ggrr87
Jun 29, 2012, 11:07 AM
1st day, Just recently my foreign national buyer agreed to purchase a property near San Marino, California above the asking price with all cash. The seller's agent emailed me Signed Residential Purchase Contract with the agreed purchase price and 30 day close of escrow. Both parties agreed, end of July. I set up an appointment for inspection, which would take place in 2 days. We all decided to open escrow after the inspection. My buyer will be flying back to his country in 2 days.
2nd day, the listing agent called me at least 5 times. At first they wanted 45 days escrow, long story short, they want 60 days close of escrow. I told her that I would have to consult with my buyer, whom initially wanted a 20 day COE. I told her this is very difficult for my buyer to accept, but I'll ask him. The listing agent called me half an hour later, that if we don't accept the 60 day COE, then there are three choices: either cancel the purchase contract, agree to the 60 days COE , or sue me. Considering that after such claim, the time would be enough for the seller to move out at that time.
I spoke with my broker, and he said that we could only agree and wait. My buyer wants to think it through. I informed him that we have the signed purchase contract, with purchase term agreements, that we would have about 30 days.
3rd day, I cancelled the inspection. Escrow is not opened, and the listing agent called me and asked me if my buyer has made a decision, and I told her that my buyer is seeking legal help.
4th day, my buyer flew back to his country, and nothing happens
5th day, which is today, I check the MLS listing and the subject property shows from backup offer to Pending… therefore, they may have opened escrow.
In this actual situation, what are my choices before telling my buyer? I would need proper advise to take immediate action.
2nd day, the listing agent called me at least 5 times. At first they wanted 45 days escrow, long story short, they want 60 days close of escrow. I told her that I would have to consult with my buyer, whom initially wanted a 20 day COE. I told her this is very difficult for my buyer to accept, but I'll ask him. The listing agent called me half an hour later, that if we don't accept the 60 day COE, then there are three choices: either cancel the purchase contract, agree to the 60 days COE , or sue me. Considering that after such claim, the time would be enough for the seller to move out at that time.
I spoke with my broker, and he said that we could only agree and wait. My buyer wants to think it through. I informed him that we have the signed purchase contract, with purchase term agreements, that we would have about 30 days.
3rd day, I cancelled the inspection. Escrow is not opened, and the listing agent called me and asked me if my buyer has made a decision, and I told her that my buyer is seeking legal help.
4th day, my buyer flew back to his country, and nothing happens
5th day, which is today, I check the MLS listing and the subject property shows from backup offer to Pending… therefore, they may have opened escrow.
In this actual situation, what are my choices before telling my buyer? I would need proper advise to take immediate action.