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Personal Finances / Buying or Selling a Home
|Subject: Re: Selling: more of a rant than anything||Date: 3/12/2013 8:41 PM|
|Author: VTAlumni||Number: 124954 of 128075|
Update: Looks like the Realtor who works above the one who made the mistakes was caught off guard today when she received the call from our Realtor. She understands that gravity of the mistake and indicated that the buyer got cold feet in the 11th hour after using Google to search for litigation articles between our HOA and internet service provider (every member of the community was assessed an extra 13th HOA payment last year to hire a lawyer to represent the community - summary is that we were developed by one builder who binded the community to a 75 year Monopoly contract with our ISP... the ISP has been lagging other providers (less HD channels, blah blah blah) in technology advances because there is no incentive to keep up - we are a cash cow for them. Community won the case, and ISP is obviously appealing, the contract was scheduled to be terminated this summer but might go another year because of the appeals). She feels he got spooked because of the lack of time to review things (guess three days wasn't enough to traverse all of Google), and feel confident that if he spends time to talk to the HOA president about his concerns that he'll have no problem moving forward. Makes sense that everyone involved now is moving towards pushing this through, to cover themselves and get paid.
There should be more communication in the morning after buyers Realtor has time to talk to the buyer and sort out where he stands on all of this. I indicated to our Realtor that we would still like to sell the house to him, but if his intent is to back out of the contract and fight for the earnest money back, he will do himself a lot of favor by submitting something in writing to us formally indicating his intent to withdraw from the contract... hopefully freeing us up to entertain other offers. We told him we would like this decision to be made prior to Friday so that we do not miss another weekend off the market and potentially more damage.
I'm not out to gouge this guy. I am pissed that this has now happened twice and feel that at the very least half of the earnest money needs to be turned over to us, should his intent be to back out. Guess we'll see where this goes. If what IP suggests is really true, and we are stuck not selling our house during this whole litigation process than we would obviously rather avoid that. That'll be a question for our Realtor's lawyer if we find out in the next day or two that this buyer really has no interest in moving forward with this.
Below are the highlights of the contract.
Deposit: The Deposit will be placed in an escrow account of the Escrow Agent after Date of Ratification in conformance with
the laws and regulations of the appropriate jurisdiction and/or, if VA financing applies, as required by Title 38 of the
U.S. Code. This account may be interest bearing and all parties waive any claim to interest resulting from the Deposit.
The Deposit will be held in escrow until: (i) Credited toward the Sales Price at Settlement; (ii) All parties have agreed
in writing as to its disposition; (iii) A court of competent jurisdiction orders disbursement and all appeal periods have
expired; or, (iv) Disposed of in any other manner authorized by the laws and regulations of the appropriate jurisdiction.
Seller and Purchaser agree that Escrow Agent will have no liability to any party on account of disbursement of the
Deposit or on account of failure to disburse the Deposit, except in the event of the Escrow Agent's gross negligence or
Default: ... If either Seller or Purchaser refuses to execute a release of Deposit ("Release") when requested to do
so in writing and a court finds that such party should have executed the Release, the party who so refused to execute
the Release will pay the expenses, including, without limitation, reasonable attorney's fees, incurred by the other party
in the litigation. Seller and Purchaser agree that no Escrow Agent will have any liability to any party on account of
disbursement of the Deposit or on account of failure to disburse the Deposit, except only in the event of the Escrow
Agent's gross negligence or willful misconduct.
DELIVERY: Delivery, "delivery" or "delivered" methods may include hand-carried, sent by professional courier service, by United States mail, or by facsimile or e-mail transmission. The parties agree that Delivery will be deemed to have occurred: on the day delivered by hand, on the day delivered by professional courier service including overnight delivery service, or by United State