Posted by cork horner on June 28, 2009 at 11:43:23:
hello Rick ProbateGuy
you in California?
My team works probate in San Diego.
Let’s talk?
corkhorner@msn.com
Listing Agent Canceled Without My Signature - Posted by Jason Vogler
Posted by Jason Vogler on June 20, 2009 at 16:23:52:
So, I’m in the middle of a purchase agreement, 4 days past the closing date without clear title from the seller and the listing agent decides to cancel my purchase agreement after I had requested for an extension of time even though they clearly do not have clear title to present to me. So, it really is on the listing agents end to provide me with clear title and I spoke with the Listing Bank’s internal REO Asset Mgr who even stated to me that if they do not have clear title to close then they cannot close and he was fine with the extension. Now, after 4 days of going back and forth and missing our scheduled closing date and the listing agent refused my request for Time Extension in order to obtain clear title, the listing agent somehow got the bank to cancel on me and put the property back on the market as active listing.
Upon seeing this, my agent (buyers agent) panicked and was told by the listing agent that we need to make a larger $5,000 deposit towards escrow, show a more documented proof of funds and make another offer to the bank in order to proceed. This means we would be starting the process all over again and praying to see if the listing agent doesn’t do anything shifty to turn down my offer.
Can a listing agent cancel on me at any time without my receiving / signing a Demand to cancel?
How could they cancel when they do not have clear title?
Don’t I get to see some sort of “Right to Perform”?
Should I contact the bank and find out what happened? How they canceled?
What recourse do I have?
Re: Listing Agent Canceled Without My Signature - Posted by steele in minnesota
Posted by steele in minnesota on June 25, 2009 at 07:29:02:
As a long time REO listing agent (yes, one of those)I can tell you from personal experience that this does happen. And if the lender owner can’t resolve the problem quickly they will let the contract expire. And if you are past the closing date you are out of contract as far as most asset managers/banks are concerned.
Yes, there does seem to be something else going on here. But I don’t think you have any recourse. As suggested you may want to resubmit.
Good luck.
Steele V. Propp
REO Specialist
Schatz Real Estate Group
http://www.MinnesotaForeclosureNetwork.com
Re: Listing Agent Canceled Without My Signature - Posted by Rick, the Probate Guy
Posted by Rick, the Probate Guy on June 20, 2009 at 21:46:55:
Seller can probably just let the escrow expire.
If you had sent a timely Notice to Perform, then you would have placed the seller in a position to either withdraw and you would look to the liquidated damages clause of your contract, if any, or lick your wounds and move on. This is a no harm, no foul situation.
Seller probably did cancel when it became apparent that they could not provide you with marketable title. I think it was the right thing for them to do. You want to force them to fix something that they may not be able to fix at the snap of your finger?
If you’re a pro, you’ll merely inquire to see if the seller believes that the title problem is something that they can resolve and the estimated time to do so. No drama, that is, if you’re really a pro.
If you insist on making a big issue out of this, go ahead, hire an attorney, spend the money, etc. however I doubt if you’d really want to spend $50K to make your point on “principals.”
If you’re patient and you both still want to dance, you can wait out until the problem is resolved… on their timeline.
If you’re hankering to get a deal, you’d be best advised to go find one.
After many years of watching less experienced investors try to do deals, my conclusion is that unless you are making dozens of regular offers, the temptation is great to get attached to the results of what few deals you try to make.
Basic rule: the guy (or gal) who cares least, wins.