Urgent Help Please! Short Sale Buyer Agent trys to hold the deal!

I had an offer for a short sale. Bank wants more, and buyer didnt come back the offer to meet what the bank wants. Finally bank rejected the offer. I have been trying to get the buyer agent to sign the cancellation form. It has been 2 weeks. The buyer agent does not want to sign. He said he would let the PA sit there. So How I can move on to relist and get another offer in without his cancellation????

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Permalink Reply by Wendy Rulnick on February 2, 2012 at 1:37pm

DIDA - What is "PA"? Why does the buyer agent need to sign a cancellation? He is not a party to the contract. His buyer must sign, however, depending on your state laws. Here are some suggestions:1.  You can re-activate the listing in the MLS "subject to cancellation of prior agreement" 2. Call your state's legal hotline. 3. Have your seller contact an attorney.

Permalink Reply by DIDA Hansen on February 2, 2012 at 1:44pm

Thank you Wendy.

PA-Purchase Agreement.   Bascially I have another offer now. But homeowner signed the contract ealier with first buyer. Bank didnt approve the first offer. Now I try to get the first buyer agent to send me the cancallation form , but he told me that he would not ask his buyer to sign.

Permalink Reply by Wendy Rulnick on February 2, 2012 at 1:48pm

DIDA - In that case, you need to call his broker, or have your broker call his broker. He cannot refuse (unless he has this instruction from his client, which I doubt) to present the request to his buyer.  His basis does not even  make sense.

Permalink Reply by DIDA Hansen on February 2, 2012 at 1:56pm

Thank you Wendy. Yes, you are right about that. I dont understand why he refused to send me back the cancellation since the bank rejected his offer, and his buyers could not counter back with higher price. Now I have a new offer. .Since I dont get the cancelation form back from the first buyer agent, means I cant submit the new offer to the bank?? I called him, emailed him. It has been 2 weeks. He told me this morning that he would not cancel it, he would talk to his buyers. That is why I am in such worry now.

Permalink Reply by Bryant Tutas on February 2, 2012 at 2:01pm

Dida. This is a contractual issue between the buyer ans the seller and really has nothing to do with the buyer's agent. If the seller and/or buyer are not able to close the transaction based on the lender rejecting the short sale under the current terms and conditions then surely there is a clause related to the short sale addendum that gives the seller/buyer the right to cancel the contract. Just have the seller put their request in writing with a 48 hour time limit for the buyer to respond and let them know the seller is moving forwards if they don't come up to the price that's need.

Be sure to run this by your broker and legal department. I would have never waited for 2 weeks.

Permalink Reply by DIDA Hansen on February 2, 2012 at 2:05pm

Thanks Bryant! That helps!  I have never had this happen before. Thank you for the advice again.

Permalink Reply by Vanessa Calhoun on February 3, 2012 at 7:01am

In Georgia, we have a Unilateral Notice to Terminate....works perfectly in situations such as this! good luck!!!

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