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Old 09-15-2005, 08:03 PM
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Join Date: Sep 2005
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Past closing. What do we do now?


What is the name of your state?What is the name of your state? Oregon

I am a seller. We accepted our buyers offer without any contingencies. Our date to close was the 9th of Sept. We had our inspection and our appraisal. They both came out fine. Our buyer even had her final walk through on the 6th. The buyer and her realtor stated they were going in to sign on the following day and that funding should go through on the 9th.

The next day I was told by the escrow company they were not ready for anyone to sign. We would sign on the 8th at 9:00am. On the 7th at 5:30pm the buyers realtor called me. She wanted to inform me that the deal had not "totally fallen apart but does have a problem". At that time we were informed that the buyer had a house that had not closed yet and we could not close without that one closing first. Turns out it appraised at $70,000 less than asking. We had no idea there was another house involved. This was the first we heard of it. Then the buyers realtor told me they were going to try to get us to close anyway by giving me a loan. She wanted to know what my payoff was and how much I expected to gain on the deal. Also how much it would cost us to move. I told her I didn't have all of that info but I did tell her my pay off amount. I now regret giving her that info. Anyway, she wanted me to take a loan on the moving expenses from her broker. Then allow the buyer early entry and she would pay us rent. My husband and I decided not to do that because we felt we were putting ourselves at risk. When I told her no she then asked me not to tell my realtor that we had spoken. I then asked her "didn't he know you were calling me?" She said "no he doesn't know that the deal has any problems at this point." I thought that was wrong of her to contact me and try to make a deal behind his back.

So, of course there was no closing on the 9th. The buyer asked for an extension until the 20th claiming they are going to be able to get a new appraisal. We accpeted the extension but asked that she pay us $1,000 earnest money by the 16th of Sept. The buyer has not signed the contract. She says she is waiting for the appraisal to pass before she will give us that money.

I spoke to my realtor yesterday and he said that I wouldn't count on getting the money on Friday or closing on the 20th. What good is this contract then if the dates don't mean anything? We are now past the prime selling time and I worry we will be here through the winter. We have also lost out on a deal that we made pending the sale of this house. The cost of our moving truck is going up because we have to keep moving the dates around. All of this is her fault. We went into this deal not even knowing that the sale of our house was pending the sale of another. Can she do that? I guess what I am wondering is what should I do now? My realtor says just wait. Also do you think it is possible for a home to sell at a price $70,000 over appraisal? Thank you for any help or advice.

Last edited by Hkcoats22; 09-16-2005 at 10:19 AM. Reason: Change title
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