Comments on: What Is A Default in a Real Estate Transaction or Contract? http://sanjoserealestatelosgatoshomes.com/what-is-a-default-in-a-real-estate-transaction-or-contract/ Silicon Valley, San Jose, Los Gatos Real Estate & Homes for Sale Mon, 14 May 2012 12:03:50 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Mary Pope-Handy http://sanjoserealestatelosgatoshomes.com/what-is-a-default-in-a-real-estate-transaction-or-contract/comment-page-1/#comment-9571 Mary Pope-Handy Fri, 29 Jul 2011 13:44:53 +0000 http://sanjoserealestatelosgatoshomes.com/?p=2561#comment-9571 Without seeing your contract, I couldn't answer you - but possibly. You need to get the purchase agreement you signed and read what it says, precisely, about your repairs request and the sellers response. In SOME contracts, if you submit a demand for repairs and the seller agrees to the fixes, you are bound to the sale. In others that's not true. Sounds like yours is an REO (bank owned). Correct? Or is it a short sale? With REOs, often there are addenda that remove most of the buyer protections from the contract. The second issue is your buyer's agency contract. What does that wording say? I don't know what state you are in, let alone what's in your form that you signed. If you do not clearly understand the paperwork, get a real estate attorney ASAP. You may well be in default. Without seeing your contract, I couldn’t answer you – but possibly. You need to get the purchase agreement you signed and read what it says, precisely, about your repairs request and the sellers response. In SOME contracts, if you submit a demand for repairs and the seller agrees to the fixes, you are bound to the sale. In others that’s not true. Sounds like yours is an REO (bank owned). Correct? Or is it a short sale? With REOs, often there are addenda that remove most of the buyer protections from the contract.

The second issue is your buyer’s agency contract. What does that wording say? I don’t know what state you are in, let alone what’s in your form that you signed.

If you do not clearly understand the paperwork, get a real estate attorney ASAP. You may well be in default.

]]> By: N. A. http://sanjoserealestatelosgatoshomes.com/what-is-a-default-in-a-real-estate-transaction-or-contract/comment-page-1/#comment-9569 N. A. Thu, 28 Jul 2011 22:31:56 +0000 http://sanjoserealestatelosgatoshomes.com/?p=2561#comment-9569 Hi, i signed a contract with the bank and after the inspection notice deadline past I i discovered that the property has some damages. I submitted a written report to back out of the deal. The listing agent came back saying that the bank is fixing it. But i already decided not to purchase. My agent is threatning to sue me for her comissions based on Byer's agency contract. I am at default? Hi,
i signed a contract with the bank and after the inspection notice deadline past I i discovered that the property has some damages. I submitted a written report to back out of the deal. The listing agent came back saying that the bank is fixing it. But i already decided not to purchase.
My agent is threatning to sue me for her comissions based on Byer’s agency contract. I am at default?

]]> By: Mary Pope-Handy http://sanjoserealestatelosgatoshomes.com/what-is-a-default-in-a-real-estate-transaction-or-contract/comment-page-1/#comment-6405 Mary Pope-Handy Tue, 18 Jan 2011 23:31:18 +0000 http://sanjoserealestatelosgatoshomes.com/?p=2561#comment-6405 Hi Henry, Your question and the contract you signed should be reviewed by a real estate attorney. Often, a surprise demand by the lender won't be construed as a default but "it depends". If the new demand is the result of some problem in the way your loan application was completed or documentation submitted, it might be possible that this could be seen as a default. See a real estate attorney, please! Mary Hi Henry,

Your question and the contract you signed should be reviewed by a real estate attorney. Often, a surprise demand by the lender won’t be construed as a default but “it depends”. If the new demand is the result of some problem in the way your loan application was completed or documentation submitted, it might be possible that this could be seen as a default. See a real estate attorney, please!

Mary

]]> By: Henry http://sanjoserealestatelosgatoshomes.com/what-is-a-default-in-a-real-estate-transaction-or-contract/comment-page-1/#comment-6402 Henry Tue, 18 Jan 2011 08:07:45 +0000 http://sanjoserealestatelosgatoshomes.com/?p=2561#comment-6402 Hi I have a question. I signed loan docs and it is suppsed to cloesed 5 days layers. 2 days after signing the bank asked to resubmit the apps and later asked for more cashed reserve. And won't the loan. Does this consider to be " default" thanks Hi
I have a question. I signed loan docs and it is suppsed to cloesed 5 days layers. 2 days after signing the bank asked to resubmit the apps and later asked for more cashed reserve. And won’t the loan. Does this consider to be ” default”
thanks

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