Replies to This Discussion

Permalink Reply by Evelyn Broxterman on April 5, 2010 at 11:22am

How would the first buyer be able to file a lis pendens????

Permalink Reply by Jeanne Dufort on April 5, 2010 at 11:39am

I'm not a lawyer, nor do I play one on TV.
Per his agent, he consulted an attorney and was told he could "tie up the property" with a lis pendens. And would, unless he is reimbursed for his expenses (appraisal, inspection, etc). All because his offer was first, and SunTrust has not officially notified him that his offer is rejected.
Any thoughts?

Permalink Reply by Bryant Tutas on April 5, 2010 at 1:16pm

Jeanne, Unless the buyer has a fully signed contract then he ain't got squat. You keep mentioning offer. If all he has is an offer then have the seller accept the higher offer and move towards closing. If the buyer does indeed have a contract then the seller should seek legal advice.

Suntrust is not a party to the purchase contract and cannot accept, reject or counter. All they can do is state what it will take to for them to remove the lien (mortgage) so the transaction can close.

Permalink Reply by Jeanne Dufort on April 5, 2010 at 2:00pm

The 1st buyer does have a fully signed contract, subject to SunTrust approval. The new offer does not require SunTrust approval - but it does require them to "reject" the original contract - or state that they will not settle for less than payment in full.
The new offer proposes to close in 2 weeks - I need thoughts on how to "stimulate" SunTrust into stating this quickly.
If the decision drags on - we'll also be into short sale on the new offer - since the interest closk is ticking at $100+ per day.