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Don't Worry! Hot Air is now LEGAL AND BINDING

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JusdoNit
Established Contributor

Don't Worry! Hot Air is now LEGAL AND BINDING

My realtor kept saying they had the signed papers and the sellers had agreed to the appraised value.  Then after the inspection was ordered and scheduled I asked "did they have the papers in hand?"  My realtor said the papers (new agreement since appraisal came in low & disclosures) were signed and the seller's realtor were bringing them and they would be given to us at the time of inspection as the seller and agent would be there too; and we got NOTHING in writing.

 

Seems they want to close a bit later.  Which was fine as it was still in my rate lock time frame.  Also, all the items that needed to be inspected, but weren't covered under the standard inspection agreements and required me to pay additional inspection fees were not ready; AGAIN.  As they were not for the appraisal either.  Yet, the seller said they would be soon.

 

It is my understanding that until the seller signs the new addendum for appraised price that we are not under contract at all and I am just throwing money away.  A point (we haven't signed anything) the seller made very clear to our realtors.  They promised as always that they we would have the papers the next day and then again nothing.  

 

So have I lost inspection time for items not inspected yet since the amendment/addendum to the price has not been signed to restart the time line?

 

It seems that when they showed up without the proper papers that my realtor should of at least advised me to end the inspection and cut losses before more monies were paid out.  As it stands I am in arrears for an appraisal and inspection, but not under legal contract?

 

Or should I not be concerned because HOT AIR is now legal and binding?

 

So close, but so far away.  

 

If I have to suck this up as monies lost; My Realtor is firedSmiley Frustrated

 

 


 

edited for typos and lack of clarity


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Message 1 of 8
7 REPLIES 7
Familywantsahouse
Frequent Contributor

Re: Don't Worry! Hot Air is now LEGAL AND BINDING

I was worried about that myself. After initially agreeing to lower the price to the appraised value, we never got a signed addendum...our file is suppose to go to UW on Monday morning and my realtor was still trying to get the SIGNED addendum for 48 hours after the verbal agreement.

 

We finally got it TODAY.

 

Keep the faith, either you want to sell your house or you don't. I'm not playing games with my seller anymore so hopefully this was the last hurdle!!

2/24 (Lender Pull) EQ 613, TU 553, EX 589
April EQ 633, My Fico TU 638, EX ??
Current EQ 643, TU 652, EX 633 (lender pull 5/11)
Goal (we made it!!)- Over 640 middle by 5/15
Message 2 of 8
JusdoNit
Established Contributor

Re: Don't Worry! Hot Air is now LEGAL AND BINDING

Thanks and thanks for the reading ear to Startingover10 in pm.

 

Yet for us, it has been 2 weeks since the verbal agreement.  I have already paid for the inspection, cleared underwriting, and met the few conditions they gave me.  Just hopeful in prayer that it all comes together.Smiley Sad


Starting Score: 722
Current Score: Now 687 what the hockey sticks...from a 784 (Aug 12 EX 751 EQ Fico)
Goal Score: 800

If your outGo is more than your INcome than your UpKeep will become your downFALL.

Take the FICO Fitness Challenge


Message 3 of 8
IOBA
Senior Contributor

Re: Don't Worry! Hot Air is now LEGAL AND BINDING

JusdoNit - yes and no.   You are under contract until you officially, in writing, asked to be released from the contract.  It's always a good idea to put it into writing that you are ending negotiations or walking away from the deal.   With my house buying saga - the first one, I walked away, but we didn't have a signed contract, so I didn't feel the need to put it in writing.  With the second house, I was under contract, but the sellers got into it with their mortgage company and time passed.  A lot of time passed.  I finally asked, in writing, to be released from the contract.  The sellers had to sign and agree to release me.  I did not pay for an appraisal or inspsection with that contract becuase I didn't want to be out any money.  I waited just over three months for the sellers and their mortgage company to work things out.   And even when the title company said I was good to close within a week, I STILL didn't do the appraisal or inspection.  I wanted something in writing that said they had worked it out.  Never came.  Got released.

 

With this third property - the one I closed on - the sellers dragged their feet.  I had verbal approval.  I had an email confirming the agreement.  But again, I would NOT schedule anything until I had it in writing - a ratified contract with the proper addendum - before scheduling anything.   (I struggled with that one!)

 

At this point, if I was you, I would probably put something to paper and forward it through the realtors that you want the signed addendum in your possession within 48 hours (or whatever deadline you have).   No addendum, the deal is off and you want a full refund of monies spent. 

 

You mentioned other things that need to be inspected that the sellers have not made ready or available yet?  Put a deadline on that as well.  Write in the paper that those items must be available for inspection by xx or the responsibility for those inspections, and their costs, will fall to the sellers.

 

Bottom line is, the sellers are dragging their feet for a reason.  Unknown to you, but very known to them.  Give them a deadline.  Give them consequences.  Hopefully, they will respond with honesty.

 

Years and years ago, I had a seller that dragged his feet.  I did put a deadline in place and learned that he had lost his job (which I think I had already heard) and he simply could not afford to the needed repairs called for in the inspection.   With this information, the two realtors and I got together and worked out a plan.  His realtor knew someone who would come  and do the work and get paid at closing.   The seller agreed, a different addendum was written up with them, and the work got done, and I closed.  We all won.  Smiley Happy

 

Let us know how things work out.

Message 4 of 8
JusdoNit
Established Contributor

Re: Don't Worry! Hot Air is now LEGAL AND BINDING

IOBA; Thanks so much for the encouragement.Smiley Happy

 

 I did hear they did the termite inspection over the weekend and made some small repairs, but still nothing in writing.  Right now I am from Missouri.  The pen has been put to paper is all I want to hear ( I mean see).Smiley Frustrated


Starting Score: 722
Current Score: Now 687 what the hockey sticks...from a 784 (Aug 12 EX 751 EQ Fico)
Goal Score: 800

If your outGo is more than your INcome than your UpKeep will become your downFALL.

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Message 5 of 8
IOBA
Senior Contributor

Re: Don't Worry! Hot Air is now LEGAL AND BINDING

Again, give them a deadline and a consequence.

 

It could be that they can't afford to do the work.  OR something was hinging on the sale of this house and has been delayed.  Who knows?

 

Sometimes, people just drag their feet!   Get to the bottom of it.  Smiley Happy

Message 6 of 8
JusdoNit
Established Contributor

Re: Don't Worry! Hot Air is now LEGAL AND BINDING

IOBA- my realtor told me it was in writing.Smiley Frustrated


Starting Score: 722
Current Score: Now 687 what the hockey sticks...from a 784 (Aug 12 EX 751 EQ Fico)
Goal Score: 800

If your outGo is more than your INcome than your UpKeep will become your downFALL.

Take the FICO Fitness Challenge


Message 7 of 8
JusdoNit
Established Contributor

Re: Don't Worry! Hot Air is now LEGAL AND BINDING


@IOBA wrote:

Again, give them a deadline and a consequence.

 

It could be that they can't afford to do the work.  OR something was hinging on the sale of this house and has been delayed.  Who knows?

 

Sometimes, people just drag their feet!   Get to the bottom of it.  Smiley Happy


Ok.  Will do; Good as done.Smiley Wink


Starting Score: 722
Current Score: Now 687 what the hockey sticks...from a 784 (Aug 12 EX 751 EQ Fico)
Goal Score: 800

If your outGo is more than your INcome than your UpKeep will become your downFALL.

Take the FICO Fitness Challenge


Message 8 of 8
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