[quote=HLS]If Svelte is correct that it has fallen out of escrow twice,
you need to try to find out why.
As a Realtor, representing the buyer, I would be a pit bull.
As a mortgage broker, I find it odd that the property fell out of escrow twice in a short period of time; It’s not likely that 2 different buyers had their loans rejected in such a short period of time.
Inspections by good inspectors are done quickly. The guy I use usually finishes his report within 12 hours of inspection.
It’s possible that 2 buyers cancelled because of their inspection, not their loan. It takes much longer to get through the loan app, file set-up and in front of an underwriter, especially right now as underwriters are swamped.
A buyer is not obligated to provide the inspection report to the seller, and buyer can back out for ANY reason.
Seller cannot back out or cancel transaction.
IF the inspection report was provided to seller through the listing agent, they can no longer ignore/pretend not to be aware of any defects/problems/items that need attention.
Disclosures & transfer statement must address these items clearly. Even if it was a rental property, seller can no longer say that “We didn’t live there, not aware of any problems”
If you proceed and ever found out that they knew things that were
not disclosed to you, you would have a strong lawsuit against seller, listing agent and/or listing agent’s broker.
They can play games with listing price, they can lie about having other offers. they CANNOT lie/mislead about known problems without possible severe consequences.
Your agent should be telling you ALL this and putting pressure on the listing agent to disclose why it fell out of escrow twice.
It’s sad if you have to ask you agent to do this.
That’s mediocre service at best, which is all most agents offer.[/quote]
Hi HLS,
Very good to know about the seller’s own inspection and action I can take if they hide items which need repair. Our agent heard from the listing agent and the home was built in the 40s. So its almost an 80 year old home and no repairs. Again we love the home, but I’m also not going to be someone’s b*tch. Sorry for the language, but that is the only thing that came to mind.
We are growing weary of our agent. I don’t think she has it in her to really fight fair, but be a shark when she needs to. We have already discussed if this deal falls though we will go with another agent. Who knows, maybe we come back after working with someone else.
“They can play games with listing price, they can lie about having other offers.”
That is my hunch as well. I asked my realtor today why they only chose us and one other buyer. We aren’t special, I just think our offer was high.
I told my agent today if they don’t pay for the closing cost we are out. We are paying way over the listing price. We will see what happens.
