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Buying or Selling a Home/Financial Title Company is out of business, next steps?

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Expert: John Hendricks - 8/1/2008


Question
Hi, we've been accepted for the BMR program in city of Santa Clara in March of this year. We have successfuly submitted all the documents to the organization under city of SC on time about 1-2 weeks after confirmation.

1) Loan process. It has started back in May with promissed made by City of Santa Clara realtor that everything will close by June 1st. More papers going back and forth, more discussions what the city will pay for versus us (the buyer). Once we've finally got the approval for all 3 loans, we went to the Financial Title company to sign last paperworks. As we and the seller signed on same day this Tuesday, during the next day this Title company closed. Yes, all of our funds will be eventually funded to First American, but I have informed my complex about move out date. Now, I'm in a situation where it won't close before my move out date (and nobody can tell me when it will close now). I don't know of my options, Seller is paying for the house charges from 8/1-8/11 as City of SC was paying for my rental apartment. Now, since it's not closing on 8/11 I am a little unaware of what my rights as a buyer are? I can't stay in my current apartment after 11th but I can't move out either into the new house. What do I do? I can't afford signing another contract for another year with the complex or another apartment place.

2) Who is responsible for the Title company's closure and the costs that are associated with it?

Thank you.
Irina

Answer
Dear Irena;

Thank you for your question... My recommendation is to contact your
Realtor immediately and request a meeting between all parties involved in your transaction with the Broker/Manager of the Real Estate Company you are being represented by at the moment.

It appears that you have met your obligations in this transaction, and it is now the responsibility of the Real Estate Brokerage to step up and  get you the answers you deserve and the other parties to perform. You may want to contact a Real Estate attorney simply to explain your situation and see what recourse you have if any with the parties to this   transaction. Once you let your Realtor/Broker know that you have contacted an attorney, you will have put them on notice to help you now or suffer possible consequences.

Your Realtor can only do so much, but the Broker/Manager can help where the Realtor falls short. The Broker/Manager should step in and take control for you with your agents assistance. The company you hired to represent you in this transaction is obligated to provide you every assistance to bring this to a conclusion. Not knowing all the circumstances that surround your situation, it is hard to provide you with more detailed information.

Warmest Regards;
John Hendricks

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John Hendricks

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As a California Realtor for 23 years practicing in Marin and Sonoma Counties, it is now time to provide counsel through AllExperts.com to those who need advise in real estate. My knowledge and experience includes a wide range of resale residential real estate purchases, new home sales, income related investment properties involved in 1031 exchanges, and land. Let me help you in any of these areas...

Experience

John Hendricks has established himself as one of Marin & Sonoma Counties premier Realtors. A native Californian, John is a well-known and respected Realtor in both Marin & Sonoma Counties who has resided in the Northbay since 1976. John began his real estate career in 1986, and since then has distinguished himself as one or Northern California's top producing Realtors. Before joining Frank Howard Allen Realtors, John was an associate of the Prudential California Realty from 1990-1992 where his outstanding sales achievements earned him one of the company's highest honors, the prestigious "President's Circle Membership", presented to the top 2% of associates for sales and earning excellence. Since his association with the highly regarded Frank Howard Allen Realtors in 1992, John has once again established himself as one of his company's Top 10 Producing Realtors in Marin & Sonoma Counties for the years 1993 through 2007 and now in 2008. Five continuous years of outstanding performance has now allowed John to join 15 other Realtors in the prestigious "Lifetime Hall of Fame" for Frank Howard Allen Realtors. John established a group of professional individuals who specialize in a variety of areas in real estate called, 'Lundmark-Hendricks Fine Homes' This group of professionals are dedicated to the success of representing clients with the greatest amount of care and service when either buying or selling real estate.

Organizations
California Association of Realtors National Association of Realtors

Education/Credentials
Upon Request...

Awards and Honors
Frank Howard Allen Realtors "Hall of Fame Member" Chairman's Circle for 10 consecutive years

Past/Present Clients
Joe Louis & Sharon Sigurdson We want to thank you again for your excellent representation of interests during the recent purchase of our home in Petaluma as well as the sell of our home in Mill Valley. We had the unusual pleasure of working with you during the last year both as sellers and buyers. We felt that our interests were always paramount and that we received a very fair price for the sale of the Mill Valley house as well as our purchase of our new home. This speaks particularly well of you, because of the recent unstable and chaotic real estate market. Will Finke "Quite frankly, we came out of a very difficult situation, which time does not allow elaborating on. This was one of the greatest experiences of our lives as clients. John Hendricks is one of the top businessmen I have ever met." Bruce & Nancy Rosentreter "I chose John Hendricks to sell my house. I picked him because I thought he was professional, aggressive, and that he could get top dollar for my house. He fulfilled my expectations completely." Joy Schuelke "Since we were trying to sell a high end home in a very tough market, and in the middle of a very rainy winter, the prospects seemed quite bleak. I was convinced at the time, and am even more so now, that without John's tenure, patience, and tenacity, we would have not been able to move the property." Lynn McCarthy "I cannot stress strongly enough how impressed I was with the service provided to me by John and his group. Throughout the entire transaction, John was always available, always forthcoming with excellent advice based on his years of experience, and always willing to put in the extra effort to make this a positive experience for me. I feel lucky to have had the experience of working with him." Lea Lieurance-Turk "Thank you John for your outstanding real estate services for the past 5 years I have known you. You have made my dreams come true as far as selling and buying property."
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