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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Two alternatives Posted by Tom on March 20, 2008 at 6:27 AM In Reply to: SS - contract posted by Jennifer - FL on March 19, 2008 at 8:57 AM Without seeing the sales agreements, addendums, and all court filings one can only guess. It sounds like the addendums for each of the three offers gave a date by which CW had to accept the sale offer or the offer was voided. If that’s the case, then the buyer can walk and if I were the buyer I’d be hounding the person holding the deposit for my money back. The tough decision was taking BK, but you’ve decided to live with all its ramifications. Maybe it was a no brainer. You almost certainly took a Ch 7. You don’t say if you’ve been discharged, although it's probably not germane to the issue that you raised. You basically have two choices. First, is to do nothing further and wait for CW to decide. Another alternative is to respond to the notice that you submitted a SS offer to the lender on X date and are still awaiting a response. Attach copies of all signed agreements and hopefully the signed certified receipt that you requested. This will force CW to make a decision and should buy you a few weeks. If you go this route, you should also get a written extension of the sales contract and submit to the court in your response. Get a certified receipt or a copy of your response with the court time dated stamp if you walk it in. I’d ask the buyer for a sixty day extension (ninety would probably blow them off), but take whatever I could get. The buyer may have buyer’s remorse and just want to walk. It may be a moot point, but can the buyer hold onto their loan commitment for an additional sixty days? Will their lender try to milk them for an extension of the loan commitment? Who pays? Is there a co-broker? Co-brokers can be a postive or negative, but sometimes a challenge because you're dealing with another middleman between you & the buyer. That said, as a professional seller I'd rather not deal with co-brokers. Either alternative may well have the same result – foreclose. SS are always a long shot. Once the lender starts the legal clock and bills running, it makes the decision more compelling to foreclose. The ideal time to protest would have been when the lender asked for the lift of stay in BK assuming you had a signed SS agreement in place by that date. Follow Ups: Re-activate listing before or after appraisal? Jennifer - FL 12:09 AM, 03/24/08 (3) Re: Re-activate listing before or after appraisal? Tom 1:03 PM, 03/24/08 (2) Bridgette Dotson Ester Mcdowell 2:00 PM, 11/12/08 (0) Re: Re-activate listing before or after appraisal? Jennifer 5:13 PM, 03/24/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Without seeing the sales agreements, addendums, and all court filings one can only guess. It sounds like the addendums for each of the three offers gave a date by which CW had to accept the sale offer or the offer was voided. If that’s the case, then the buyer can walk and if I were the buyer I’d be hounding the person holding the deposit for my money back. : The tough decision was taking BK, but you’ve decided to live with all its ramifications. Maybe it was a no brainer. You almost certainly took a Ch 7. You don’t say if you’ve been discharged, although it's probably not germane to the issue that you raised. You basically have two choices. First, is to do nothing further and wait for CW to decide. : Another alternative is to respond to the notice that you submitted a SS offer to the lender on X date and are still awaiting a response. Attach copies of all signed agreements and hopefully the signed certified receipt that you requested. This will force CW to make a decision and should buy you a few weeks. If you go this route, you should also get a written extension of the sales contract and submit to the court in your response. Get a certified receipt or a copy of your response with the court time dated stamp if you walk it in. I’d ask the buyer for a sixty day extension (ninety would probably blow them off), but take whatever I could get. The buyer may have buyer’s remorse and just want to walk. It may be a moot point, but can the buyer hold onto their loan commitment for an additional sixty days? Will their lender try to milk them for an extension of the loan commitment? Who pays? Is there a co-broker? Co-brokers can be a postive or negative, but sometimes a challenge because you're dealing with another middleman between you & the buyer. That said, as a professional seller I'd rather not deal with co-brokers. : Either alternative may well have the same result – foreclose. SS are always a long shot. Once the lender starts the legal clock and bills running, it makes the decision more compelling to foreclose. The ideal time to protest would have been when the lender asked for the lift of stay in BK assuming you had a signed SS agreement in place by that date. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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