Expert: Dick Dennis - 6/23/2006

Question
I have a house that me and my finace put an offer on she countered then we made another counter she accepted. She signed the agreement (I forgot what it was called but my buyers agent from westdale assured that it was the right one) twice so we signed it, and sent it to the our mortgage company (Wells Fargo) to start the deal. We did the inspection everything passed. Things were going good the loan was going good. Now we were set to close on June 30th of 2006 which is next week according to the agreement. Yesterday on June 22 we get a call from my agent saying that she can't sell the house now because she would have to bring $14,000 to the table to close and was getting a loan for it but for some reason that she could'nt get it, and she has missed her last house payment, and she told her realtor she was going to file for bankruptcy. Now the question I have to ask is if I still wan't the house can she do this I think she only owes 158,000 on the house and she agreed to sell it to me for 158,900 and she pays all closing cost up to 3.5% which would make her only get about 153,400 for the sale, this only leaves her about 4,600 short for what she owes on the house I think the rest of the 14,000 was for the realtors and the title and other fees. What can I do if I want the house is she in a legally binding contract. What are my rights and what do you suggest I do? Thanks Please Help

Answer
If you still want that house, Doug, offer to pay half of that $7,000 if the seller will pay the other half. That way everybody will be happy. Better yet, the Realtor doesn't goet paid if this goes down the tubes. So, talk to the Realtor and say, you'll pay "some of the $14,000" if the seller and the Realtor pays the rest. This way the Realtor gets at least something by paying something (hopefully less than what he would he would get.

It's what you call negotiation, Doug. I do wish you well.

Dick Dennis
www.oldproblemsolver.com