All Forum Posts by: Shannon Wright

It is my understanding (I'm not an agent) that contingency removals are not passive, but active (unless otherwise stated in the RPA). If you haven't removed them, then they aren't removed, but that doesn't mean the EMD is not at risk since you are technically out of contract.

Have you considered going to the broker of the agent's office and asking for another agent to represent the Buyer based on the current agent's failures to represent to date? Brokers hold the representation ultimately, not the agent, and if you make waves the Broker may find a solution for the Buyer that will work.

Also, you should know that if escrow is cancelled and the EMD is stuck until mediated/arbitration, the Seller is legally unable to sell the property to anyone until the escrow is resolved and funds are released. So, as long as the money is being held up, the Seller is being held up with selling the property. Of course, a lot Sellers try and get around this and will take a new buyer to a new escrow company, but then the old buyer stuck wuth funds in the old escrow would have legal recourse (you would have to find an atty to help, probably).

I am not an investor or landlord, but I have seen this go sideways many times. I would suggest maybe giving them a 30 notice to vacate on your own (or the seller/current owner). That way, if they fail to vacate, you are 30 days ahead of the UD process.

Also, would the seller be willing to have funds held in escrow until the tenant vacates? This will give the seller reason to follow up, too, with some funds held up for this tenant. If the tenant doesn't vacate, the idea would be that funds would then be released to the buyer for the costs of a UD or even C4K.  I usually see $5k held for this for 30-60 days.

I handle double escrows and work with a title company that does the double closing, too. :) Message me.

Yes, odd....951.

If you find a lender who does online appraisals or creative structuring, you might be able to find a 2nd lender. What will the final LTV be?

I might have an option for you, messaging you now.

Call me!! I can help you! :)

Thanks Chris, you always pull me in to help! :)

I have only every been involved with one loan servicer on transactions, but I am not vouching for them as I obviously have no involvement after escrow closes.

Del Toro Loan Servicing: http://deltoroloanservicing.com/

Good luck!

Congrats, seems like "23" is your lucky number! :)

Anything is possible in Cali, not sure about your state. I have seen the assignment fees called other things so that the lender thinks it is an unsecured debt being paid...