Expert: Dick Dennis - 6/21/2006

Question
My boyfriend and I bought some land for $85,000 in Washington and our offer was accepted yesterday.  Being a first time land buyer, I depended on the agent to walk we through the paperwork.  I contacted him yesterday to ask what we do next and where I get the loan (I am putting ($50,000 cash) down and need to finance $35,000.  He told me I dropped "a bomb" on him.  He also said he "assumed" I was paying cash.  I also have a previous email asking him a question about loans so he knew in advance I was asking for a loan (he did say it would be best to pay the whole thing but did NOT tell me the following) he told me I should have asked for a financial addenudum (I don't know all the forms I need) should he have informed me - also now he says that my accepted offer will now become a counter offer since I am not paying cash, which technically I am because we should have no problem securing the loan, good credit, money in Iras, Deferred, PERS, etc.  Can he turn my accepted offer into a counter offer now legally.  He also states they now have another counter offer which is actually why I think they want to get us out of the deal.

Also, he claims we can take a personal loan but not a land loan because we are not allowed to use the land for the loan because the seller doesn't want to carry us....I don't get it - the bank will carry us and as long as he had the money by closing - what does it matter if it is from a land loan versus a personal loan $35,00 is $35,000 right?  Please help!!  You sound like an expert.  Thank you.  

Answer
Based on what you have said in your note, you have an accepted offer. And that's that. It's up to you to get the money to give cash on the deal. Your purchase agreement calls for you to close the escrow with the cash. So go get the cash and put it in escrow. You have a deposit in escrow (at least that is where it should be right now). If you do not perform as stated on that offer, you could lose your deposit. In the meantime, the agent must go along with what he submitted as a legitimate offer. Period.

I do wish you well.

Dick Dennis