Realtor Question

[john67elco]

I have a 1/4 acre parcel (dirt lot) in escrow in California City. It supposed to be in escrow for 30 days. It’s been almost 60. Everything is signed and all thats waiting is the buyer to pay the escrow company the amount for property. The Realtor has quit the real company and is dead or gone some where else. How long should I wait for the buyers to pay before taking their deposit and reselling? What do I do from here?

[Anonymous]

Before making an arbitrary decision that could lead to a lawsuit, I’d consult a real estate attorney and make sure that whatever you do leaves you on solid ground.

[sdduuuude]

I think that is excellent advice. Really excellent advice.

[powayseller]

My curiosity would have me contacting the escrow company to inquire when they’re scheduling the buyer to come in to sign docs. If they can’t reach the buyer, I would call the buyer and find out his plans. Then, I would decide if I need an attorney.

It’s actually legal for buyers and sellers to talk to each other, although realtors try to convince you that it’s not.

[john67elco]

The escrow company told me to contact the realtor. Like the realtor contacts the buyer to hold their hand to sign papers and pay escrow. Weird.

[powayseller]

The purpose of contacting the realtor,is that he is the agent for the buyer. The realtor should be able to tell you the buyer’s plans. In the absence of the realtor, just call the buyers yourself. I called and spoke with my buyers/sellers for my last transactions, when I was no longer intimidated by realtors who told me not to contact the buyer/seller.

In my last sale, the buyers’ agent told me not to contact the buyers anymore. I called my buyers and told them I would adhere to this only if they had made the request. They were surprised, and said they had not asked me to stop calling. I think the buyers’ agent was embarassed, because I called my buyers to clear up some wrong information she presented about the septic tanks. I was furious with this agent, and I told her she had no business telling me to whom I can talk. I was yelling at her for about 2 minutes.

Realtors like to be in control and feel powerful. That’s the only reason they would prevent buyers and sellers from interacting. Other times, they negotiate when buyers and sellers lose their cool and argue over repairs or other issues.

[sdduuuude]

I think contacting the buyers directly is also good advice. But I would have a little chat with a lawyer first.

Maybe – escrow first to see if there is ANY hope of the buyer paying, lawyer second to understand your options and prepare a proposition to the buyer, and buyer third with a clear ultimatum.

From your post, I get the the feeling you have been really hung out to dry. Get resolution fast so you can get it back on the market but step carefully so you don’t violate the agreement you already have with the buyer.

Don’t you have a real-estate agent that is handling this for you?

[sdrealtor]

I dont know the quality of your representation was but PS your agent should have been communicating with the buyer’s on your behalf. It’s not about control, it’s about protecting you from yourself. Anything you say to the buyer’s is a legal representation and you need to be very careful exactly what you say. Not only that, but I have seen many a deal fall apart because the seller had a “big mouth” and said the wrong thing. The current agency structure is set up to protect your best interests not damage them. Leave it to the professionals (if you have indeed hired one) to protect you from yourself in the future. The pitfalls can be extraordinarily damaging.

[john67elco]

I did have one but he no longer works for the company and the company is like “um who are you?”. I’m goin to leave it in escrow a bit longer until the escrow company realalizews that its a 30 day escrow and somethigng should click for buyer to pull out or something to be done when it hits 90. If buyer backs out I wont put back on the market cause it is 14000 lot directly on the main blvd and zoned multi residenial and its paid off. So they dont buy I will just keep it.

[sdrealtor]

Call the office and ask to speak to the Broker in charge/Manager. Your agent does not bear the ultimate responsibility for this transaction but rather the broker in charge does. Thats who you want to talk to.
Good Luck!

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