Our Nightmare LONG Story

maggie3_2006July 2, 2010

I will try to make this short but it all starterd Apr.15 DH and I found the house we both liked With the ONE exception being location,NEW custom home built in 07 an older Neighborhood with the houses Having been bulit in the Late 70s

Been on the market for 380 days started at 349,000 had just been reduced(after Several) to 279,00 we put and offer in at 265,000 and the seller excepted, HOWEVER when the appraisal came back it appraised at 255,000, seller at first wouldnt go down but after a couple weeks He decided to except our 258.00 offer as well as both realtors cutting their commision to 2% AND Our Mortgage guy cutting his commision. We re-did the contract and had a closing date of May 26th HOWEVER we were gonna be in Colorado and we tried to get it done before we left but the bank said They couldnt Gaurrentee it because they were backed up with all the Sales from the tax break incentive. but the seller wouldnt change the date . Our agent said we would just have to do an addendom BUT when the 26th came he did the addendem but wanted us to pay his interest on his lown which included othe propertys so My husband woulnt Agree or sign it, we get home on the 30th (june) and on the 2ndh the other agent told our agent the buyer wants another 5,000 and close by the the 4th or we loose our deposit, Now we KNOW we are dealing with a looney and all we want now is out and our deposite back , to make a really long story short He still wont sign the release (Hes tried every excuse. ex. crooked appraiser, mortgage guys fault ect. ) He even called my husband at work and was tryin to get my husband to deal with out the agents and when my husband said no way he told him that he was never gonna get the deposit money back, so now It has to go to legal

Any thoughts or questions??????????????

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larke

Go to a lawyer. And please learn a little punctuation - it's hard to read your note!

    Bookmark   July 2, 2010 at 2:23PM
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graywings123

I think there is some fault on both sides. You were not available for the date you set for closing. There may have been other ways to close on that date without your being present - it depends on local law and procedure.

And rather than flat-out refusing to pay the interest on his loan, you should have countered with an amount that was appropriate for that house.

Agree on the need for punctuation - and paragraph breaks.

    Bookmark   July 2, 2010 at 2:40PM
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western_pa_luann

You guys did better than I....
I canNOT read things like that!

    Bookmark   July 2, 2010 at 5:02PM
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logic

This is why one should use a RE attorney to handle a home purchase or sale.

Consult one now...and maybe you can salvage the deal.

    Bookmark   July 3, 2010 at 11:53AM
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calliope

I closed on a property when I was out of the country. It's called a power of attorney.

    Bookmark   July 3, 2010 at 1:56PM
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emilynewhome

Isn't your deposit in an escrow account, controlled by your Realtor's agency?

    Bookmark   July 4, 2010 at 2:42PM
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brickeyee

"I closed on a property when I was out of the country. It's called a power of attorney."

It can be done the problem is that it leaves a power of attorney in the chain of title for the property.

It is far easier with overnight delivery to have the paperwork moved back and forth.

Seller executes, paperwork forwarded to buyer, buyer executes.

That is the normal order at settlement anyway.

I settled on a house in another state from a hospital bed once.

The deed of conveyance was signed and notarized, then sent o the settlement attorney.

My RE agent had POA for all the other paperwork (not that much for a seller).

I have closed purchases the same way.

    Bookmark   July 4, 2010 at 2:54PM
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calliope

"I closed on a property when I was out of the country. It's called a power of attorney."

It can be done the problem is that it leaves a power of attorney in the chain of title for the property.

Why would you consider that a problem, Brickeye? Using a limited POA is done all the time in real estate transactions.

    Bookmark   July 4, 2010 at 9:04PM
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joobee

Wow, is that just one sentence?

Get a lawyer, no one here can really
give you the advice you seek.

    Bookmark   July 4, 2010 at 11:20PM
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brickeyee

"Why would you consider that a problem, Brickeye? Using a limited POA is done all the time in real estate transactions. "

It creates a risk for no good reason in the chain of title.

The PoA needs to be drawn VERY carefully, and then recorded, and creates another path for error and a challenge in title of the property.

A PoA can be revoked at any time, making anything executed after the revocation invalid.

There is no foolproof way to make sure a PoA has NOT been revoked.

They had a purpose before overnight delivery of contacts.

    Bookmark   July 5, 2010 at 10:05AM
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graywings123

If all parties agree, can faxed signatures suffice for in-person signatures?

    Bookmark   July 5, 2010 at 10:43AM
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berniek

If your contract has a similar paragraph as shown below and agreed to by both parties.

"1. Electronic Delivery. As an alternative to physical delivery, any document, including any signed document or written notice may be delivered in electronic form only by the following indicated methods: 1.â¡ÂÂ Facsimile 2.Ââ¡Â Email 3.â¡ÂÂ Internet 4.â¡ÂÂ No Electronic Delivery. Documents with original signatures shall be provided upon request of any party."
Instead of numbers there are boxes to check

    Bookmark   July 5, 2010 at 12:47PM
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brickeyee

"If your contract has a similar paragraph as shown below and agreed to by both parties.

"1. Electronic Delivery. As an alternative to physical delivery, any document, including any signed document or written notice may be delivered in electronic form only by the following indicated methods: 1.â¡Â Facsimile 2.Ââ¡ Email 3.â¡Â Internet 4.â¡Â No Electronic Delivery. Documents with original signatures shall be provided upon request of any party."
Instead of numbers there are boxes to check"

Wait till you try to record a faxed document.

    Bookmark   July 5, 2010 at 1:30PM
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calliope

Limited POAs for real estate transactions are pretty standard in wording and usage. Yes, a POA can be rescinded at any time, and that does throw a certain amount of risk into it but I don't see this so much a risk for the initiator of the POA as the buyer or the agent who is using it. (Especially if it's a limited POA drawn short term for a specific use). If you are trying to sell a house and simply cannot be present for the closing, I see it as less risk than jacking the closing date around as the PO seems to be experiencing now.

I also don't see how risky having that POA document attached to your deed would be in a simply straight-forward transaction. It would be self explanatory it's your agent or attorney who is using it.

But, you are correct........if there is a way to muck something up, it could conceivably happen.

    Bookmark   July 5, 2010 at 2:37PM
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sylviatexas1

Here, the title company draws up the power of attorney so that their attorneys are satisfied that the document is capable of being used only for the purpose it's intended & that the use of the POA does not cause a cloud on title.

OP, did neither your agent nor the seller's agent nor the title or escrow company suggest closing via a power-of-attorney or overnighting the documents, or did any of them even know that you weren't going to be around on the closing date?

I can see the builder wanting you to pay at least his interest on the amount he borrowed on this property, & maybe even on the entire note, since he may have intended to pay down his principal with the proceeds of your purchase.

It sounds like everyone has bent over backwards & has given up income to get you the home you want, & now you want to back out.

If I were the seller, I'd want to keep your deposit, too, but if I were you & I wanted this house, I'd do my best to work it out.

much cheaper than paying attorney fees to haggle with someone who, it sounds like, can argue that he has a legitimate position.

    Bookmark   July 5, 2010 at 3:54PM
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berniek

"Wait till you try to record a faxed document."

Guess what. Most of the time they don't know the difference.

    Bookmark   July 5, 2010 at 11:13PM
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sylviatexas1

The title companies in my area require blue ink and a notary seal to make sure they get original signatures on documents that they emailed or faxed or overnighted.

Then the seller or buyer sends the originals back via overnight mail, not fax or email.

    Bookmark   July 6, 2010 at 11:56AM
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theroselvr

I would be pissed too if I was the seller. If the closing date was not good they should have changed it before making this trip. I'm unsure on if it was planned or just came up; I guess my opinion would depend on that - say a sick parent.

When we sold our buyers were on their honeymoon & it caused a lot of stress on our end. We could not move forward with the inspection report because they left right after the inspection was done.

Why buy a house & set a closing date if you're not going to be around to deal with things? If you can't be around, put someone in charge. I was POA for my dad's house & it caused no problems. It was specific to that house closing.

As was mentioned there were ways of doing it by over night mail. There's no excuse any of this should be happening.

My guess is the buyers have remorse due to location and want out of the deal.

    Bookmark   July 6, 2010 at 8:31PM
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