Profile picture for gopibuz

RealEstate Tranasaction

Seller/I negotiated a price and signed purchase order with a 10k excrow. I loose 10k If dont close. I managed to get a survey/Appraisal/Loanapproved. Seller didnot show up for an early date of closer than initially planned. The original close is on June 20. Seller is not reachable to seller-agent.
What are my/buyer options ? Thank You
  • June 18 2013 - Lutz
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Answers (9)

Profile picture for wetdawgs
We look forward to hearing what actually happens on the 20th.  Perhaps they'll magically appear.
  • June 19 2013
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Mike & Eve gave you the best response... 

In your interest to protect your investment, start documenting the 4 W's
Who:
What: 
When:
Where:

If the closing doesn't take place on the 20th, and you do not have a response by the 21st, I would be speaking to an attorney.

If you need a reference to a real estate attorney, I recommend Roland Acosta in Winter Park. Sharp as a tack and extremely easy to work with.
  • June 19 2013
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Profile picture for craigfial
If the seller is MIA, your obligations have been met.  Unfortunately your only recourse would be to sue the seller for performance.
  • June 18 2013
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1. the title company is not the ruler.
2. the legal hotline will not read your contract.
3. there are unanswered questions:  is the seller ill, mad, doesn't want to sell, or in hiding?

Just make sure that YOU show up, (even if he is not coming) so that you are not in breech...meanwhile, stop waiting for agents to give you a legal answer and get the scoop from a real estate attorney, who will read what you signed and agreed to...that will determine your next action.
Eve
  • June 18 2013
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Profile picture for Mike Bottaro
Whatever was agreed by you and the seller in writing on Agreement of Sale always holds up to be the contract that supersedes all else unless you signed an addendum to the Agreement of Sale which in writing is agreed to move up the settlement date.  If there are no addendum(s) to the Agreement of Sale than contractually settlement is still June 20th.  Good luck! 
  • June 18 2013
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If the Seller is not available for the closing on the original date of 6/20/13, or you believe the Seller won't show up, immediately contact a local attorney who handles residential real estate matters.
  • June 18 2013
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I would also talk with the title company that you put up the earnest money.
  • June 18 2013
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If you wrote an addendum stating the closing date was to be revised to a specific date (which was earlier than June 20th) than you can write another addendum changing the closing date.  Failing to close on the agreed-upon date is a breach of contract. Every case is different.  I would suggest you have your Realtor call the Florida Legal Hot Line to discuss your specific situation, so you know what recourse you need to take.
  • June 18 2013
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Profile picture for jeremyolsher
Look at your sales contract (signed by both seller and buyer) and review it with a real estate attorney.  

The purchase and sale contract will stipulate the terms of your agreement.
  • June 18 2013
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