- This topic has 40 replies, 5 voices, and was last updated 15 years ago by
SD Realtor.
-
AuthorPosts
-
-
March 20, 2008 at 9:55 AM #12194
-
March 20, 2008 at 10:01 AM #173737
raptorduck
ParticipantIf you wrote your offer with an appraisal contingency, and it does not appraise, you can walk away or ask for a price concession.
Shorts sales are a different animal however, and their unpleasent nature has been well documented on this board. It seems to me that the bank would rather take posession than approve a lower offer, but who knows.
For me, with normal offers, I always worry about appraisal, but if it does not appraise, and if the seller refuses to adjust the price accordingly, I can walk away. You can do that with the short sale too if you had it as a contingency.
-
March 20, 2008 at 11:04 AM #173787
Bugs
ParticipantOr, if you love the house you can make up the difference out of pocket.
-
March 20, 2008 at 11:33 AM #173812
farbet
ParticipantThank you guys
-
March 20, 2008 at 11:33 AM #174154
farbet
ParticipantThank you guys
-
March 20, 2008 at 11:33 AM #174162
farbet
ParticipantThank you guys
-
March 20, 2008 at 11:33 AM #174172
farbet
ParticipantThank you guys
-
March 20, 2008 at 11:33 AM #174258
farbet
ParticipantThank you guys
-
-
March 20, 2008 at 11:04 AM #174129
Bugs
ParticipantOr, if you love the house you can make up the difference out of pocket.
-
March 20, 2008 at 11:04 AM #174136
Bugs
ParticipantOr, if you love the house you can make up the difference out of pocket.
-
March 20, 2008 at 11:04 AM #174146
Bugs
ParticipantOr, if you love the house you can make up the difference out of pocket.
-
March 20, 2008 at 11:04 AM #174232
Bugs
ParticipantOr, if you love the house you can make up the difference out of pocket.
-
March 20, 2008 at 8:49 PM #174035
SD Realtor
ParticipantEven in short sales your contingencies are still in effect unless you for some reason have waived them. Similarly your contingency period should not have started until the offer was accepted by the lender, not the seller. So in the case you posed above farbet you will be fine.
SD Realtor
-
March 21, 2008 at 3:41 PM #174040
farbet
ParticipantSD Realtor
My co worker thanks you.They are buying a condo and every thing is dropping around them. -
March 21, 2008 at 10:52 PM #174561
SD Realtor
ParticipantNo worries Farbet. Let them know that even if they have passed the contingency period, if they have not actually SIGNED a removal of contingency document then they are still in luck and can back out with no loss of deposit.
SD Realtor
-
March 22, 2008 at 10:12 AM #174654
NotCranky
ParticipantThis has changed over time SDR. For a while, If I remember correctly the buyer had to indicate passive or active removal of contingencies. My broker doesn’t like the curent language and if he wants the loan contingency to remain in effect for the duration of escrow or until funding he puts it in an addendum just to be sure it is clear. I have not had a problem with it but I’ll be honest I don’t understand that language about continuation of contingencies in that section of the contract.That is why I said in another post a lawyer could interpret it various ways. Seems you are always thinking active removal is required to put the buyer’s deposit in jeopardy? Maybe you could go help donaldduckmoore on his thread. He is worried about his deposit and although he didn’t state if he removed his contingency in writing, I told him he could have a hard time getting it back.I am not sticking my neck out with a supposedly conclusive answer on somebody else’s escrow on this topic. Anyway it is a shame if an agent doesn’t help protect the deposit when they write the offer.
-
March 22, 2008 at 10:29 AM #174669
SD Realtor
ParticipantHi Rustico –
I had 2 similar situation actually occur in the past few weeks. In the first one my buyer was concerned about the loan contingency so on page 1 of the RPA we marked that the loan contingency shall remain in place until the close of escrow. That was air tight and although the seller didn’t like it we kept it in place and we did successfully close. That was a short sale in Mira Mesa believe it or not. In the second case this was exactly like the case described above here. We hit the contingency removal time and my buyer simply did not have his financing locked in because he had a crappy mortgage broker/lender. I told the listing agent we could not remove contingencies… They kept pressing and pressing and we kept telling them we could not. We told them if they wanted to cancel escrow they could but that in no way could we remove the contingencies. I kept it all documented and 2 weeks after the supposed contingency removal date we did indeed have to cancel because this person could not obtain the financing he needed. The seller did indeed return the deposit. I agree with what you are saying and there could indeed be cases that I am not considering. Luckily I have not run into them and I think if your agent is good, documents everything and such, you should be able to see your deposit come home.
SD Realtor
-
March 22, 2008 at 10:29 AM #175018
SD Realtor
ParticipantHi Rustico –
I had 2 similar situation actually occur in the past few weeks. In the first one my buyer was concerned about the loan contingency so on page 1 of the RPA we marked that the loan contingency shall remain in place until the close of escrow. That was air tight and although the seller didn’t like it we kept it in place and we did successfully close. That was a short sale in Mira Mesa believe it or not. In the second case this was exactly like the case described above here. We hit the contingency removal time and my buyer simply did not have his financing locked in because he had a crappy mortgage broker/lender. I told the listing agent we could not remove contingencies… They kept pressing and pressing and we kept telling them we could not. We told them if they wanted to cancel escrow they could but that in no way could we remove the contingencies. I kept it all documented and 2 weeks after the supposed contingency removal date we did indeed have to cancel because this person could not obtain the financing he needed. The seller did indeed return the deposit. I agree with what you are saying and there could indeed be cases that I am not considering. Luckily I have not run into them and I think if your agent is good, documents everything and such, you should be able to see your deposit come home.
SD Realtor
-
March 22, 2008 at 10:29 AM #175022
SD Realtor
ParticipantHi Rustico –
I had 2 similar situation actually occur in the past few weeks. In the first one my buyer was concerned about the loan contingency so on page 1 of the RPA we marked that the loan contingency shall remain in place until the close of escrow. That was air tight and although the seller didn’t like it we kept it in place and we did successfully close. That was a short sale in Mira Mesa believe it or not. In the second case this was exactly like the case described above here. We hit the contingency removal time and my buyer simply did not have his financing locked in because he had a crappy mortgage broker/lender. I told the listing agent we could not remove contingencies… They kept pressing and pressing and we kept telling them we could not. We told them if they wanted to cancel escrow they could but that in no way could we remove the contingencies. I kept it all documented and 2 weeks after the supposed contingency removal date we did indeed have to cancel because this person could not obtain the financing he needed. The seller did indeed return the deposit. I agree with what you are saying and there could indeed be cases that I am not considering. Luckily I have not run into them and I think if your agent is good, documents everything and such, you should be able to see your deposit come home.
SD Realtor
-
March 22, 2008 at 10:29 AM #175029
SD Realtor
ParticipantHi Rustico –
I had 2 similar situation actually occur in the past few weeks. In the first one my buyer was concerned about the loan contingency so on page 1 of the RPA we marked that the loan contingency shall remain in place until the close of escrow. That was air tight and although the seller didn’t like it we kept it in place and we did successfully close. That was a short sale in Mira Mesa believe it or not. In the second case this was exactly like the case described above here. We hit the contingency removal time and my buyer simply did not have his financing locked in because he had a crappy mortgage broker/lender. I told the listing agent we could not remove contingencies… They kept pressing and pressing and we kept telling them we could not. We told them if they wanted to cancel escrow they could but that in no way could we remove the contingencies. I kept it all documented and 2 weeks after the supposed contingency removal date we did indeed have to cancel because this person could not obtain the financing he needed. The seller did indeed return the deposit. I agree with what you are saying and there could indeed be cases that I am not considering. Luckily I have not run into them and I think if your agent is good, documents everything and such, you should be able to see your deposit come home.
SD Realtor
-
March 22, 2008 at 10:29 AM #175118
SD Realtor
ParticipantHi Rustico –
I had 2 similar situation actually occur in the past few weeks. In the first one my buyer was concerned about the loan contingency so on page 1 of the RPA we marked that the loan contingency shall remain in place until the close of escrow. That was air tight and although the seller didn’t like it we kept it in place and we did successfully close. That was a short sale in Mira Mesa believe it or not. In the second case this was exactly like the case described above here. We hit the contingency removal time and my buyer simply did not have his financing locked in because he had a crappy mortgage broker/lender. I told the listing agent we could not remove contingencies… They kept pressing and pressing and we kept telling them we could not. We told them if they wanted to cancel escrow they could but that in no way could we remove the contingencies. I kept it all documented and 2 weeks after the supposed contingency removal date we did indeed have to cancel because this person could not obtain the financing he needed. The seller did indeed return the deposit. I agree with what you are saying and there could indeed be cases that I am not considering. Luckily I have not run into them and I think if your agent is good, documents everything and such, you should be able to see your deposit come home.
SD Realtor
-
March 22, 2008 at 10:12 AM #175003
NotCranky
ParticipantThis has changed over time SDR. For a while, If I remember correctly the buyer had to indicate passive or active removal of contingencies. My broker doesn’t like the curent language and if he wants the loan contingency to remain in effect for the duration of escrow or until funding he puts it in an addendum just to be sure it is clear. I have not had a problem with it but I’ll be honest I don’t understand that language about continuation of contingencies in that section of the contract.That is why I said in another post a lawyer could interpret it various ways. Seems you are always thinking active removal is required to put the buyer’s deposit in jeopardy? Maybe you could go help donaldduckmoore on his thread. He is worried about his deposit and although he didn’t state if he removed his contingency in writing, I told him he could have a hard time getting it back.I am not sticking my neck out with a supposedly conclusive answer on somebody else’s escrow on this topic. Anyway it is a shame if an agent doesn’t help protect the deposit when they write the offer.
-
March 22, 2008 at 10:12 AM #175007
NotCranky
ParticipantThis has changed over time SDR. For a while, If I remember correctly the buyer had to indicate passive or active removal of contingencies. My broker doesn’t like the curent language and if he wants the loan contingency to remain in effect for the duration of escrow or until funding he puts it in an addendum just to be sure it is clear. I have not had a problem with it but I’ll be honest I don’t understand that language about continuation of contingencies in that section of the contract.That is why I said in another post a lawyer could interpret it various ways. Seems you are always thinking active removal is required to put the buyer’s deposit in jeopardy? Maybe you could go help donaldduckmoore on his thread. He is worried about his deposit and although he didn’t state if he removed his contingency in writing, I told him he could have a hard time getting it back.I am not sticking my neck out with a supposedly conclusive answer on somebody else’s escrow on this topic. Anyway it is a shame if an agent doesn’t help protect the deposit when they write the offer.
-
March 22, 2008 at 10:12 AM #175015
NotCranky
ParticipantThis has changed over time SDR. For a while, If I remember correctly the buyer had to indicate passive or active removal of contingencies. My broker doesn’t like the curent language and if he wants the loan contingency to remain in effect for the duration of escrow or until funding he puts it in an addendum just to be sure it is clear. I have not had a problem with it but I’ll be honest I don’t understand that language about continuation of contingencies in that section of the contract.That is why I said in another post a lawyer could interpret it various ways. Seems you are always thinking active removal is required to put the buyer’s deposit in jeopardy? Maybe you could go help donaldduckmoore on his thread. He is worried about his deposit and although he didn’t state if he removed his contingency in writing, I told him he could have a hard time getting it back.I am not sticking my neck out with a supposedly conclusive answer on somebody else’s escrow on this topic. Anyway it is a shame if an agent doesn’t help protect the deposit when they write the offer.
-
March 22, 2008 at 10:12 AM #175104
NotCranky
ParticipantThis has changed over time SDR. For a while, If I remember correctly the buyer had to indicate passive or active removal of contingencies. My broker doesn’t like the curent language and if he wants the loan contingency to remain in effect for the duration of escrow or until funding he puts it in an addendum just to be sure it is clear. I have not had a problem with it but I’ll be honest I don’t understand that language about continuation of contingencies in that section of the contract.That is why I said in another post a lawyer could interpret it various ways. Seems you are always thinking active removal is required to put the buyer’s deposit in jeopardy? Maybe you could go help donaldduckmoore on his thread. He is worried about his deposit and although he didn’t state if he removed his contingency in writing, I told him he could have a hard time getting it back.I am not sticking my neck out with a supposedly conclusive answer on somebody else’s escrow on this topic. Anyway it is a shame if an agent doesn’t help protect the deposit when they write the offer.
-
March 21, 2008 at 10:52 PM #174907
SD Realtor
ParticipantNo worries Farbet. Let them know that even if they have passed the contingency period, if they have not actually SIGNED a removal of contingency document then they are still in luck and can back out with no loss of deposit.
SD Realtor
-
March 21, 2008 at 10:52 PM #174912
SD Realtor
ParticipantNo worries Farbet. Let them know that even if they have passed the contingency period, if they have not actually SIGNED a removal of contingency document then they are still in luck and can back out with no loss of deposit.
SD Realtor
-
March 21, 2008 at 10:52 PM #174922
SD Realtor
ParticipantNo worries Farbet. Let them know that even if they have passed the contingency period, if they have not actually SIGNED a removal of contingency document then they are still in luck and can back out with no loss of deposit.
SD Realtor
-
March 21, 2008 at 10:52 PM #175009
SD Realtor
ParticipantNo worries Farbet. Let them know that even if they have passed the contingency period, if they have not actually SIGNED a removal of contingency document then they are still in luck and can back out with no loss of deposit.
SD Realtor
-
March 21, 2008 at 3:41 PM #174380
farbet
ParticipantSD Realtor
My co worker thanks you.They are buying a condo and every thing is dropping around them. -
March 21, 2008 at 3:41 PM #174389
farbet
ParticipantSD Realtor
My co worker thanks you.They are buying a condo and every thing is dropping around them. -
March 21, 2008 at 3:41 PM #174397
farbet
ParticipantSD Realtor
My co worker thanks you.They are buying a condo and every thing is dropping around them. -
March 21, 2008 at 3:41 PM #174484
farbet
ParticipantSD Realtor
My co worker thanks you.They are buying a condo and every thing is dropping around them.
-
-
March 20, 2008 at 8:49 PM #174375
SD Realtor
ParticipantEven in short sales your contingencies are still in effect unless you for some reason have waived them. Similarly your contingency period should not have started until the offer was accepted by the lender, not the seller. So in the case you posed above farbet you will be fine.
SD Realtor
-
March 20, 2008 at 8:49 PM #174384
SD Realtor
ParticipantEven in short sales your contingencies are still in effect unless you for some reason have waived them. Similarly your contingency period should not have started until the offer was accepted by the lender, not the seller. So in the case you posed above farbet you will be fine.
SD Realtor
-
March 20, 2008 at 8:49 PM #174392
SD Realtor
ParticipantEven in short sales your contingencies are still in effect unless you for some reason have waived them. Similarly your contingency period should not have started until the offer was accepted by the lender, not the seller. So in the case you posed above farbet you will be fine.
SD Realtor
-
March 20, 2008 at 8:49 PM #174478
SD Realtor
ParticipantEven in short sales your contingencies are still in effect unless you for some reason have waived them. Similarly your contingency period should not have started until the offer was accepted by the lender, not the seller. So in the case you posed above farbet you will be fine.
SD Realtor
-
-
March 20, 2008 at 10:01 AM #174079
raptorduck
ParticipantIf you wrote your offer with an appraisal contingency, and it does not appraise, you can walk away or ask for a price concession.
Shorts sales are a different animal however, and their unpleasent nature has been well documented on this board. It seems to me that the bank would rather take posession than approve a lower offer, but who knows.
For me, with normal offers, I always worry about appraisal, but if it does not appraise, and if the seller refuses to adjust the price accordingly, I can walk away. You can do that with the short sale too if you had it as a contingency.
-
March 20, 2008 at 10:01 AM #174087
raptorduck
ParticipantIf you wrote your offer with an appraisal contingency, and it does not appraise, you can walk away or ask for a price concession.
Shorts sales are a different animal however, and their unpleasent nature has been well documented on this board. It seems to me that the bank would rather take posession than approve a lower offer, but who knows.
For me, with normal offers, I always worry about appraisal, but if it does not appraise, and if the seller refuses to adjust the price accordingly, I can walk away. You can do that with the short sale too if you had it as a contingency.
-
March 20, 2008 at 10:01 AM #174097
raptorduck
ParticipantIf you wrote your offer with an appraisal contingency, and it does not appraise, you can walk away or ask for a price concession.
Shorts sales are a different animal however, and their unpleasent nature has been well documented on this board. It seems to me that the bank would rather take posession than approve a lower offer, but who knows.
For me, with normal offers, I always worry about appraisal, but if it does not appraise, and if the seller refuses to adjust the price accordingly, I can walk away. You can do that with the short sale too if you had it as a contingency.
-
March 20, 2008 at 10:01 AM #174183
raptorduck
ParticipantIf you wrote your offer with an appraisal contingency, and it does not appraise, you can walk away or ask for a price concession.
Shorts sales are a different animal however, and their unpleasent nature has been well documented on this board. It seems to me that the bank would rather take posession than approve a lower offer, but who knows.
For me, with normal offers, I always worry about appraisal, but if it does not appraise, and if the seller refuses to adjust the price accordingly, I can walk away. You can do that with the short sale too if you had it as a contingency.
-
-
AuthorPosts
- You must be logged in to reply to this topic.