realtor gone bad !!!!!!!

[One Last Nerve]

we have a house that we are trying to sell
we moved and bought a new house.
the 1st house has a contract for deed on it
allowing a realtor/investment company to rent our house till he sells it.
The house has some people in it renting it and trying to buy it.
The deed of contact states that the realtor
is the Buyer, in otherwards he only closes on it the same day the new owners close on it. Howerver in the contact it states that we give the payment books to the realitor and he forward the payments from the people renting it from him to the Lender Our banks since the note is still in our name.
However it has been trying to close for 18 mths now (it was delayed because the people living in it had a sugery that held it up.
It is supposly getting close to closing. However it is July and the Realitor that has been collecting the renters money collected the money alright and then stopped forwarding it to the banks (our lender).
It is gambleing that it will close soon however he stop making the payments in May was his last one and it is now july.
If it does not close soon. we will be forced to make payments to the bank to keep it from forclosing while he is still collecting the rent a keeping it! We did get a attorney that is sending him a letter of default according to Section 5.061,5.062 and 5.063of the Property code of the state of texas which because he has already made 20% of the purchase price gives him 60 days to make payment or turn the property back over to us.
lot of good that does beacuse since we are into the second month of no payment to the bank we will be forced to make them and than if it closes( sells) after that how do we get our money back from him since we do not get anything when the warranty deed is filed at the closing. We gone only a portion of our equity out in the beginning and the rest of what if is to pay is to pay off the bank because he is selling it for more than the bank is owed he makes aprofit and we had to make payments while he is keeping the rent.
Do we take hime to small claims court to collect the payments we had to make to the bank that the realitor was suppose to pay.
Do we also turn him into the better business bueru and the Texas real estate commission.
we have told him to send the money to the bank that he is in breach of the contact he will not. this is one big mess and I think we are on the lossing end. Please tell us what we can do and how we get our money back from him (the realitor ) for payments that we are now going to have to send into the bank while he is collecting rent and keeping it. He has already caused one payment to go on our credit report and may have caused my husband to loose his VA benifits.
Help we need all the advise we can get since it seems that our attoney only handles the realestae part by sending him the Realitor a letter of default and not litigation on how we get our money.

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by One Last Nerve:
we have a house that we are trying to sell
we moved and bought a new house.
the 1st house has a contract for deed on it
allowing a realtor/investment company to rent our house till he sells it.
The house has some people in it renting it and trying to buy it.
The deed of contact states that the realtor
is the Buyer, in otherwards he only closes on it the same day the new owners close on it. Howerver in the contact it states that we give the payment books to the realitor and he forward the payments from the people renting it from him to the Lender Our banks since the note is still in our name.
However it has been trying to close for 18 mths now (it was delayed because the people living in it had a sugery that held it up.
It is supposly getting close to closing. However it is July and the Realitor that has been collecting the renters money collected the money alright and then stopped forwarding it to the banks (our lender).
It is gambleing that it will close soon however he stop making the payments in May was his last one and it is now july.
If it does not close soon. we will be forced to make payments to the bank to keep it from forclosing while he is still collecting the rent a keeping it! We did get a attorney that is sending him a letter of default according to Section 5.061,5.062 and 5.063of the Property code of the state of texas which because he has already made 20% of the purchase price gives him 60 days to make payment or turn the property back over to us.
lot of good that does beacuse since we are into the second month of no payment to the bank we will be forced to make them and than if it closes( sells) after that how do we get our money back from him since we do not get anything when the warranty deed is filed at the closing. We gone only a portion of our equity out in the beginning and the rest of what if is to pay is to pay off the bank because he is selling it for more than the bank is owed he makes aprofit and we had to make payments while he is keeping the rent.
Do we take hime to small claims court to collect the payments we had to make to the bank that the realitor was suppose to pay.
Do we also turn him into the better business bueru and the Texas real estate commission.
we have told him to send the money to the bank that he is in breach of the contact he will not. this is one big mess and I think we are on the lossing end. Please tell us what we can do and how we get our money back from him (the realitor ) for payments that we are now going to have to send into the bank while he is collecting rent and keeping it. He has already caused one payment to go on our credit report and may have caused my husband to loose his VA benifits.
Help we need all the advise we can get since it seems that our attoney only handles the realestae part by sending him the Realitor a letter of default and not litigation on how we get our money.<HR></BLOCKQUOTE>

Get a new attorney. The Realtor needs to be reported to those agencies that you have listed. The Realtor is not the owner since there has been no transfer of title but just an option to purchase created. The Realtor has a definite conflict of interest on numerous counts.

 

[One last Nerve]

Thanks for the info, I am really loosing sleep over this. I called the title company today that handled the contract of deed and since the contract of deed says that we had to sign the warrenty of deed at the same time just that it would not be filed untill the Realtor (BoB) close on the deal with the people that he is selling the house to at the same time they both get filed. Any ways no one but the receptionist was there so my question is can they file the deed of warranty even thro we are basically thru with the closing of the house between us and (Bob) the realitor if he is in default to us and we have had to jump in and make the payments, because if they file it and then he closes the house with the Renters, that are trying to Buy it , sure it pays off the note but then he will owe us for the payments we had made. since it is basically us financing it to him (BoB) and then him renting and suppose to be forwarding the payments to our lenders untill it sells and then he makes the profit not us because remember we got our equity at the beginning or should I say like bobs downpayment. It does not seem as if the tile company could file the deed of warranty if we can show prove and show them that he is in default to us.
as to finding a new attorney I don't have the money or time beacause if he does not close on the house before the 30th of this month we will be force to come up with 3 payments to the bank to keep it from foreclosing on us.

HELP!!!!!!!!!!!!!