In escrow 15 days by now, towards 45 days close escrow. The property is in LA where I live, the real estate agent represents both seller and buyer. I am done with inspection and forwarded request for repairs to the seller.This morning the agent calls me and informs that the seller received a letter about a lien from the lender and nobody knew about it. The house is in Trust on sellers mother name and the mother just passed away a month ago, and this why the house is for sale. the agent also complained about the reverse mortgage that somehow could be the reason for the lien... she said it would take few days to figure what is going on. My question is what is a possible scenario? Also - could it be a way out of escrow because the agent mentioned there are 3 back up offers the property received already, my be more and here I am asking for repairs...:).
@Devan Mcclish Thank you for your reassurance. What is the worst they can do regarding the request for repairs? Other than say 'no' or give me less than what I ask and let me deal with the decision? My though was I shall try and ask once I am in escrow. Because any next buyer will see what I see and they might have the same request form the next buyer..
that is true, however as an agent I'd advise my clients to say no especially if the next 3 offers are better offers, which you don't know because they don't have to disclose that. The worst they can say is no. Then you have to make a decision to either continue or terminate the deal
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing