house dilemma with the sellers

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This is going to come across as rude, but I'm going to say it anyway:

STOP BEING CHEAP AND GET a LAWYER!!!

I know you watch your money carefully, live frugally, and are already in this for a lot. Yes, it will cost you more, but pay for a good lawyer who is on YOUR side, and 'sick him' on the seller, their agent, and your agent.

I think you'd be suprised at what will 'get done' with that route!
 
Originally Posted By: Cutehumor
At this point, I'm leaning towards walking away from this short sale if we don't close in 36 hours!! My wife wanted our agent to do an addendum to our contract to allow the sellers up to 5/10 to get the money for closing. If they don't sign it, I'll know for sure they have no intention of closing. The "I'll apply for a "note?" to pay the 28k" was a ruse to make us feel better I bet.

I just realized the concessions he made in our contract: 10 Koi fish, two flat screens mounted on the wall, washer/dryer, grill, and patio furniture will be gone if we don't close. what's that an additional $4K I lost? not including the $8k home buyer credit. That free advice I got from the attorney did say I should write a letter indicating my damages and send to the seller as a threat.



I'm going to try one more time, then I wash my hands of it all......Get a lawyer!

If I'm reading you correctly here, then you are on the verge of taking actions that could possibly release the seller from some or all responsibility. Dont do anything until you talk to an attorney, or you may be throwing a possible route to getting some of your lost cash back. Dont present any demands in the form of an addendum to the seller!!!! If you are the one who is trying to alter the original purchase agreement, then you will be the one who blew the deal up when he doesn't accept your addendum to the contract. Thats the worst possible thing you could do at this point. Who is advising you to do that?
 
You still need a lawyer badly, and NOW!!

The odds of this short sale or a $28K approved loan happening in the next 10 days is extremely small. Personally, I would watch them default on the closing date tomorrow and move on.

You may still need a lawyer to help retrieve your escrow amount, and then to consider a lawsuit for damages, keeping in mind that "lost opportunity" does not necessarily equal actual damages lost (talking about the home credit here). You still have other actual losses that may count.

I know it is hard to make these decisions when your partner is enamored with the house, but you are now leaving your lawyer very little maneuver room based on time to react. You need to engage a lawyer today and get him moving on the assumption that the contract closing date will be missed.

I can't help but feel you were being played all along and the seller's intent was to back you into a corner to pay the short $28K. Perhaps they knew how enthusiastic your wife was about the house, and they saw an opening. The lack of "the bad news" early in this deal is a major indicator of that intent, to me. It is your decision as to whether you want to play that way or not; I wouldn't.
 
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Humor, over a dozen of us have been pretty much giving the same advice which you keep ignoring because of you and/or your wife are letting emotions rule over common sense. We've done as much pleading as we all can do online, seemingly to no avail. I just hope this doesn't end up costing you and your wife. There is potentially a higher price you both could pay basides financial.

PO
 
I do want to get a lawyer, I really want to. But My WIFE IS REFUSING to get a lawyer.

When my agent talked to her, he said "I'm doing everything in my power to get this house for you" She believes him.

It's tough on her b/c we have been saving for 5 years for this house! My wife is not thinking clearly and letting her emotions get in the way. The news of the short sale, I got angry. she cried.
 
Quote:

"When my agent talked to her, he said "I'm doing everything in my power to get this house for you" She believes him."

Translated:

"I'm doing everything in my power to cover my butt and snow you so you don't sue me for screwing up...."
 
Originally Posted By: ArrestMeRedZ
You nailed it.

#1. Although the title company lawyer should give you proper advice, get your own.

#2. Have your own lawyer review any documents before you sign.

I suspect the form is to acknowledge you were informed it was a short sale (which you weren't in any kind of timely manner), to eliminate liability on the listing agent. If it is, it pretty much guarantees the listing agent and broker will be liable for any damages you suffer.

Personally, if the sellers threatened me with bankruptcy, I'd pursue legal action just to see if they were really broke, and to force them into it. But then again I'm considered "highly retalitory".


I agree 100%. Get your own lawyer and force their hand. Driving them bankrupt will stop the nonsence, and they won't be playing these games with someone else at a later date.
 
Unless the real estate agent ("I'm doing all I can...") can come up with $28K cash by tomorrow, then this deal will fail. I can only assume the bank is not willing to sell and take a $28K loss, bottom line. I have zero confidence that the seller will come up with a signature loan for that amount, and that is what we are really talking about here. That's all I can say......
 
GET YOUR OWN LAWYER. You have to protect your wife and yourself. Your wife needs to get angry with your Realtor because of her failure to do her job properly she is one of the people that is keeping your wife from getting her dream home. When we bought this house the Realtor knew that the owner would owe money at closing when we made the offer. When my son bought his house the Realtor knew what the house sold for and what comparable properties were currently selling for and each time we had a easy closing. A good Realtor WORKING FOR YOU will know the potential problems very early. Have your wife read some of these post and hopefully she will get angry at all the people involved in keeping her from getting her dream home.
 
Originally Posted By: LS2JSTS
I'm going to try one more time, then I wash my hands of it all......Get a lawyer!

For once we agree, GET A LAWYER!!! Your wife will be mad at you, but eventually she will thank you. Your financial future might be at stake here.
 
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Instead of "getting" a lawyer, how about "consulting" a lawyer who is not part of this deal? You and your wife sit down with the lawyer, show all paperwork you have signed, and explain the situation. To me, that seems like the only way the two of you are going to get any straight answers about what's happening and what you can do.

Beyond that, have you considered plan B? For instance, will your landlord give you another month to see what happens, and so on down the list you posted awhile back? If the worst happens, the landlord would probably rather keep somebody whose payment history he knows and avoid having to get the apartment ready for rent.

I hope this turns out in your favor, but I hate to see you in it without all the facts.
 
Originally Posted By: Cutehumor
I do want to get a lawyer, I really want to. But My WIFE IS REFUSING to get a lawyer.

When my agent talked to her, he said "I'm doing everything in my power to get this house for you" She believes him.

It's tough on her b/c we have been saving for 5 years for this house! My wife is not thinking clearly and letting her emotions get in the way. The news of the short sale, I got angry. she cried.


She's waiting for you to cave and take the hit so she can have her dream home. Your relationship might be at stake if you choose either option of doing it or opting to stay put. If you stay put, you're to blame. If you take the hit, you might turn finances into the biggest problem issue in your relationship and you'll harbor feelings of regret/blame.

Take what I say with a grain of salt. I mean absolutely no offense if I overstepped my bounds.

My dad always told me that if you're danged if you do and danged if you don't, then don't. It's the easier of the two choices.
 
Originally Posted By: Cutehumor
I do want to get a lawyer, I really want to. But My WIFE IS REFUSING to get a lawyer.

When my agent talked to her, he said "I'm doing everything in my power to get this house for you" She believes him.

It's tough on her b/c we have been saving for 5 years for this house! My wife is not thinking clearly and letting her emotions get in the way. The news of the short sale, I got angry. she cried.


This is real simple...your realtor at this point can't do anything to get you in that house. He knows it which is why he is covering his behind.

The only way you can get it for the agreement is to get a lawyer and sue them for contract fraud(or whatever else applies). You don't need the realtor to get the house. A real estate attorney can & will if you tell him everything.

Tell your wife this, if she wants the house you need an attorney now. If she rather wait 6 months to find out you can't get it then well listen to the poor excuse for a realtor you have now.
 
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Originally Posted By: Thermo1223


Tell your wife this, if she wants the house you need an attorney now. If she rather wait 6 months to find out you can't get it then well listen to the poor excuse for a realtor you have now.



+1000

And like I said above.....DO NOT under any instance start sending new addendums to the seller. Let the Seller default on the Purchase Agreement as it is currently written.

I cant stress enough how important it is that you NOT start making demands or sending new addendums for the seller to approve....You will be doing nothing more than handcuffing your attorney, if your agent thought that was a good idea your wife had, he should be instantly disregarded. As his advice is flawed and not looking out for your best interest.
 
I think the OP's wife's feeling's in the matter, are perfectly valid, and should be given as much weight as anything else. After all, at the end of the day, the little wife is who you go home to, and it's half her money.

If I found myself in the OP's position, I think this is what I would do.

I would show up ready, willing, and able, with my lawyer, to perform my part of the deal on the 30th, as per the contract I had signed. I would put the seller in the position of being the party to breach the contract. Maybe it's just a big bluff.

Assuming the sellers cannot or will not perform as per the contract, I would then think long and hard about how much it is worth to me to keep my wife happy.

If I still wanted to, and could afford to, go forward on the house, my LAWYER, repeat, LAWYER, who I retained before I even showed up for the closing, would handle the attempted renegotiation of the contract, so as to ensure that any existing legal rights I may now have, would not be waived or compromised should I wish to exercise them later on within the applicable statute of limitation(s), including how much the idiot sellers were going to kick in, if any, to cover the shortfall, and how much the idiot realtors were going to kick in, if any, to cover the shortfall, with the overall objective of making my additional expenditure to resolve this trainwreck as small as possible.

All the tough talk of litigating people into oblivion, bankruptcy, blah, blah, sounds good ( most people talk real tough until it is time to write the retainer check ) but if my objective was to buy a house for my wife, then personally, I would rather throw my money at salvaging the house than a legal proceeding that may or may not yield me a dime, and will entail even more out of pocket expense and aggravation that will drag on for years.

So, anyway, OP should do what his gut tells him to do, but whatever he does, should be done with good legal counsel, licensed to practice law in his state.
 
Originally Posted By: Win

All the tough talk of litigating people into oblivion, bankruptcy, blah, blah, sounds good ( most people talk real tough until it is time to write the retainer check ) but if my objective was to buy a house for my wife, then personally, I would rather throw my money at salvaging the house than a legal proceeding that may or may not yield me a dime, and will entail even more out of pocket expense and aggravation that will drag on for years.


good legal advice there. I balked at the $5000 retainer, $220/hour for the next 6 months. I'm getting estimates of possibly $10k easy with possibly of not recovering a dime since he will file bankruptcy.

My wife and I got into an argument over this. She wants this house badly. My wife wants to give the sellers another two months to come up with this "note" to cover the 28k they owe so we can still get the $8k buyer credit by 6/30. My agent wants me to sign the affidavit of arm's length short sale papers as well. He's saying this affidavit says we aren't related or trying to fraud the bank out of any money. It's not a short sale contract he said. I don't feel comfortable signing it. My wife is gung ho and they were both jumping on me. My wife said she is willing to go through !@## the next 6 months wondering if we got this house or not.
 
This may not be a very good idea, but since your wife is so in love with the house and she likes to buy it at all cost: Do you have $28k to loan to the seller at reasonable interest rate ?
 
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I think Win stated things very well. Force the other party to breach the contract. Offer no addendums and do not sign anything without legal advice prior to such time. It may mean the sale completely blows up, but at that point you certainly have a case under contract law - you fulfilled your terms, they did not.

In end, it may stink. You may be out the house, and lots of other effort.

I've said my bit, but once again, get a lawyer!
 
Originally Posted By: HTSS_TR
This may not be a very good idea, but since your wife is so in love with the house and she likes to buy it at all cost: Do you have $28k to loan to the seller at reasonable interest rate ?


actually her parents offered to liquidate some 401k money to give us the money! she said no to that.

I'm really stuck in a rock and a hard place. this house purchase could really hurt my marriage if I decide not to pursue this short sale. she was highly upset and crying. I've never seen her like this in 10 years of being together.
 
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