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  • March 26, 2010 at 10:01 PM #17271
    zakenjanei
    Participant

    We have a contract with a REO seller. The closing date has gone by, but seller won’t close escrow because there were HOA dues discrepancies.

    This is sn all cash transaction so we have already wired all funds to the title company.

    However, we now want to rescind the contract since the seller did not close escrow within the closing date specified in the contract.

    Is the contract still valid once the closing date has expired?

    If we rescind a contract with an expired closing date, can the seller still keep our earnest money deposit?

    Is there any chance the seller can go after more than the earnest money deposit?

    Thanks!

    March 27, 2010 at 1:12 PM #532200
    SD Realtor
    Participant

    If your agent follows procedure and you really want to bail out then he/she should have already submitted a notice to perform for the seller. Since the seller would be in default it would “appear” that you could get your deposit back. HOWEVER, the addendums that the REO seller usually has the buyer sign are pretty restrictive and may bind you to the deal even though it is the seller who is in default. One thing that puzzles me is if this is the place you really want, and it is a CASH deal, (so you are not losing a loan lock) is being a few days or even a week late that much of a show stopper or are there other factors and you just want an out? (not that it matters)

    Again your agent should be able to advise you on this matter.

    March 27, 2010 at 1:12 PM #532329
    SD Realtor
    Participant

    If your agent follows procedure and you really want to bail out then he/she should have already submitted a notice to perform for the seller. Since the seller would be in default it would “appear” that you could get your deposit back. HOWEVER, the addendums that the REO seller usually has the buyer sign are pretty restrictive and may bind you to the deal even though it is the seller who is in default. One thing that puzzles me is if this is the place you really want, and it is a CASH deal, (so you are not losing a loan lock) is being a few days or even a week late that much of a show stopper or are there other factors and you just want an out? (not that it matters)

    Again your agent should be able to advise you on this matter.

    March 27, 2010 at 1:12 PM #532781
    SD Realtor
    Participant

    If your agent follows procedure and you really want to bail out then he/she should have already submitted a notice to perform for the seller. Since the seller would be in default it would “appear” that you could get your deposit back. HOWEVER, the addendums that the REO seller usually has the buyer sign are pretty restrictive and may bind you to the deal even though it is the seller who is in default. One thing that puzzles me is if this is the place you really want, and it is a CASH deal, (so you are not losing a loan lock) is being a few days or even a week late that much of a show stopper or are there other factors and you just want an out? (not that it matters)

    Again your agent should be able to advise you on this matter.

    March 27, 2010 at 1:12 PM #532879
    SD Realtor
    Participant

    If your agent follows procedure and you really want to bail out then he/she should have already submitted a notice to perform for the seller. Since the seller would be in default it would “appear” that you could get your deposit back. HOWEVER, the addendums that the REO seller usually has the buyer sign are pretty restrictive and may bind you to the deal even though it is the seller who is in default. One thing that puzzles me is if this is the place you really want, and it is a CASH deal, (so you are not losing a loan lock) is being a few days or even a week late that much of a show stopper or are there other factors and you just want an out? (not that it matters)

    Again your agent should be able to advise you on this matter.

    March 27, 2010 at 1:12 PM #533138
    SD Realtor
    Participant

    If your agent follows procedure and you really want to bail out then he/she should have already submitted a notice to perform for the seller. Since the seller would be in default it would “appear” that you could get your deposit back. HOWEVER, the addendums that the REO seller usually has the buyer sign are pretty restrictive and may bind you to the deal even though it is the seller who is in default. One thing that puzzles me is if this is the place you really want, and it is a CASH deal, (so you are not losing a loan lock) is being a few days or even a week late that much of a show stopper or are there other factors and you just want an out? (not that it matters)

    Again your agent should be able to advise you on this matter.

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Viewing 6 posts - 1 through 6 (of 6 total)
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