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Real Estate question: ETA answered
Posted on 9/5/16 at 8:20 pm
Posted on 9/5/16 at 8:20 pm
Can the seller of the home back out once a potential buyer has put the deposit in place to take the home off market? Can the owner of the home reconsider selling it to that potential buyer?
I'm running into a situation where I am attempting to buy a home, but the problem is there is another potential buyer who has put the percentage necessary down to take the home off the market. Said buyer has been trying to get approved for the loan amount for nearly a month now and keeps applying for extensions in order to get approved. I have already informed the real estate agency that I will purchase the home right now, but I can't seem to get a straight answer on whether or not it is possible.
I'm running into a situation where I am attempting to buy a home, but the problem is there is another potential buyer who has put the percentage necessary down to take the home off the market. Said buyer has been trying to get approved for the loan amount for nearly a month now and keeps applying for extensions in order to get approved. I have already informed the real estate agency that I will purchase the home right now, but I can't seem to get a straight answer on whether or not it is possible.
This post was edited on 9/5/16 at 8:36 pm
3
Posted on 9/5/16 at 8:21 pm to TDcline
What you need is a signed purchase agreement. Does the other buyer have one? What are its terms?
Posted on 9/5/16 at 8:23 pm to Btrtigerfan
The answer I'm getting from the Realtor is that the home is under "contract" to sell. However, I know a family member of the seller personally, and they've informed me that this potential buyer has been attempting to get approved for a long period now and apparently keeps applying for extensions in order to get approved. Meanwhile, I have the ability to purchase the home at this very moment and I am attempting to do so.
This post was edited on 9/5/16 at 8:25 pm
Posted on 9/5/16 at 8:25 pm to Btrtigerfan
quote:
What you need is a signed purchase agreement. Does the other buyer have one? What are its terms?
This. The seller accepted a contract without the buyers approval letter? What state?
Posted on 9/5/16 at 8:25 pm to TDcline
There are terms in the contract that allow a set number of days for Buyer to provide loan approval, order appraisal, etc.
If they cannot do that within the given time constraints; they can back out of the deal.
If they cannot do that within the given time constraints; they can back out of the deal.
Posted on 9/5/16 at 8:27 pm to TDcline
quote:
Can the owner of the home reconsider selling it to that potential buyer?
quote:
Said buyer has been trying to get approved for the loan amount for nearly a month now and keeps applying for extensions in order to get approved.
The seller can quit agreeing to contract extensions, return the escrow, and do what he pleases with it. Sounds like he is the one OK'ing the extensions.
Posted on 9/5/16 at 8:28 pm to Jizzamo311
Am I restricted from approaching the seller directly and informing her of my intent to buy?
Posted on 9/5/16 at 8:29 pm to TDcline
quote:
Am I restricted from approaching the seller directly and informing her of my intent to buy?
You aren't restricted but he will still have to pay a commission as he is under a listing agreement.
Posted on 9/5/16 at 8:29 pm to TDcline
You can do whatever you want.
If you're working with an agent, submit a back up offer along with preapproval letter.
If they are already having this many issues with their lender, it doesn't bode well moving forward
If you're working with an agent, submit a back up offer along with preapproval letter.
If they are already having this many issues with their lender, it doesn't bode well moving forward
Posted on 9/5/16 at 8:31 pm to TDcline
If the other buyer has a signed purchase agreement, deposit in place and is working within the parameters of the purchase agreement i.e...timeframe for financing and closing than that buyer has priority.
You cannot as a seller back out until the purchase agreement is null and void and expires.
You cannot as a seller back out until the purchase agreement is null and void and expires.
Posted on 9/5/16 at 8:32 pm to Jizzamo311
The realtor just texted me and informed me that there is a signed purchase agreement in place. Sorry, this is my first attempt at purchasing a home. Does that mean it is a done deal and we have no opportunity to get it now?
ETA: Nvm it seems as though the question has been answered.
ETA: Nvm it seems as though the question has been answered.
This post was edited on 9/5/16 at 8:34 pm
Posted on 9/5/16 at 8:34 pm to Martini
Thanks for the help guys.
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