- This topic has 13 replies, 8 voices, and was last updated 9 years ago by Anonymous.
- May 5, 2011 at 4:04 am #202830AnonymousInactive
…leaves deposit? but he is delaying financing papers and another prospective buyer comes along: can the 2nd buyer have house instead? History: I have been paying on my home, and this one for sale is my deceased parents which I am also paying and cannot do any longer. 2 years have passed due to economy..what is procedure?
- May 6, 2011 at 12:29 am #258883Florentina OdonnellMember
In most real estate purchase contracts the buyer is given a certain amount of time to perform…otherwords to get financing, do inspections, and remove all other contingencies. If the buyer fails to perform within that time frame you have the right to cancel the purchase and sell to another buyer.
- May 9, 2011 at 7:45 am #425815AnonymousInactive
yes…u can know better information at
- May 9, 2011 at 7:45 am #425816AnonymousInactive
Refinancing is basically paying off one loan with the proceeds from a new loan secured by the same property. In other words, you’re taking a loan to pay off another loan and securing it with your property.
It’s often done to reduce interest costs (by refinancing to a lower mortgage rate, changing the length of a mortgage (going from 30year to 15year for example), to pay off other debts (especially makes sense if you can pay off high-interest debt that isn’t tax deductible – such as credit card debt), and to change loan types (for example, going from variable-rate to fixed-rate).
Hope this helps and if you have any questions, feel free to send me a message through my profile.
- May 9, 2011 at 7:45 am #425817AnonymousInactive
peter there is books written on this subject — could you be a little be more detailed on what you are looking for!!!.
- May 9, 2011 at 7:45 am #425818AnonymousInactive
I can’t give you the specifics on refinancing but I can tell you from what I have experienced.
See first to see if it’s worth it to do; consolidate bills, repair your home, put your children through college. But make sure you are not eating up all your equity, that you will get a good rate, that the loan agent won’t tack on hidden fees in front and back of the loan (they love to disguise fees everywhere). They love to add fees in all sorts of places so question everything, become educated. Make sure that the type of loan they offer you is what you want; fixed or variable rate, interest only, or other types of loans available, Check out to see if there are prepayment penalties. Make sure to ask a lot of questions but to make for sure that what they are telling you is the truth, call and ask more than one source. Shop for the loan as well; don’t settle for just one agent or one bank. And get everything in writing. And please, if you can avoid it, please do not do business with Washington Mutual if they have one where you live. In my opinion, they have poor business practices. Check them out in the search engine and you will see.
- May 9, 2011 at 7:45 am #425819AnonymousInactive
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- May 9, 2011 at 7:45 am #425820AnonymousInactive
Call me – My name is Marsha and I am a Loan Officer with a mortgage company in Virginia. 757-564-1611 is my office phone.
- May 9, 2011 at 7:45 am #425821AnonymousInactive
Well there are many banks willing to Refinance a home. I would simply start by calling several places and perhaps even using the Internet to find out which bank is going to give you the lowest interest rate. Remember not to settle for the first offer, all banks are competing and want your business. So the odds of you getting a really low interest rate are on your side.
And good luck?
- May 10, 2011 at 6:32 am #270442RichardFAfMember
Not sure what you mean by a deposit. For a contract to be binding, there has to be a ratified contract. That means that both the buyer and seller has signed the contract.
If this is the case, then you have to let this buyer play out. If you don’t have a signed contract, then the house is still active and you can take the 2nd buyer.
In regards to delaying doing the financing. I’m sure there is a date when the loan approval has to be done. This really shouldn’t be more then 2 weeks. If this date has passed, then your agent should tell the 1st buyer and move forward.
- May 15, 2011 at 1:26 am #276166AnonymousInactive
I have bought and sold several pieces of Real Estate.
In my experience with Real Estate Agents, most Real Estate Agents are very poorly trained.
Most Real Estate Agents do not have the training or knowledge to handle this circumstance correctly.
The law and practice with respect to Real Estate Tranasctions and the proper handling of deposits varies from jurisdiction to jurisdiction.
At this point, you need an Attorney who has a great deal of experience with Real Estate Transactions in the area where the house is located.
I recommend that you interview at least 3 or 4 Attorneys who have a great deal of successful experience with Real Estate Transactions in the area where the house is located.
Bring all of your paperwork that is related to this transaction and let each Attorney review tha paperwork and tell each Attorney exactly what happened and when it happened.
I recommend that you hire the Real Estate Attorney that you think is best for this case.
- May 26, 2011 at 3:35 am #283915Frederic WarrickMember
If the first buyer can not perform, due to financial circumstances and depending on how the contract was written, most likely will get his deposit back. If the first offer is contingent upon something, the second offer can be considered and if you like the second offer, call the contingency on the first. If the first can not perform, the sale goes to buyer #2. This is typical in a real estate transaction. However, because we have no way of knowing the written terms of your agreement, I suggest you discuss this with your realtor or an attorney.
- May 26, 2011 at 9:42 pm #284216Chassidy FenstonMember
Your agent should have insisted on writing a time limit into the contract for such contingencies as financing, etc. You do have the right to accept another offer since the contract has not been ratified at this point and there is still at least one open contingency. Just be sure the 2nd offer is at least equal to the first one. Seems you can’t really rely upon that agent, so check the contract yourself. Be sure there is no “home sale contingency”, put a time limit such as 5, 10 or 15 days on any inspection contingency or financing contingency and get a hefty deposit ($5,000 or more).
Be sure to write a letter cancelling the first contract and return the deposit. If nothing else, that should get the first people off first base!
- June 16, 2011 at 3:09 am #289886Shannan WilliamsonMember
There should have been a time limit in the contract. If there was no contract that you can take the second offer and return the deposit.
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