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 Posted: Wed Mar 07, 2007 1:09 pm Post subject: opening escrow |
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I entered into a sale contract on a property in california for a bank
owned foreclosure . the bank sent me a counter offer to which i
agreed. With my realtor's advice we did the home inspection prior to
the final acceptance offer from the bank. the home inspection revealed
some defects with the house hence we decided not to go ahead . no
escrow had been opened at this point . the inspection was done on a
weekend and the sellers agent(in this case the bank's agent) was
notified over the phone before the next business day. in the meantime
the bank send the final acceptance to my agent. do we need to open
escrow though we are not interested in the house . can the bank hold
us liable for failing to open escrow upon their acceptance. is there
any kind of breach of contract on our part. please advise -- AC |
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John A. Weeks III
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| Posted: Wed Mar 07, 2007 7:04 pm Post subject: Re: opening escrow |
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In article <1173251362.021031.297920@j27g2000cwj.googlegroups.com>,
acarch494@gmail.com wrote:
| Quote: |
I entered into a sale contract on a property in california for a bank
owned foreclosure . the bank sent me a counter offer to which i
agreed. With my realtor's advice we did the home inspection prior to
the final acceptance offer from the bank. the home inspection revealed
some defects with the house hence we decided not to go ahead . no
escrow had been opened at this point . the inspection was done on a
weekend and the sellers agent(in this case the bank's agent) was
notified over the phone before the next business day. in the meantime
the bank send the final acceptance to my agent. do we need to open
escrow though we are not interested in the house . can the bank hold
us liable for failing to open escrow upon their acceptance. is there
any kind of breach of contract on our part. please advise -- AC
|
What does your contract say? If there was an inspection clause,
then you can get out of the deal. If there was no inspection
clause, then you bought the house. In the latter case, if you
don't go through, the bank can sue you for specific performance.
This is the risk of buying foreclosures...they almost always
have flaws, often major flaws that people are walking away from.
It is normally your duty to do all your looking and inspections
up front before you start making offers and signing contracts.
If not, then make sure that you get these "outs" written into
the contract.
-john-
--
======================================================================
John A. Weeks III 952-432-2708 john@johnweeks.com
Newave Communications http://www.johnweeks.com
====================================================================== |
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| Posted: Thu Mar 08, 2007 3:32 am Post subject: Re: opening escrow |
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On Mar 7, 5:04 am, "John A. Weeks III" <j...@johnweeks.com> wrote:
| Quote: |
In article <1173251362.021031.297...@j27g2000cwj.googlegroups.com>,
acarch...@gmail.com wrote:
I entered into a sale contract on a property in california for a bank
owned foreclosure . the bank sent me a counter offer to which i
agreed. With my realtor's advice we did the home inspection prior to
the final acceptance offer from the bank. the home inspection revealed
some defects with the house hence we decided not to go ahead . no
escrowhad been opened at this point . the inspection was done on a
weekend and the sellers agent(in this case the bank's agent) was
notified over the phone before the next business day. in the meantime
the bank send the final acceptance to my agent. do we need to open
escrowthough we are not interested in the house . can the bank hold
us liable for failing to openescrowupon their acceptance. is there
any kind of breach of contract on our part. please advise -- AC
What does your contract say? If there was an inspection clause,
then you can get out of the deal. If there was no inspection
clause, then you bought the house. In the latter case, if you
don't go through, the bank can sue you for specific performance.
This is the risk of buying foreclosures...they almost always
have flaws, often major flaws that people are walking away from.
It is normally your duty to do all your looking and inspections
up front before you start making offers and signing contracts.
If not, then make sure that you get these "outs" written into
the contract.
-john-
--
======================================================================
John A. Weeks III 952-432-2708 j...@johnweeks.com
Newave Communications http://www.johnweeks.com
======================================================================
|
Thanks John for yr prompt response. The contract had an inspection
clause which stated that we could declare the contract null and void
in 7 days following their acceptance. we did an inspection prior to
their final acceptance and our agent verbally/ thru email cancelled
the contract due to some problems during the inspection findings.
Is our agent's verbal cancellation enough or do we need to send them
anything signed voiding the contract as we are not planning to deposit
the earnest money. We just want to make sure that the bank does not
hold us responsible for any punitive damages etc. in the future.
Thanks in advance ------ AC |
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John A. Weeks III
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| Posted: Thu Mar 08, 2007 6:39 am Post subject: Re: opening escrow |
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In article <1173303169.549405.284070@s48g2000cws.googlegroups.com>,
acarch494@gmail.com wrote:
| Quote: |
Thanks John for yr prompt response. The contract had an inspection
clause which stated that we could declare the contract null and void
in 7 days following their acceptance. we did an inspection prior to
their final acceptance and our agent verbally/ thru email cancelled
the contract due to some problems during the inspection findings.
Is our agent's verbal cancellation enough or do we need to send them
anything signed voiding the contract as we are not planning to deposit
the earnest money.
|
You may have blown it, here. The golden rule of Real Estate is that
world of mouth and handshakes mean nothing, only what is put in
writing and signed has any meaning. This is very much unlike other
areas of law--everything has to be in writing. The verbal and/or
E-mail is not binding. But if they come after you, your real estate
agent should have known this, so you will have to go after the agent.
-john-
--
======================================================================
John A. Weeks III 952-432-2708 john@johnweeks.com
Newave Communications http://www.johnweeks.com
====================================================================== |
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