Need some advice

[Trojan4Life]

Piggs,

I need opinions and I need them quick.

I am currently in escrow on a property and the contingencies need to be lifted tomorrow. Already had the home inspection and we’re happy with the results, but we won’t find out the appraisal value until after the contingencies have to be released. I originally submitted an offer that included a 17-day contingency period and 45-day escrow (needed 45 days and communicated this clearly with my RE agent because I need the bonus check to come in to make the 20% down) but the seller countered 10-day contingency and 30-day escrow. We conceded because we really wanted the house.

We went back and asked the buyers to consider a 45-day escrow. They agreed, but are requesting full funding of the down payment into the escrow account at what would have been the original 30-day point (March 5th). Basically, that puts all my money at risk if something happens with the loan, and it would be a considerable amount.

What to do? My RE agent is a turd who has done nothing to represent OUR interests. Should we push forward with the deal in your opinions? Is the request to fund the escrow to the tune of $140K that early before closing unreasonable?

[werewolf34]

Back off

Once your money hits the escrow acct, your leverage is gone

Yell / motivate your agent. His only interest is to see the deal close as quickly as possible. If you threaten to walk, then he credibly motivate to give a sheet.

[werewolf34]

Back off

Once your money hits the escrow acct, your leverage is gone

Yell / motivate your agent. His only interest is to see the deal close as quickly as possible. If you threaten to walk, then he credibly motivate to give a sheet.

[werewolf34]

Back off

Once your money hits the escrow acct, your leverage is gone

Yell / motivate your agent. His only interest is to see the deal close as quickly as possible. If you threaten to walk, then he credibly motivate to give a sheet.

[werewolf34]

Back off

Once your money hits the escrow acct, your leverage is gone

Yell / motivate your agent. His only interest is to see the deal close as quickly as possible. If you threaten to walk, then he credibly motivate to give a sheet.

[werewolf34]

Back off

Once your money hits the escrow acct, your leverage is gone

Yell / motivate your agent. His only interest is to see the deal close as quickly as possible. If you threaten to walk, then he credibly motivate to give a sheet.

[SD Realtor]

Wait for the appraisal to be completed. Lots of things about this deal sound bad.

First off most lenders require your downpayment money to be seasoned. You are saying that your downpayment money is in a bonus check somewhere and that just seems peculiar to me. Generally 60 day seasoning is required but what do I know? I am not a loan guy.

How long is your notice to perform? I would advise you not to remove your appraisal contingency until the appraisal is done. They cnanot cancel escrow until that notice to perform is served and the response time is passed. Check your contract and see what was written in there. Has the appraisal already been completed yet but not delivered to the lender? You need to let us know how far along things are.

I think that you can at least stall for a bit to try to get some more time until the appraisal comes in. I think you (your agent) should be able to tell them, look, no way we can sign off on the appraisal contingency until we get the appraisal completed.

As far as the 140k being put into escrow, no they cannot keep 140k of yours. They can get liquidated damages and that is that. Generally there is a 3% cap on liquidated damages.

[SD Realtor]

Wait for the appraisal to be completed. Lots of things about this deal sound bad.

First off most lenders require your downpayment money to be seasoned. You are saying that your downpayment money is in a bonus check somewhere and that just seems peculiar to me. Generally 60 day seasoning is required but what do I know? I am not a loan guy.

How long is your notice to perform? I would advise you not to remove your appraisal contingency until the appraisal is done. They cnanot cancel escrow until that notice to perform is served and the response time is passed. Check your contract and see what was written in there. Has the appraisal already been completed yet but not delivered to the lender? You need to let us know how far along things are.

I think that you can at least stall for a bit to try to get some more time until the appraisal comes in. I think you (your agent) should be able to tell them, look, no way we can sign off on the appraisal contingency until we get the appraisal completed.

As far as the 140k being put into escrow, no they cannot keep 140k of yours. They can get liquidated damages and that is that. Generally there is a 3% cap on liquidated damages.

[SD Realtor]

Wait for the appraisal to be completed. Lots of things about this deal sound bad.

First off most lenders require your downpayment money to be seasoned. You are saying that your downpayment money is in a bonus check somewhere and that just seems peculiar to me. Generally 60 day seasoning is required but what do I know? I am not a loan guy.

How long is your notice to perform? I would advise you not to remove your appraisal contingency until the appraisal is done. They cnanot cancel escrow until that notice to perform is served and the response time is passed. Check your contract and see what was written in there. Has the appraisal already been completed yet but not delivered to the lender? You need to let us know how far along things are.

I think that you can at least stall for a bit to try to get some more time until the appraisal comes in. I think you (your agent) should be able to tell them, look, no way we can sign off on the appraisal contingency until we get the appraisal completed.

As far as the 140k being put into escrow, no they cannot keep 140k of yours. They can get liquidated damages and that is that. Generally there is a 3% cap on liquidated damages.

[SD Realtor]

Wait for the appraisal to be completed. Lots of things about this deal sound bad.

First off most lenders require your downpayment money to be seasoned. You are saying that your downpayment money is in a bonus check somewhere and that just seems peculiar to me. Generally 60 day seasoning is required but what do I know? I am not a loan guy.

How long is your notice to perform? I would advise you not to remove your appraisal contingency until the appraisal is done. They cnanot cancel escrow until that notice to perform is served and the response time is passed. Check your contract and see what was written in there. Has the appraisal already been completed yet but not delivered to the lender? You need to let us know how far along things are.

I think that you can at least stall for a bit to try to get some more time until the appraisal comes in. I think you (your agent) should be able to tell them, look, no way we can sign off on the appraisal contingency until we get the appraisal completed.

As far as the 140k being put into escrow, no they cannot keep 140k of yours. They can get liquidated damages and that is that. Generally there is a 3% cap on liquidated damages.

[SD Realtor]

Wait for the appraisal to be completed. Lots of things about this deal sound bad.

First off most lenders require your downpayment money to be seasoned. You are saying that your downpayment money is in a bonus check somewhere and that just seems peculiar to me. Generally 60 day seasoning is required but what do I know? I am not a loan guy.

How long is your notice to perform? I would advise you not to remove your appraisal contingency until the appraisal is done. They cnanot cancel escrow until that notice to perform is served and the response time is passed. Check your contract and see what was written in there. Has the appraisal already been completed yet but not delivered to the lender? You need to let us know how far along things are.

I think that you can at least stall for a bit to try to get some more time until the appraisal comes in. I think you (your agent) should be able to tell them, look, no way we can sign off on the appraisal contingency until we get the appraisal completed.

As far as the 140k being put into escrow, no they cannot keep 140k of yours. They can get liquidated damages and that is that. Generally there is a 3% cap on liquidated damages.

[Coronita]

The fact that you are asking here indicates you are uncomfortable with the transaction right now. I think you know yourself what you are going to do.

Good luck with things. I hope things work out for you.

[Coronita]

The fact that you are asking here indicates you are uncomfortable with the transaction right now. I think you know yourself what you are going to do.

Good luck with things. I hope things work out for you.

[Coronita]

The fact that you are asking here indicates you are uncomfortable with the transaction right now. I think you know yourself what you are going to do.

Good luck with things. I hope things work out for you.

[Coronita]

The fact that you are asking here indicates you are uncomfortable with the transaction right now. I think you know yourself what you are going to do.

Good luck with things. I hope things work out for you.

[Author]

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