Your time is appreicated-I need advice

[turbonetics]

Hello all,

I am a newbie here and need advice from whoever can help....here is my story.

I am in the market for a home in Solano County(Suisun City to be exact) north of San Francisco. I met a realtor through a friend and decided to have him give me a hand. I found a property that I was interested in and fowarded it to my realtor to take a look see. We decided to make an offer on the home, it is at that time my realtor explained to me that it was a short sale.

We stated our conditions in the offer as closing in 30 days. After subsequent counter-offers we came to terms with a caviot of "continguent on lender approval" stated by the sellers listing agent.

To make a long long story short it was almost 2 months when we received another counter offer from the lender. Between this time we were told by the listing agent all types of excuses why there is a delay..ie "bank needed sellers financial statement", "other documents needed", "any day now" ect ect ect.

We decided to send in our counter to their counter with no change in our price. We waited 3 days for a reply or extension to our counter and received nothing. A few days later we were notified that the offer was approved. At this time we were not interested in the property and submitted our release of escrow form and then persued other properties and found a more attractive deal in the same area.

Here is my problem nowIt has been 2 weeks now and the listing agent is telling us that the seller wont sign the escrow release form. He says that his client is a flake, giving no reason why they will not sign. My agent says that could be fined a civil penalty of $1000.00.

Now I need this escrow money to close on my real deal. What should I do? Should I file a complaint with the DRE? Do I go to the District Attorney? Should I hire an attorney? I my opinion the listing agent did not properly list this property. He knew that they could not close in 30 days, and they signed the contract. He did not list on his ad that is was a short sale, where other ads by other agencies do. And now he, and his client, and the sellers lender with their actions has caused great hardship and stress on myself and my family and I have incurred expenses due to the delay in obtaining a home.

Thankyou in advance.

[ericbadgley]

I am not a lawyer but it sounds like they had accepted your counter offer. Therefore you are under contract. If this is the case you could loose the $1000. Unless you had sent in a with drawl of counter offer form. At least in my state. What does you agent say about this? What is his advise?

[Mack Perry]

You should ask for a meeting with your agent and your agents broker. The two of them will explain to you exactly what your rights are as well as what remedies are available.

[Northern_IL]

Ahhhh yes. The joy of the short sale. I can't think of one time where a bank was on top of the offer(s). I'm not an attorney but my guess is your only out will be the "acceptance date" on the original contract, if your agent even filled it in. A real estate attorney could help.

Good Luck

[turbonetics]

Eric and Mack,

My agent says that the deal is not binding because they did not respond to our counter offer within the 3 day period according to California laws. The deposit in escrow is $5000 and the civil penalties to the seller are $1000.

Thanks for your input...its appreciated folks! We are setting up a meeting.

[metaylor9]

Was all this with the bank done verbally or in writting? I am sure in Cali contracts must be in writing to be enforceable. Not only that but it must be delivered before it expires. I am sure your real estate commission has a standard way of dealing with this. It might take some time but I think you will get your money back.