All Cash Offer

well lets see, the buyer probably negotiated as an all cash offer, and an all cash offer would be more attractive to a seller if buyer financing could be considered an issue. They may have well turned down someone who needed financing.

If I was the seller, I would kick your ass. Nothing is worse than someone who does not deliver on what they say they will do. If the contract says all cash and you bring a bank to closing, I would say you are breaking the terms of the contract.

Whoa, gcondo, I'm the seller. That's why I'm asking.

And I'm about to kick my lawyer's ass because apparently the buyer/buyer's lawyer had been in contact with her for about a month about this. I only found out about it when my broker called to schedule a time for the appraiser to come by. That was the first I ever heard about it.

Personally, I HATED the buyer (screwed around signing the contract, no inspection, then yes inspection...it just went on and on). I was ready to relist. I had received a few offers prior to hers because I had priced it right (only because I've been reading this board for over a year), and would have loved to kick HER ass, especially if I could have kept her deposit.

Anyway, it's all a done deal, but when I brought it up at a subsequent meeting with my lawyer, she totally blew me off when I raised the question on why it was agreed to go along with the financing (which turned the closing into a 3.5 hour deal instead of the 30 minutes it should have been).

Anyway, thanks for your input.

but you closed and got your money?

I'm going to have to agree with my fellow county on this one.

It's a done deal, so why in hell does it matter what the source of the money was? Doesn't it look the same in your bank account?

just to be clear....we are not fellows....not friends...not related in any way...except for your perverse need to follow me around like a fucking idiot.

What are you talking about? We are both counties in New York. And other than Rensselaer County keeping us apart, we are like peas in a pod.

You aren't a county??? What? Does that mean all of your posts are based on a lie?

I remember another poster whose name wasn't quite true. She wasn't anywhere close to ready at all. But she's gone.

I was asking more because of the way my lawyer just dismissed with some babble about the title company, blah this, blah that, trying to give the impression that I didn't really have a say.

The subject came up at the 2nd meeting (on another matter) when she sat down and shook her head, rolled her eyes, commenting on what a nightmare the buyer and closing had been.
I told her, perhaps in a cutting way, that was all on her, as I would never have agreed to it had I known. And then the babble started. I think she was caught off guard that I called her on my being totally left out of the loop. I thought her explanation was BS as the time, but didn't have the energy to pursue it at the time.

So I thought I'd just ask a simple question here.

But what is the difference at this point?

And what was the difference before?

Columbiacounty, you agree, right?

A good rule in life, mts: if it sounds like BS, it's probably BS.

In any case, having the deal move forward regardless of contractual rights seems like the right conclusion. You get your money, flako pays it to you in the form that she wants to, all in a reasonable timeframe. You could call her on it, try to keep the deposit, but she'd either wiggle her way out of the contract or end up paying all-cash after a lot of fireworks.

I'm not a lawyer, but the contract probably didn't say that you'll be paid "all cash" versus "cash and a mortgage." Instead, your lawyer *probably* issued a boilerplate contract with the financing contingency deleted -- this is probably what you signed.

So the contract probably ran that you'd be delivered $XXX on Y date, and that if the buyer failed to deliver $XXX dollars, you could keep her deposit.

Within that structure, it's not unusual for buyers to turn around and finance -- you had, after all, transferred any risk of your buyer failing to get a mortgage from you to her.

***

The other possible, less likely case, is that your attorney DIDN'T delete the financing contingency, but you should have caught that when you reviewed and signed the contract, rather than later.

***

Either way, what is most troublesome are the communications here. Who told you you could close in half an hour? That's a nutty expectation, financing or no financing.

Also, how could there be extensive communications between the buyer's side and your attorney that weren't shared with you? We see how mad you are at your atty, and I'd like to add that that's bad brokerage on the part of your agent.

Both those people should have been working FOR you, and part of working FOR you is letting you know what's going on.

ali r.
DG Neary Realty

mts - I think we are on the same page - kick your lawyer's ass too.