Answers general questions about residential real estate in Florida. More specific answers for the southwest area of Florida - Naples, Bonita Springs, and Estero Florida - Collier and Lee Counties. Will not answer any questions about commercial real estate or business brokerage.
Experience
Experience in the area: I have held a Florida real estate license since 1995 and Florida mortgage broker license since 1996. I have specializes in the residential real estate market as a full-time REALTOR since 1996. Currently a member of the Legal Resources Committee of the Naples Area Board of Realtors.
Organizations Naples Area Board of Realtors, Lake Placid Board of Realtors, Florida Association of Realtors, National Association of Realtors
Publications Have been interviewed by the local NBC, ABC, and FOX affiliates about correcting erroneous information on credit reports, local real estate market conditions, and foreclosures. Glenn authors Naples Real Estate Blog
Education/Credentials Bachelor of Science Degree in Accounting from Bentley College, Waltham, Mass.
Post graduate courses at Nova University.
Awards and Honors 2007 Best in Client Satisfaction - Real Estate Agent by Gulfshore Magazine.
2006 Best in Client Satisfaction - Real Estate Agent by Gulfshore Magazine.
Question My husband & I signed a contract with a seller for a Ft Myers property on April 4, and have since been waiting for bank approval. Our realtor got a call the bank approved the offer, but now the buyers want us to decline the sale. On the same day we got that info, a new realtor has the same property listed for more money. Doesn't a signed contract by both parties contingent on lenders approval mean anything? Do we have any recourse? Why would they sign to sell to us & then list with a different realtor. How do things work there? Needless to say we are very disappointed. Thanks. Judy
Answer Hi Judy,
Potential short sales are a very difficult area within the real estate market not only for the sellers but also for the buyers.
There are many clauses or addendum that can be added to a real estate contract when it comes to a potential short sale property, therefore, there maybe a number of reasons why the sellers want you to decline the sale.
The lender may approve a short sale, but have certain conditions to the approval that could require the seller to either pay a certain sum of money at closing, sign an unsecured promissory note for the deficiency, or state they will pursue a deficiency judgment.
Here are some items which are not addressed in your situation that could be impacting you:
- The closing date passed without either you or the sellers extending the closing date. Both parties did not perform.
- Were all contingencies met in a timely manner?
- Could there have been additional terms, conditions or addendum to the sales contract?
A contract signed by both parties does have a significant meaning here in the state of Florida and the real estate transaction is controlled by the contract as long as it is still in effect.
You may have recourse, but without knowing what is in the contract and any subsequent documents that may have been signed, it is extremely difficult to tell you for sure if you have any recourse.
Generally speaking a listing contract remains in effect, when a property is under contract and should remain with the listing real estate brokerage; providing the listing brokerage listing contract states that if the property is under contract for sale or pending sale, the listing contract is automatically extended or if that clause is missing a listing contract amendment for extension is signed.
All real estate transactions no matter where you are buying or selling requires that everything must be in writing. Therefore, the contract, addendum, and amendments control the transaction. A short sale real estate transaction has many nuances and attention needs to paid to both understanding and detail.
