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Home › Forums › Closed Forums › Buying and Selling RE › My sale is getting sketchy – BofA shenanigans – advice needed!

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  • October 14, 2010 at 4:10 PM #18074
    permabear
    Participant

    I am in the process of selling my primary residence, and just got this from my realtor. I believe everyone is acting in good faith – the buyer made a solid offer, 10% down, and I trust the realtors. HOWEVER, I am also paranoid legally and financially, and fear this could lead to a horrible situation.

    Since this is the buyer failing to perform, should I cancel as the seller and relist? Or try to accomodate? Advice needed please.

    ===============================

    Sorry to have to deliver this news, but there is going to be a delay in the close of escrow due to Bank of America not honoring their loan commitment. It appears that the delay will be 3-4 weeks while the buyer’s mortgage broker arranges for a new loan. Meanwhile, to make things worse, The buyer has rented his condo, has no place to live and must move out. They propose a short term rental of your home ahead of close of escrow.

    So, here is what it comes down to:

    1. Buyer is asking for an extension of close of escrow date;
    2. Buyer proposes to rent/occupy your home from the original close of escrow date (Oct. 19) until the extended close of escrow date (2-4 weeks later) and will pay your full principal, interest, taxes, insurance and HOA fees on a prorated basis.

    We will need to know your exact monthy payment to your lender, so please call me at your earliest convenience to discuss.

    Coincidently, this exact same issue is happening to me on another current transaction where I am representing the buyer. Bank of America approved my buyer, than yanked the loan at the last minute, so we are scrambling for financing right now and had to get an extension of close of escrow from the seller. B of A also did this same thing to one of my agents two weeks ago. Suffice it to say, we (and all of our agents) will not be allowing any of our clients to enter into transactions if Bank of America is the lender until further notice. They are an absolute mess right now.

    Anyway, please call me when you get a chance and we can discuss in more detail. Thank you.

    October 14, 2010 at 4:17 PM #618223
    jpinpb
    Participant

    Anyone else that’s interested in buying your place, i.e. back-up offers?

    October 14, 2010 at 4:17 PM #618310
    jpinpb
    Participant

    Anyone else that’s interested in buying your place, i.e. back-up offers?

    October 14, 2010 at 4:17 PM #618859
    jpinpb
    Participant

    Anyone else that’s interested in buying your place, i.e. back-up offers?

    October 14, 2010 at 4:17 PM #618980
    jpinpb
    Participant

    Anyone else that’s interested in buying your place, i.e. back-up offers?

    October 14, 2010 at 4:17 PM #619296
    jpinpb
    Participant

    Anyone else that’s interested in buying your place, i.e. back-up offers?

    October 14, 2010 at 4:33 PM #618233
    permabear
    Participant

    I think we could get one, although we did not accept any. We stopped showings because the offer was strong and my wife works from home with our kids, so showings were difficult.

    I’m leaning towards writing a Notice to Perform (which they can’t fulfill), and then relisting the home. If they get their loan in order, they are welcome to write another offer.

    I’m not trying to be mean, but I can’t imagine the nightmare if their subsequent funding falls through… and then I have strange people “renting” my place… who can’t get a loan, and decide to stop paying “rent”… and I have to evict. It makes my head hurt.

    October 14, 2010 at 4:33 PM #618320
    permabear
    Participant

    I think we could get one, although we did not accept any. We stopped showings because the offer was strong and my wife works from home with our kids, so showings were difficult.

    I’m leaning towards writing a Notice to Perform (which they can’t fulfill), and then relisting the home. If they get their loan in order, they are welcome to write another offer.

    I’m not trying to be mean, but I can’t imagine the nightmare if their subsequent funding falls through… and then I have strange people “renting” my place… who can’t get a loan, and decide to stop paying “rent”… and I have to evict. It makes my head hurt.

    October 14, 2010 at 4:33 PM #618869
    permabear
    Participant

    I think we could get one, although we did not accept any. We stopped showings because the offer was strong and my wife works from home with our kids, so showings were difficult.

    I’m leaning towards writing a Notice to Perform (which they can’t fulfill), and then relisting the home. If they get their loan in order, they are welcome to write another offer.

    I’m not trying to be mean, but I can’t imagine the nightmare if their subsequent funding falls through… and then I have strange people “renting” my place… who can’t get a loan, and decide to stop paying “rent”… and I have to evict. It makes my head hurt.

    October 14, 2010 at 4:33 PM #618989
    permabear
    Participant

    I think we could get one, although we did not accept any. We stopped showings because the offer was strong and my wife works from home with our kids, so showings were difficult.

    I’m leaning towards writing a Notice to Perform (which they can’t fulfill), and then relisting the home. If they get their loan in order, they are welcome to write another offer.

    I’m not trying to be mean, but I can’t imagine the nightmare if their subsequent funding falls through… and then I have strange people “renting” my place… who can’t get a loan, and decide to stop paying “rent”… and I have to evict. It makes my head hurt.

    October 14, 2010 at 4:33 PM #619306
    permabear
    Participant

    I think we could get one, although we did not accept any. We stopped showings because the offer was strong and my wife works from home with our kids, so showings were difficult.

    I’m leaning towards writing a Notice to Perform (which they can’t fulfill), and then relisting the home. If they get their loan in order, they are welcome to write another offer.

    I’m not trying to be mean, but I can’t imagine the nightmare if their subsequent funding falls through… and then I have strange people “renting” my place… who can’t get a loan, and decide to stop paying “rent”… and I have to evict. It makes my head hurt.

    October 14, 2010 at 4:41 PM #618238
    davelj
    Participant

    Just an idea… you could charge them a large deposit – say a few months’ rent – that they would get back on a pro-rated basis once the sale closed. That might mitigate some – but not all – of the hassle in case the funding disappears.

    October 14, 2010 at 4:41 PM #618325
    davelj
    Participant

    Just an idea… you could charge them a large deposit – say a few months’ rent – that they would get back on a pro-rated basis once the sale closed. That might mitigate some – but not all – of the hassle in case the funding disappears.

    October 14, 2010 at 4:41 PM #618874
    davelj
    Participant

    Just an idea… you could charge them a large deposit – say a few months’ rent – that they would get back on a pro-rated basis once the sale closed. That might mitigate some – but not all – of the hassle in case the funding disappears.

    October 14, 2010 at 4:41 PM #618994
    davelj
    Participant

    Just an idea… you could charge them a large deposit – say a few months’ rent – that they would get back on a pro-rated basis once the sale closed. That might mitigate some – but not all – of the hassle in case the funding disappears.

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