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I have a VERY wierd question for anyone who is familiar with real-estate law or dealing with real-estate contracts. I am going into a lawyer here on Monday, but I am driving myself crazy in the meantime going over and over the situation...
So here's the deal...
We are selling our house in Michigan and we signed a purchase agreement on February 7th that gave the buyer 30 days to secure a mortgage, with a target closing date of March 18th.
Because I am living out of state, we did everything by fax (which is recognized as a legally valid way to sign contracts). At the end of February, they sent me the original documents, saying that the mortgage company needed the original documents, so they said to sign everything agian and just send it in the mail. These ones I signed on March 1st, so I dated it this date. I didn't think it was an issue because it was the exact same purchase agreement, so I assumed it was just a reiteration of the original, and all of the original time lines were in effect.
Well, 30 days came and went, and the buyer was then working on her 3rd mortgage company to try to get a mortgage. I finally came out to Michigan because they said they would FOR SURE close by the end of March. Nothing.
So when I got out here, I told them that we were done, that we knew they were out of contract and that we were going to pursue other options. We actually have someone else who wants to buy the house and it would be a significant increase for us (we would lose 1,000 on the original buyer, but gain 3,000 on the new buyer!).
When we told the agent of the original buyer, he threw a fit, saying that they were still within their 30 day limit becuase I had dated some of the documents on March 1. They faxed over the underwriting approval, saying that the buyer had received funding, but still are not able to set a clear closing date, but he still INSISTS that they are not in breach of contract and that we still HAVE to go through with the sale.
Here are my arguements: First of all, we were never informed that they were trying to extend the purchase agreement another 30 days. They should have sent us an addendum to sign if they needed more time. Also, the very end of the contract states that if the purchase agreement is not signed by the seller (me) by feb. 7 at noon, then the contract is no longer valid. So if we go by the date that we signed the faxed contract (feb 7), then the 30 days is WAY over. If we go by the march 1st signing, then the contract was already invalid becuase it wasn't signed by Feb. 7th.
Am I making any sense here? Part of what enfuriates me is that the agent for the buyer is such a JERK about everything and won't budge on anything. We told him we would, in fact close with his client if he would adjust his commission to help us come to the table not losing any money, but he didn't budge a PENNY.
I feel like he really doesn't have a leg to stand on with this, but I may be way off base here. Do any of you have any opinions on this issue?? Thank you so much for letting me vent!!
Jen B.
So here's the deal...
We are selling our house in Michigan and we signed a purchase agreement on February 7th that gave the buyer 30 days to secure a mortgage, with a target closing date of March 18th.
Because I am living out of state, we did everything by fax (which is recognized as a legally valid way to sign contracts). At the end of February, they sent me the original documents, saying that the mortgage company needed the original documents, so they said to sign everything agian and just send it in the mail. These ones I signed on March 1st, so I dated it this date. I didn't think it was an issue because it was the exact same purchase agreement, so I assumed it was just a reiteration of the original, and all of the original time lines were in effect.
Well, 30 days came and went, and the buyer was then working on her 3rd mortgage company to try to get a mortgage. I finally came out to Michigan because they said they would FOR SURE close by the end of March. Nothing.
So when I got out here, I told them that we were done, that we knew they were out of contract and that we were going to pursue other options. We actually have someone else who wants to buy the house and it would be a significant increase for us (we would lose 1,000 on the original buyer, but gain 3,000 on the new buyer!).
When we told the agent of the original buyer, he threw a fit, saying that they were still within their 30 day limit becuase I had dated some of the documents on March 1. They faxed over the underwriting approval, saying that the buyer had received funding, but still are not able to set a clear closing date, but he still INSISTS that they are not in breach of contract and that we still HAVE to go through with the sale.
Here are my arguements: First of all, we were never informed that they were trying to extend the purchase agreement another 30 days. They should have sent us an addendum to sign if they needed more time. Also, the very end of the contract states that if the purchase agreement is not signed by the seller (me) by feb. 7 at noon, then the contract is no longer valid. So if we go by the date that we signed the faxed contract (feb 7), then the 30 days is WAY over. If we go by the march 1st signing, then the contract was already invalid becuase it wasn't signed by Feb. 7th.
Am I making any sense here? Part of what enfuriates me is that the agent for the buyer is such a JERK about everything and won't budge on anything. We told him we would, in fact close with his client if he would adjust his commission to help us come to the table not losing any money, but he didn't budge a PENNY.
I feel like he really doesn't have a leg to stand on with this, but I may be way off base here. Do any of you have any opinions on this issue?? Thank you so much for letting me vent!!
Jen B.
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