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March 22, 2008 at 10:29 AM in reply to: If an Appraisal came in low while in escrow,what to do? #175022March 22, 2008 at 10:29 AM in reply to: If an Appraisal came in low while in escrow,what to do? #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 in reply to: If an Appraisal came in low while in escrow,what to do? #175118ParticipantHi 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 21, 2008 at 10:52 PM in reply to: If an Appraisal came in low while in escrow,what to do? #174561ParticipantNo 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 in reply to: If an Appraisal came in low while in escrow,what to do? #174907ParticipantNo 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 in reply to: If an Appraisal came in low while in escrow,what to do? #174912ParticipantNo 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 in reply to: If an Appraisal came in low while in escrow,what to do? #174922ParticipantNo 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 in reply to: If an Appraisal came in low while in escrow,what to do? #175009ParticipantNo 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
ParticipantI had spoke to the listing agent on it yesterday. He said it was a pretty strong response.
SD Realtor
ParticipantI had spoke to the listing agent on it yesterday. He said it was a pretty strong response.
SD Realtor
ParticipantI had spoke to the listing agent on it yesterday. He said it was a pretty strong response.
SD Realtor
ParticipantI had spoke to the listing agent on it yesterday. He said it was a pretty strong response.
SD Realtor
ParticipantI had spoke to the listing agent on it yesterday. He said it was a pretty strong response.
SD Realtor
March 21, 2008 at 6:30 PM in reply to: What am I missing? Is that a train coming at me or am I Chicken Little? #174491ParticipantNew_renter have you gone to shadowstats.com. Pretty good stuff there with regards to the non existent M3 published information.
SD Realtor
March 21, 2008 at 6:30 PM in reply to: What am I missing? Is that a train coming at me or am I Chicken Little? #174837ParticipantNew_renter have you gone to shadowstats.com. Pretty good stuff there with regards to the non existent M3 published information.
SD Realtor
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