mortgages buyer agent – Can the seller cancel this deal and keep deposit if buyer did not obtain the mortgage? ?
Can the seller cancel this deal and keep deposit if buyer did not obtain the mortgage? ?
We are in contract to sell our home ( New York State). Our buyers had a 30 day commitment clause in the contract to obtain a certain amount of money within 30 days with a specific lender. We called inquiring about what the delay was about 3 and a half weeks after contract signing. No one knew what was going on. Our lawyers had no info nor did our agent..Our agent finally called us and told us that the buyers were having difficulty with the bank they had a applied to for a mortgage. The bank now wanted a larger down payment and had, therefore, now agreed to a lesser amount to lend them. They then went on to change lenders and use one of their realtor's lenders. They were
1. suppose to notify our lawyers in writing that theyeither had a mortgage commitment or did not secure a mortgage.
2 suppose to notify our lawyer that they changed banks.
Our lawyer says they were never notified. The 30 days have come and gone. Our house is not being shown and we have another possible buyer who we may lose. The contract stated closing would be on or about Nov. 15th. Can we consider the Buyers in default and keep their down payment? We would much rather close this deal! However we don't want to find out that after waiting 2 months and paying 2 mortgages, insurances, fueloil, electric, all the other expenses of keeping a second home in good condition,and possibly losing other buyers that these people still could not buy our home! Can we cancel the deal now and get their deposit at this point? We are 2 weeks away from being in contract 2 months and wasting time!
The Role Of A Buyer’s Agent
The Buyers Agent is a role that has become critical in the world of real estate. Primarily because home buyers have come to realize that it is a good idea to have someone who specializes in dealing with their needs as a buyer during the home purchase process.
For many years the entire home transaction was typically handled by one agent, or one type of agent. That is an agent who deals with both buyers and sellers. Much of the time the whole deal was seen to by the listing agent. While this is fine for the seller, buyers found that their unique needs were not being seen to completely. This is understandable as the agent’s primary responsibility was to their original client, the seller of the home.
So, the role of the buyer’s agent evolved. The buyer’s agent is primarily concerned with the location of suitable homes for their clients. Sometimes there is quite a list of requirements and the time that is necessary to dedicate to such requests can be demanding. Once a suitable property is found, the buyer’s agent commences the contracts and offers on the property. They see to all aspects of this process including the inspections of the home, and all other aspects of the sale. This role is pivotal as there are usually numerous steps to closing a home and they can be quite complex if one is not knowledgeable on the topic of real estate contracts. Usually the agent will also ensure that all of the buyer’s subjects are met or dealt with in a acceptable manner.
By: Steve Proski
Article Directory: http://www.articledashboard.com
Steve Proski is an associate broker, Accredited Buyer’s Representative, and a Certified Residential Specialist who excels in the Scottsdale real estate market. Steve specializes in bringing hopeful buyers together with their ideal Scottsdale homes. For more information contact Steve soon or visit www.az-homes4u.com
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