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Am I still obliged to sell if escrow closing date passed without closing ?

I signed an escrow agreement that stated today as the date of closing but the buyer had problems with his bank and couldn't make it.  I have not signed anything agreeing to an extension.
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October 05 2013 - Los Angeles
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I just answered your other post.  After reading your follow up post I think you do have a serious problem.  You should seek the advice of a real estate attorney.

You have a dual agent - not an agent who is looking out for your interests solely.  Not disclosing that sewer issue will surely come back on you once this closes.

Don't waste time.  Contact an attorney.
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October 05 2013
A dual agency creates conflict. Review what you have signed and always get copies of everything you have executed.

Judy Santillan
BRE 01898972
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December 29 2013
That all depends.  Has the buyer removed all the contingencies?  What's the issue?  If it's a routine delay it might not be that big of a deal.  If your closing depends on your purchasing another property that's another matter.  In most cases delays do happen.  Remember you want to sell and the buyer wants to buy.  If it looks like there's a major problem and they can't close that's another matter.  You may want to issue a notice to perform or demand to close escrow.  When all is said and done you'd be best to contact a real estate attorney.
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October 06 2013

If the closing date is the only issue you have, your agent should submit a notice to perform and in the event the closing does not happen after you may cancel and start all over if you wish to.  I would suggest to speak to your agent first before you start any process.  If your agent doesn't respond you can contact his broker if he is not the broker of record and than obtain legal counsel for further advice.

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October 05 2013
Although you are selling "as is", you are still obligated to disclose property condition. You may want to express your concern with your agent in writing and let him know you want a written response from buyer as to the items you are disclosing to protect yourself. In regards to extension, I would also have agent submit a notice to perform on your behalf to the buyer and wait for a response. Instead of waiting and starting from scratch with another buyer, assuming you are still interested in selling, you might consider granting an extension either free of charge or add a daily perdium of some kind. Hope that helps. Good luck. Trinidad.
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October 05 2013
Profile picture for WCQuantrill
My agent is also representing the buyer.  The property is being sold "as is" and has a main line sewer blockage. I don't know why but I know the buyer is not aware of this and thinks he can immediately put a tenant into the home with no major repair. I think I may end up getting sued. During the disclosure process the agent's "transaction coordinator" filled out the forms after asking me about problems the property has. I'm getting the feeling she may have omitted the sewer issue just so the property would sell.
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October 05 2013
Yes, most likely. A closing date is more of a goal than etched in stone. Would you really rather let it die and start all over again rather than wait a few days? Really? This happens more than 30% of the time and is not uncommon. Lawyers I have dealt with over these issues have always told the sellers they need to be understanding and wait as long as the buyer is not delaying on purpose.

tim
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October 05 2013
 
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