My realtor is the owner/broker. This has been a horrible experience for me and my family. This would potentially be my first home purchase and it has been a nightmare. I have even requested a list of items that need to be finished and a schedule. I believe I will contact them tomorrow to see where we stand.
I was told that I would have to pay commissions, penalties, etc to the realtor, mortgage company, etc. Keep in mind that I am in VA. I believe that was a scare tactic. I do not believe the realtor has done anything. I have been the one calling non stop searching for answers. I get the cold shoulder when I do call and ask questions and for progress updates. I sent an email to both the mortgage broker and realtor on Thursday of last week. I said that if the home wasn't turn key ready by Monday 10/22/2012, I was going to pursue other options. I also requested that I be compensated $125 per day past the original closing date in the form of cash at closing or loan modification. They called me on Friday and acted like nothing was wrong.
I signed a purchase agreement for a home that was unfinished on 7/21/2012. The contract states that the closing date is on or about 9/21/2012 and seller agreed to have it ready in turn key condition. The home was built in 2010 and only needed a heat pump, septic system, and water hooked up to be finished. The seller had 60 days to finish the home. The seller did not even attempt to finish the home until my loan came out of USDA and was ready to sign on 9/10/2012. I was not required to pay any earnest money. One week after closing date, I asked my realtor if I could walk away if the home wasn't finished in a reasonable time frame. I was told that I would have to pay her commission if I did that (that is nowhere in the agreement). There is no "time is of the essence" clause in the agreement. Today makes 30 days past due and they still need to connect power, spray for termites, sow grass seed, get the COD, final inspection, walk through, and have the appraiser come back out. My question is this: can I just walk away and tell them where to stick it?
I am in the same boat as this individual. Signed and agreement on July 21, 2012, and the closing date was on or about Sept 21, 2012. I asked my realtor one week past the closing date if we could walk away because the sellers hadn't even began installing the heat pump in the home. This is not a new construction, it was a home that was built in 2010 and needed to be finished. Our realtor told us that we would have to pay her commission if we walked away. Now, it is 30 days past and it still isn't ready. What can we do?