Expert: Jessica Bryan - 1/20/2007

Question
I accepted an offer nearly 3 months ago.  I have still not closed (I was supposed to on the 31st of Dec.)and no one will give me a for sure closure date. I have extended my contract twice to accommodate the buyer and his bank but still have not closed.  My contract with my realtor is up once this last extension runs out (Tuesday)and I am reluctant to resign as it is getting me no where!  The realtor is working for both me, the seller, and the buyer in this case.  It appears that the buyer was lazy about getting his paperwork to the bank working on his loan and that is what is holding us up. At this point I do not feel I should have to pay a commission to my realtor, but the buyer should as he has caused her all the extra work.  I am considering to let my contract end and get a lawyer to settle the matter.  I am not afraid to let the sale go. In the mean time, because we did not meet our closing date and I was told it would happen any day, I have allowed this guy to rent my home, I had him sign a contract/lease and he has proceeded to alter my home by painting walls, laying new carpet and adding a dishwasher.  All of these things were clearly outlined in my lease NOT TO DO!  He also has a cat in my home and the lease states no pets (I am very allergic as is my daughter). I don't know what to do.... suggestions PLEASE!

Answer
Dear Hannah;
You should consult a lawyer right away.  A letter should be sent to the Buyer's and the agent that uses the phrase "time is of the essence with regard to the closing date."  A closing date should be given that is absolute and if this is not honored then the Buyers must release the house.  Since they are currently renting you will need to 'evict' them for breach of contract and should discuss all of these matters with the lawyer.  There is probably strong reason to hold the earnest money deposit since you have been undoubtedly inconvenienced if not hurt by the delay.  (Again, this can be discussed with an attorney as to what damages you might hope to recover.)  The original contract probably had some wording regarding the fact that the buyers would obtain a loan in a timely manner.  If they delayed beyond the agreed upon dates and if it can be proven then there might be a way to recover more money.

As for the dual agent with whom you are upset;unfortunately
you signed an agreement that must be honored since the agent found a buyer and is the procuring cause for the sale.  If, however the sale does not go through then there is no further obligation to the agent.

Good luck and best wishes,
Jessica Bryan