Expert: Karyn Foley - 8/14/2007

Question
I live in MN and recieved a non-contigent offer back on 5/24/07 with closing on 8/31/07.  I was told the buyers wanted to push out closing because that was the date they were closing on their current homes.  We are now within weeks of closing and I found out that they actually did not sell their current home and looking to push out our agreed closing date.  The buyers realtor has not been honost and doesn't return phone calls to my agent and broker.  As of today, I have no confirmation on when we are closing or what is going on.  Is that legal?  Since it was a non-contigent offer and my house was taken off the market, I should not be penalized and they should have to close whether or not they sell their house.  Is the buyers broker office then responsible to this PA?

Answer
Dear Lori:  I am so sorry you have been treated in such an unprofessional manner by an agent who deserves to be disiplined by his or her local board of realtors.  Call the board and see how you should file a formal complaint.  I am sorry that buyers cannot be forced to buy, but they may be liable with their good faith deposit.  As I do not have a copy of your contract,I can only give advice which you should seek confirmation of from your own agent and your agent's manager or office owner.  There are various legal forms that dictate that the buyer should perform or the contract cancelled.  You can cancel a contract before the deposit issue is addressed.  This means you may have to mediate, arbitrate, or seek help from an attorney:  check your contract and see if these dispute resolution items are addressed.  You should immediately put it back on the market, but disclose that it is subject to the cancelation of the previous agreement.  Each state has different real estate laws, so you should check and see what is your state's laws.  Where is your agent?  Certainly your agent should be standing by with direction,  If you are not represented, get in touch with the neutral third party through whom all paperwork goes; some states it is an escrow company, some a title company, and some use lawyers.  If you are completely alone in this mess, call an attorney.  An attorney has clout, good ideas, and will tell you what position is best for you to take and will support your position.  You should not be doing all of this without some one in the wings telling you what, how and when.  Next time, I am sure you will be more successful and hopefully, get a mentor such as a good, honest and professional agent to take you through the process step by step, and monitor the transaction almost daily.  If this had been done originally, you might have found out sooner what you were dealing with.  Do not extend your closing date with dishonest, unreliable people.  If they talk you into it, see about a non-refundable big deposit check that is yours to cash, have, and hold, no matter what, immediately.  However, try to be strong and settle this dispute, put it behind you, get some one better in your conrner, and go on to the next deal.  Don't let this deter you, or sour you on real estate.  Some times things just don't work out.  Please let me know what you decide to do, and what is happening.  I will be out of town from the 19th or so until September.  Let me know then, and lots of good luck to you!!!!!  Karyn Foley