Chase Freddie Approvals

Good morning, I am involved in a transaction where I am only the 3rd party negotiator.  The contract in which I got both approvals on was an all cash offer with no contingencies.  I am in CA.  The buyer proceeded to breach the contract, taking over 2 weeks to get the EMD in escrow.  Now on the day we are to close escrow, the buyer disclosed he needs to close another transaction to fund my sale.  This was not in the contract.  Is my contract and approvals still valid with this recent contingency and am I in harms way with any parties due to this last minute change?  Thank you for your input. 

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Permalink Reply by Christina Lindsay on July 1, 2013 at 5:50am

I understand that the approvals expire, my concern is that those approvals were generated on a all cash transaction with no contingencies, now there is a funding contingency disclosed.  Is my contract still even valid? 

Permalink Reply by Christina Lindsay on July 1, 2013 at 6:10am

Thank you and just as long as there is nothing I can get in trouble for.  I will be declining the file and not continue this transaction if the buyer does not close by July 12th, the approval deadline.  Thank you again.

Permalink Reply by Wayne Brooks on July 1, 2013 at 10:19am
Christina, the buyer will be in default. But, at this point why not try to get an extension? And this isn't a contingency, simply Buyer's inability to close, provided the approval deadline is beyond the date to close, called for in the purchase contract(ie. 30 days after approval, and the approval was obtained within the contract time limits).
Permalink Reply by Christina Lindsay on July 1, 2013 at 10:35am

The transaction has been over 60 days and I really want to wash my hands.  I have told the listing agent that if the buyer does not close by the approval expiration date, I am declining the file and she can find a new negotiator.  The listing agent is as much to blame as the buyers agent.  Too much dishonesty and my pay is so minimal that my time would be more valuable put to transactions I know will close.  Thank you for your input though.  I just do not want my license to be in jeopardy with transactions like these. 

Permalink Reply by Wayne Brooks on July 1, 2013 at 12:23pm
Understood. I giess the listing agent will ne looking dor a dofferent negotiator mext tome, huh? Which state, and what type of license?
Permalink Reply by Christina Lindsay on July 1, 2013 at 2:58pm

CA and a regular salesperson license.  The only reason I gave her a deal is that my broker is her husband.  She and the escrow co. have no idea on how to do a short sale.  I will be leaving him as well.  No matter people who do not understand the work involved for a small amount of money.

Permalink Reply by Wayne Brooks on July 1, 2013 at 3:50pm
I can spell, I just can't type apparently!

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