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SD Realtor
ParticipantActually I think your friend will be okay. While the developers (and lenders) are heartless, if there is a valid hardship and the buyers no longer qualify then getting the deposit back should be a pretty seamless exercise. I do not believe you will need an attorney. I am assuming that in order to qualify for the loan, your friends wife’s income was most likely used. Now that this income is gone then there is most likely no way they can qualify for the loan.
Ask your friend to do the following. Do not sign anything that would mean you forfeit the deposit. If they do ask to sign a valid cancellation then make sure that the cancellation does indeed spell out that his deposit will be 100% refunded. Call the loan officer you have been working with and inform him/her of what has gone on with the his wife. Let him know that the income has been drastically reduced. Let him tell you that you no longer qualify. Ask him to call the sales officer and let that person know. Have him do that immediately. Then call the sales office and have another chat with the salesperson you have been dealing with. Firmly request that the escrow be cancelled AND you want your full deposit refunded. If they give you some slack let him/her know you will need to speak to someone at the corporate office. If that does not work then let them know you will be consulting with an attorney.
You can send him my email address if he needs help with the sales office. I know of a good real estate attorney but he should not need one.
SD Realtor
ParticipantActually I think your friend will be okay. While the developers (and lenders) are heartless, if there is a valid hardship and the buyers no longer qualify then getting the deposit back should be a pretty seamless exercise. I do not believe you will need an attorney. I am assuming that in order to qualify for the loan, your friends wife’s income was most likely used. Now that this income is gone then there is most likely no way they can qualify for the loan.
Ask your friend to do the following. Do not sign anything that would mean you forfeit the deposit. If they do ask to sign a valid cancellation then make sure that the cancellation does indeed spell out that his deposit will be 100% refunded. Call the loan officer you have been working with and inform him/her of what has gone on with the his wife. Let him know that the income has been drastically reduced. Let him tell you that you no longer qualify. Ask him to call the sales officer and let that person know. Have him do that immediately. Then call the sales office and have another chat with the salesperson you have been dealing with. Firmly request that the escrow be cancelled AND you want your full deposit refunded. If they give you some slack let him/her know you will need to speak to someone at the corporate office. If that does not work then let them know you will be consulting with an attorney.
You can send him my email address if he needs help with the sales office. I know of a good real estate attorney but he should not need one.
SD Realtor
ParticipantActually I think your friend will be okay. While the developers (and lenders) are heartless, if there is a valid hardship and the buyers no longer qualify then getting the deposit back should be a pretty seamless exercise. I do not believe you will need an attorney. I am assuming that in order to qualify for the loan, your friends wife’s income was most likely used. Now that this income is gone then there is most likely no way they can qualify for the loan.
Ask your friend to do the following. Do not sign anything that would mean you forfeit the deposit. If they do ask to sign a valid cancellation then make sure that the cancellation does indeed spell out that his deposit will be 100% refunded. Call the loan officer you have been working with and inform him/her of what has gone on with the his wife. Let him know that the income has been drastically reduced. Let him tell you that you no longer qualify. Ask him to call the sales officer and let that person know. Have him do that immediately. Then call the sales office and have another chat with the salesperson you have been dealing with. Firmly request that the escrow be cancelled AND you want your full deposit refunded. If they give you some slack let him/her know you will need to speak to someone at the corporate office. If that does not work then let them know you will be consulting with an attorney.
You can send him my email address if he needs help with the sales office. I know of a good real estate attorney but he should not need one.
SD Realtor
ParticipantActually I think your friend will be okay. While the developers (and lenders) are heartless, if there is a valid hardship and the buyers no longer qualify then getting the deposit back should be a pretty seamless exercise. I do not believe you will need an attorney. I am assuming that in order to qualify for the loan, your friends wife’s income was most likely used. Now that this income is gone then there is most likely no way they can qualify for the loan.
Ask your friend to do the following. Do not sign anything that would mean you forfeit the deposit. If they do ask to sign a valid cancellation then make sure that the cancellation does indeed spell out that his deposit will be 100% refunded. Call the loan officer you have been working with and inform him/her of what has gone on with the his wife. Let him know that the income has been drastically reduced. Let him tell you that you no longer qualify. Ask him to call the sales officer and let that person know. Have him do that immediately. Then call the sales office and have another chat with the salesperson you have been dealing with. Firmly request that the escrow be cancelled AND you want your full deposit refunded. If they give you some slack let him/her know you will need to speak to someone at the corporate office. If that does not work then let them know you will be consulting with an attorney.
You can send him my email address if he needs help with the sales office. I know of a good real estate attorney but he should not need one.
SD Realtor
ParticipantGotcha Ray. Sorry if my reply was salty…
What is more aggravating then anything is the excuses from the asset manager I am dealing with. I’m like, are you telling me that you cannot accept ANY email? He is like well our security filters are so strict that the likelihood of any of your documents getting through are virtually impossible. Of course I said, well why don’t you let me try it and if you do receive the docs then you can simply email me back or call me. He comes back and says well if we did that for you we would have to do it for everyone… and that is a bad thing?
It is really comical … in a very sad way.
SD Realtor
ParticipantGotcha Ray. Sorry if my reply was salty…
What is more aggravating then anything is the excuses from the asset manager I am dealing with. I’m like, are you telling me that you cannot accept ANY email? He is like well our security filters are so strict that the likelihood of any of your documents getting through are virtually impossible. Of course I said, well why don’t you let me try it and if you do receive the docs then you can simply email me back or call me. He comes back and says well if we did that for you we would have to do it for everyone… and that is a bad thing?
It is really comical … in a very sad way.
SD Realtor
ParticipantGotcha Ray. Sorry if my reply was salty…
What is more aggravating then anything is the excuses from the asset manager I am dealing with. I’m like, are you telling me that you cannot accept ANY email? He is like well our security filters are so strict that the likelihood of any of your documents getting through are virtually impossible. Of course I said, well why don’t you let me try it and if you do receive the docs then you can simply email me back or call me. He comes back and says well if we did that for you we would have to do it for everyone… and that is a bad thing?
It is really comical … in a very sad way.
SD Realtor
ParticipantGotcha Ray. Sorry if my reply was salty…
What is more aggravating then anything is the excuses from the asset manager I am dealing with. I’m like, are you telling me that you cannot accept ANY email? He is like well our security filters are so strict that the likelihood of any of your documents getting through are virtually impossible. Of course I said, well why don’t you let me try it and if you do receive the docs then you can simply email me back or call me. He comes back and says well if we did that for you we would have to do it for everyone… and that is a bad thing?
It is really comical … in a very sad way.
SD Realtor
ParticipantGotcha Ray. Sorry if my reply was salty…
What is more aggravating then anything is the excuses from the asset manager I am dealing with. I’m like, are you telling me that you cannot accept ANY email? He is like well our security filters are so strict that the likelihood of any of your documents getting through are virtually impossible. Of course I said, well why don’t you let me try it and if you do receive the docs then you can simply email me back or call me. He comes back and says well if we did that for you we would have to do it for everyone… and that is a bad thing?
It is really comical … in a very sad way.
SD Realtor
ParticipantRus I am not sure if the short sale environment will ever improve. I used to, and still do think it does vary from lender to lender. For the most part though it blows and I would definitely advise people to stick to REO’s and punt on any short sales. Yeah I am chalking it up to experience.
Anyways yeah I went through the alternate number route as well.
My clients are not specific about short sales. It just happened that these were short.
SD Realtor
ParticipantRus I am not sure if the short sale environment will ever improve. I used to, and still do think it does vary from lender to lender. For the most part though it blows and I would definitely advise people to stick to REO’s and punt on any short sales. Yeah I am chalking it up to experience.
Anyways yeah I went through the alternate number route as well.
My clients are not specific about short sales. It just happened that these were short.
SD Realtor
ParticipantRus I am not sure if the short sale environment will ever improve. I used to, and still do think it does vary from lender to lender. For the most part though it blows and I would definitely advise people to stick to REO’s and punt on any short sales. Yeah I am chalking it up to experience.
Anyways yeah I went through the alternate number route as well.
My clients are not specific about short sales. It just happened that these were short.
SD Realtor
ParticipantRus I am not sure if the short sale environment will ever improve. I used to, and still do think it does vary from lender to lender. For the most part though it blows and I would definitely advise people to stick to REO’s and punt on any short sales. Yeah I am chalking it up to experience.
Anyways yeah I went through the alternate number route as well.
My clients are not specific about short sales. It just happened that these were short.
SD Realtor
ParticipantRus I am not sure if the short sale environment will ever improve. I used to, and still do think it does vary from lender to lender. For the most part though it blows and I would definitely advise people to stick to REO’s and punt on any short sales. Yeah I am chalking it up to experience.
Anyways yeah I went through the alternate number route as well.
My clients are not specific about short sales. It just happened that these were short.
SD Realtor
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