Ask Me Help Desk - Loan Contingency Removal

I am the Seller. I have been misled and lied to several times within the first three weeks of my escrow. I thought I would wait until the Buyer defaults on the last contingency time frame, to finally cancel and re-list my house and take my chances on a new buyer and their new lender and their new agent. Our C.A.R. contract reads, 17- day loan contingency. The Buyer would not remove it and wanted a 10- day extension mainly due to changing their lender. I would not sign the extension because I felt adding yet another contingency does not change the fact the Buyer was in default. I instead told the agent that I would wait for that ten days and if I was fed up with more of their delays (and lies), I would cancel. I instructed my agent to submit a 48 Notice to Perform (2 days short of those 10 days unwrittenly given the Buyer). Now the Buyer sends the removal with "other" checked off that states they will give me $1K if their loan does not fund. I don't want a contingency upon a contingency. I want the Buyers to, in essence, put their whole deposit at risk if their 3rd party people do not perform or... get out of this sale.
My agent is also giving me a hard time asking me to give Buyer "breaks" because appraisals, slow loan processors, FHA requirements are beyond their control. I want to get the buyer to get REAL serious and risk their deposit to prolong my house off the market any longer.
Tell me what else I can do. My agent offers no advice and when convenient, tells me "I didn't know", or "I don't know" Please please help me. I do not understand why we have contract dates so we can not abide by them. I also understand nothing is PERFECT like my agent says... however, I feel they are wasting precious time... MY TIME

Hello M:

IF they've violated ANY provision of the purchase and sales agreement, they are in breach. If you want to cancel because of their breach, and your agent won't do it, go to the agents broker.

excon

Quote:

Originally Posted by Mahalo1234

Tell me what else I can do. My agent offers no advice and when convenient, tells me "I didn't know", or "I don't know" Please please help me. I do not understand why we have contract dates so we can not abide by them. I also understand nothing is PERFECT like my agent says...however, I feel they are wasting precious time...MY TIME

Your works for you, but is obviously doing all of this in the hope of getting his/her commission.

Tell your agent that if he/she won't follow your instructions you will consider getting another agent.

I think in the whole buying/selling property business, the only people who worry about things are the buyers and the sellers. I am a buyer, I have the same problem with the above mentioned except it's in the other way around -- I have been consistently told by my broker that I'd get my loan in a few days, so I had to file extension on a weekly basis every since 4 weeks ago. I had put a lot of trust in my broker, however he is not able to perform. I have found out that my broker delayed on processing the loan simply by not collecting required documents in time. Every week my confidence in his performance goes down and I wanted to change to a different broker, but all the people around me including my buyer agent and my broker (and other housing buying friends and new home owners) told me that to change to any other broker I'd have to start over again, and it's definitely not guaranteed to be processed faster. For the last extension, the seller did not sign it back, and now it is again time to file another one. I would like to get the property, however, given that I've already paid twice for the appraisal when my broker changed lenders, I don't want to lose yet another a few thousand dollars of deposit. I have GOOD FAITH, and I understand the Seller's position. It is the AGENT and the BROKER who puts little work and delayed the process. Is there a better system to get the Brokers and Agent in check along their performance? Seller, I feel your pain -- no one wants to be lied to...