Downsizing update.
12/29/16 was the cutoff date for the lender to respond per our contract, after that I can terminate at will. Listing agent said it was in process, they just needed a little more time, so I gave them an extension to close of business 1/6/17 to have final approval and affirm closing date to my agent.
Friday came and went without hearing anything, so at 4pm Friday I had my agent send a letter of termination. Her broker in charge insisted that we need to send in on her form for "Termination and Release" so that she could return our earnest money.
My response was I don't give a happy chit if they sign a release or not; my short sale addendum has the contingency terms spelled out perfectly in one sentence.
Attachment:
ssa.jpg
The broker tells me "It's more complicated, you just don't understand how contracts work."
It went downhill from there.
So I asked a few questions
Exactly how many Short Sales have you handled? 0
How much training have you had, on the language of a Short Sale Addendum? Mr. Samuels, it's standard policy to request release from a contract. I can't return your earnest money unless the seller or a judge tell me it's allowed.
Have you even read my contract? Your agent is keeping me informed.
Have you even read my contract? No, but...
Please read this.
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em.jpg
Mr. Samuels, I'm familiar with our standard offer form. See it says right there that I can't without the seller's approval or a Court.
What about the last part of that sentence; or as agreed upon in this contract.? Mr. Samuels, it's complicated
No, It is EXTREMELY SIMPLE. Notify the Sellers that I AM TERMINATING THE CONTRACT UNDER SSA ARTICLE 1, paragraph two, failure to deliver Lender approval, AND I am demanding refund of my earnest money.
Mr Samuels, it's complicated, you can't just cancel the contract, they have to release you.
I want to make an offer on another house. Mr Samuels, you can't make an offer until they release you from this contract.
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DO you know what the word TERMINATE means? Let's say that I choose to TERMINATE our relationship with your Brokerage acting as my Buyer's Agent. TERMINATE is A UNILATERAL DECISION, for example I don't have to ask your permission to FIRE YOU.
ARRGGGGGGGGGGGGGGHHHHHHHHHHHHHHHHHHAnd the house hunt starts all over again