do appreciate and value all the advise given to me here. You all gave me tools to use and demand. THANK YOU ALL! I've learned so much from the entire process and now I'm more into RE. But most of all, even when it all looked like it was going to drag even more... all I can say is God is good. 

- Keep faith and get informed. Giezi G.

Thanks for you support @JD Martin @Steve Vaughan I just want this to be over... the thing is I don't know if it will today.

Thanks for that @Greg H. I had to google that and now know a little more. I really don't know what to expect. I the worst part is that I feel it's all of them against me. In other words, not even my agent is providing proper information to me.

UPDATE:

Last time I had updated the status I left off on waiting to hear back from my agent regarding the response from the buyer. As it was suggested by some of you guys and by my father in law, the stakes were too high for them to say yes to my terms. Although there was still a possibility that they say yes. But in the end they did not.

Thursday 7/13 I gave my terms to my agent. Friday 7/14 I texted my agent in the morning but no answer. Texted again at noon and told him I was taking my offer off the table and since I had not heard from him, I needed him to complete the Notice to Perform and have the buyer sign before the end of the day. He finally sent the addendum that stated the buyer had to close by 7/19 or he would forfeit the EMD. I sent it back to him and told him it needed to also say that if closing did not take place by 7/19 that the contract would automatically be released and that I had to be signed by the buyer first. I also told him that since the contract had not been fulfilled by the buyer, I had all the right to the EMD regardless. Then, Friday evening my agent sent me the addendum and a letter from the lender (Loan CTC, he called it) stating that the buyer was approved and that his process was now at Quality Control for the green light. I also noticed a requisite on that letter. It said that the new addendum had to be signed before the lender could release the funds. Just like @Jason Hirko said. 

So I used this as leverage. I told my agent that I knew about that requirement and that the only way I was signing that addendum was in person, at escrow with all parties present. His response?... The buyer will like to forfeit $400 of the repair credits in exchange for the signature (I am not making this up). I told him that my Liquidated Damages list was at over $3,500 and not even the EMD would cover them, and this was only considering the days they had delayed the closing. So I was not going back on signing at closing or the whole deal was off. Then silence. Come Sunday night, my agent informed me that the buyer was ready to go and closing was taking place Monday 7/17 at 4pm. I reminded him about my condition and he confirmed they were all going to be there.

Now… as anyone would have guessed, I no longer trust anything my agent tells me. I’m at the point that I think that they could have all agreed to meet at escrow just to get me to come and sign. What I want to do is print out a letter that sates that everyone that signs it, is confirming that closing is taking place today 7/17. And I want all to sign. Buyer, Buyer’s agent, ,y agent, the lender, escrow and me. If closing is in fact taking place today, then they should not have a problem signing it. All this time, my agent has only contacted me via text and since he has not dared to call me, I no longer trust him, obviously. So if in fact the closing takes place today, I will let you all know.

Once again, I am very thankful for all the advice provided. This thing has taught me so much. I really want to get into RE.

Thank you @Connor Heim and @Greg Hamer 

I have not heard from my agent yet. But you are right. I really should be getting out.

UPDATE:

3pm - I tool advice provided here and this is what I did. I called my agent and with a serious tone, I asked that he draw up a Notice to Perform and he was not expecting that. Making me believe more that he was not giving me all the details. We finally agreed that he would write up an addendum for the contract stating that if the closing does not take place by Wednesday 7/19, then the buyer forfeits the EMD and a release of contract must be issued right away. After telling me that the buyer might take me to court for the EMD, I told him I was Ok with it and that I would do what ever it takes to get my house sold before I go broke by paying expenses.

8pm - My agent texted me telling that he had just been contacted by the buyer's agent and told him that the buyer has to move out of their apartment and they were in a hurry to move out. Their request was that if I allowed them to move in to my home as soon as possible, that they were willing to forfeit the credit for some home repairs and also that they would provide a "Loan Commitment Letter" from the lender, letting me know that they were approved and all they were waiting for was for Quality Control to give the green light.

*Spoke to my father in law

* He said: This is too shady. If they really have an interest, then make a counter offer and see what they say.

9pm - I sent my agent my terms for accepting the move in of the buyer. It comes down to this. Buyer must sign a Lease with Option to Buy contract that will automatically take place if closing does not take place by 7/19. Leasing Monthly payment is $2,500 (average rent in my area), with a Deposit of $10,000 which is the equivalent to the 3.5% FHA DownPayment. Contract is voided as long as closing happens by 7/19. Full Deposit is refunded to buyer at closing as long as it happens by 7/19. Buyer will pay daily rent on the days he occupied the home prior to closing.

Waiting on a response from my agent. Will keep you updated.

Thank you all for the advice. It really means a lot to me.  @Chris Mason @Ben Biggs @Michael Cohen

@Melvin List it appears that the name of the company is Carrington Mortgage Services LLC.

I've been a BP member for over 4 months now. I have become interested in REI but today I have a more of personal situation rather than a business.

So here is a quick timeline of events.

- Early 2017 My family and I decided to sell the house we were living in.

- We contacted an Agent on April 2017. The agreement of the listing contract expires on July 21st.

- My agent brought me an offer the first week of May. Buyer accepted listing price and was “pre approved” for the listing price.

- I signed a GCAAR Sales Contract to sell my house on May 12th. Closing date was set to June 27th.

- All inspections took place and were approved. Credit were granted for some repair.

- On June 26th My agent contacted me and sent me an addendum to change closing date to June 30th.

- On June 30th I went down to Escrow and signed my side of the deal. I was told the buyer would sign that same day in the afternoon.

- I was also asked to sign a release of funds from the earnings for payment of July 2017 Mortgage. Why? “In case closing does not take place that afternoon” they said.

- Buyer ended up not signing and since then I am being told that the lender is requesting more docs from the buyer. FHA loan.

- Today is July 13th and closing has not been completed. I am being told it could be tomorrow or Wednesday.

- I will have to pay the July Mortgage in case it does not go thru.

- Now I have an empty house, bills due for July and Mortgage. No sign of buyer signing.

- I contacted my agent (several time), requesting in writing, the reasons for the delay and explained the expenses I now have to cover.

- Agent’s response is “a little more time”

What can I do? Do I have the right to the EMD? Can I deduct from the credits I granted the buyer all my current costs? Should I wait? Do I need a lawyer?

>> And Yes, I am learning so much from all of this. This is the first time I am involved in RE besides the time I bought my home.<<

Thank you all very much in advance!!