I wrote a blog yesterday (http://activerain.com/blogsview/287283/Do-you-want-to) about a loan that I've completed that the sellers will not close on. I spoke to the seller's attorney yesterday after I wrote the blog to find out what is going on.
He told me that he really doesn't know. He said that the seller came into his office in the morning and kept going around in circles about why he could not close on the deal. His attorney told me that he was not making any sense. He says that the guy is living in an upstairs apartment in the garage and cannot move his stuff out till Jan.15th. I proposed that a short term lease be drawn up.
The seller's attorney advised me that "if I were you, I wouldn't waste any more time on this." This to me is unbelievable.
This is pretty disappointing. There really were no indications that I'd run into issues on this loan. The buyer is highly qualified. The sellers side came to me in a rush like this is something that needed to be done ASAP! I did my job and now unless this seller gets his act together my client is going to walk away from this dealm, the listing agent is going to lose the sale, and the seller will not get a better price than he has right now.
If I can offer any advice to any potential buyers out there I'd say DO NOT PROCEED WITHOUT A BUYERS AGENT!! A buyers agent will negoiate the contract and make sure that there are provisions in place to penalize a seller who does not comply with the terms of a contract.
I did not realize until recently just how important it is to go to a buyers agent for representation. A listing agent is representing the sellers interests, a buyers agent represents the buyers interests.
In this case I believe that if a buyers agent were involved that something could be done.
I really think that threre should be some sort of legal ramification for the seller who is not complying with the terms of the contract.
Is there anything that can be done legally to force the seller to adhere to the terms of the contract? Or is there anything that can be done legally to penalize the seller for not complying with the terms of the contract?
Any advice on what can be done will be greatly appreciated. I'd like to hear from any of you who may have been in a similiar situation and what you did about it. Thanks!!