Seller putting house back on Market

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  • #71429
    before40
    Participant

    Hello All,

    When I say I’m so stress it’s an understatement. I had to push my closing date back for the 2nd time, but this time we don’t have a officially closing date. The sellers are tired of signing documents, that’s not going to happen. My bank app was submitted on 8/6/2020 came back with 5 conditions only 1 I had to take care of, and that was the HOI. The others my MC had to resubmit to them. Now we’re playing the waiting game. I thought it take the bank 48 hours to review your file. The house was cleared by hands, had inspection, and the appraisal. So it shouldn’t be anything with the house.

    Now the Sellers are telling me they’re going to put the house back on the market this FRIDAY. I’m so mad right now as I spent $3k so far on this house. Now I know I’m not going to get my money back. Not to mention my kids and me are sleeping on the floor at my mother’s house. They start school on Monday. So I’m in really stress out. I’m about to start looking for a another place to stay.

    #71430
    Nelsont
    Member

    For the sellers to relist the house without a definitive denial from the bank that may be illegal depending on the language in your contract and might entitle you to a full refund of your EMD. Sellers often say this thinking they can call the banks bluff. Greater than 99% of the time if the seller does end up relisting the joke is on them because now they have to sit and wait for another seller and what would have been a few weeks of headaches turns into months on the market without interest. And 100% of the time if they relist without backing out of the contract that is illegal.

    With all that said make note of the closing date on your contract. Yes you can close in 28 days. In reality it takes closer to 60 days. I would expect 3 to 4 weeks of BOA underwriting and processing from 8/6.

    Maybe your agent can help explain to them at this point in the process you are more likely to get a loan than someone who isn’t with naca and yet already received a closing disclosure. You are virtually guaranteed barring a change in financial outlook. And as mentioned above if your contract is written appropriately and your seller doesn’t have a legitimate reason why they can’t hold up their end of the deal you might be able to actually call their bluff.

    #71451
    coquipr79
    Participant

    What was the 3K spent on? Mostly EMD? If so, you should have contingencies in place regarding financing. Hopefully, you close soon though!

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