BIG update at bottom: My buyers vanished off the face of the earth

We have their 10% deposit in escrow. But, they needed their mortgage commitment by June 6. They were upfront about needing a few more days, so we gave them the extension. Well, the extension deadline was 6 days ago and they are completely non-responsive.

Their agent doesn't return our agent's calls. Their lawyer doesn't return our lawyer's calls.

I am so angry about all of this. My life has been nothing but a nightmare since the day they first walked into my home.

I should be excited about the house I'm buying, but I'm not...not at all...because I am so consumed with aggrivation over this.

Message edited 6/19/2008 12:38:49 PM.

Re: My buyers vanished off the face of the earth

Wow, I'm sorry to hear this. The attorney isn't even returning your attorney's calls? I can't stand when people just flake out and disappear--this drove me nuts about selling our co-op. It amazed me how many people don't do what they say they will do or are generally dishonest in this process.

The first buyer for our co-op did this, though our attorney finally got word from hers. In our case. she did not qualify for a mortgage and backed out, though it ****** us off that she wasn't forthright about it. In our case, she also had not put our deposit down so we were SOL. I believe you can keep this deposit, though there may be a clause about returning it if the buyers doesn't qualify for a mortgage. I would talk to your attorney.

Did you sign a contract on a house yet? If not, don't do it until your deal is official.

Good luck--I hope they appear and all is well. If they are backing out--I hope all works out and a better buyer is on the horizon!

Re: My buyers vanished off the face of the earth

They have a mortgage contingency in their contract.

My lawyer finally got in touch with theirs...who said that he doesn't know what's going on, but that his clients said they'd have their commitment "soon".

So, our lawyer is sending a letter now saying that if they don't produce their commitment by tomorrow 5 pm, we will assume they are waiving their contingency.

Re: My buyers vanished off the face of the earth

It sounds to me like they are having buyers remorse. Maybe they either don't want the house anymore (cant afford it) or they found something else.

They are ignoring you because they know their money is in escrow and it's protected. You can't really take their escrow.

But I do believe you have a right to go after them for stringing you along. I would have your attorney send them an ultimatium with a threat to sue for part of that deposit.

Why should you be stuck paying mortgage interest on your property because they are bailing out on a deal that you signed in good faith with them.

You aren't getting 10% from them, but I don't see why you can't force their hand and demand some compensation if they bail on the deal.

Re: My buyers vanished off the face of the earth

Just saw your updated post. IMO they already waived it by taking this long.

Well good luck. Hopefully they will do the right thing.

Re: My buyers vanished off the face of the earth

When are you supposed to close on the Sale?

Their mortgage contingency period is up....because they did not request additional time to get a mortgage.... technically even if they get a letter from the bank today saying that they do not qualify....they HAVE to close or they are in default. This deal is no longer contingent on your buyer getting a mortgage. What my office would do in your case...would be to write a letter to the Buyers attorney pretty much saying....per the terms of the contract of sale, this will confirm that your clients time to supply us with a mortgage commitment has expired...as such, the on or about date is blah blah blah....please advise us as to when you client is looking to close.

Usually when the attorney get this letter they send something back to us ASAP.

OR depending on the on or about date....we would send a time of essence letter scheduling closing and that gets everyone all riled up.

I would ask your attorney what your options are and what he or she is doing about this situation.

Good luck! This sucks! But hopefully everything will be resolved!

Re: My buyers vanished off the face of the earth

oops....Just saw your update too! Hopefully the letter will get them moving!

Re: My buyers vanished off the face of the earth

Let us know if the letter did the trick!

We had buyers disappear...within no time another one came & during that time another came w/a much higher offer.

You just never know what's around the corner...

Best of luck!

Re: My buyers vanished off the face of the earth

Re: My buyers vanished off the face of the earth

so far, not a peep.

This is what the letter said:

I am writing to confirm my telephone conversation with you of this date inquiring as to the status of the mortgage commitment.

The Contract provided that a mortgage contingency was to be met or waived by June 6, 2008. We contacted your office on that date and were advised that it would be approximately another week. As of today, it does not appear that a mortgage commitment has been received by your client. The seller is losing valuable time on the real estate market in the event this matter does not go forward. As such, I hereby advise you that unless a firm mortgage commitment is forwarded to this office by 5:00 p.m. on June 19, 2008 the sellers will assume that the mortgage contingency has been satisfied and that the deal is moving forward. If for any reason this is not correct, I suggest you confirm it in writing immediately.

Sellers cannot entertain any further extension of the mortgage commitment unless we are advised of the exact name of the lender and contact information so that it can be ascertained that a good faith effort has been made to obtain the mortgage as well as the reason for the delay.

Please be guided accordingly.

Re: minor update at bottom: My buyers vanished off the face of the earth

Hopefully you get an answer soon one way or the other. GL!

Re: BIG update at bottom: My buyers vanished off the face of the earth

My lawyer just received their mortgage commitment.

Re: BIG update at bottom: My buyers vanished off the face of the earth

Re: BIG update at bottom: My buyers vanished off the face of the earth

awesome!!!!!

Re: BIG update at bottom: My buyers vanished off the face of the earth

great news!!!!