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  1. #1

    Default Seller is Making No Progress Closing Escrow

    My question involves real estate located in the State of: CA

    Back in August I had my real estate agent write up an offer on an REO property which was accepted by the bank. I was already pre-approved for financing on an FHA 30 yr loan and I went into escrow on Aug 25th with a closing date of Sept 24th.

    During escrow there was a hiccup with HUD supplying us with a new FHA Case number. This process took about 2 weeks to sort out with HUD, but finally got resolved. However, during this ordeal we were forced to ask for an extension of escrow which was granted.

    Another appraisal was needed on the property which was done and came back perfect. Another extension of time was done though as we waited for this.

    Finally, I went to my lender's office and signed loan docs, deposited the remainder of my funds into the escrow account, and waited anxiously to close... but it didn't close.

    Now, I am waiting on the seller to provide escrow with the grant deed which was requested by escrow over 2 weeks ago. Escrow has stated that they first need this in order to move ahead with everything else they have to complete. The current extnesion of time addendum is up on Oct 27th (tomorrow) and as of 3pm there is still "no new status" concerning this grant deed. I have fulfilled all of my obligations and my lender is ready to fund, but this is holding us up!

    I have contacted my agent who talked to the seller's agent about speeding this process up. However, the seller's agent is not being cooperative and has stated that she will not put any pressure on the bank to provide the grant deed to escrow. I then asked my agent if we had any other options, such as sending a Demand to Close Escrow form to the seller. My agent stated that the seller's agent said that if we put pressure on the bank they will simply cancel the contract and relist the property.

    My questions are:

    1. Can we send them a Demand to Close?
    2. Can they cancel the contract as the agent stated or was that a scare tactic?
    3. Are they going to be in breach of contract after tomorrow, when the latest extension ends, even though there have been several extensions previous done on my behalf?
    4. If another extension is needed/done tomorrow, is it my responsiblity to get this done or the seller's as we are waiting on them now?
    4. What are my options to close? Should I just wait it out? As I understand, the grant deed process should only take a day or two and it has been over two weeks now.


    Just looking for any advice and/or insight..... I really do want this house, but I really am getting frustrated and want to get it closed.

  2. #2
    Join Date
    Mar 2009
    Posts
    327

    Default Re: Seller is Making No Progress Closing Escrow

    If it were me, I would cancel the contract for non-performance of the seller and take my money elsewhere asap. If you do not agree to the extension the contract will die by expiration.

  3. #3
    Join Date
    Dec 2009
    Posts
    1

    Smile Good Escrow Service

    If you are looking for a good escrow team that are reliable and close quickly, accurately, and securely then i would recommend using Guardmann Escrow Services. They are one of the best escrow services that i know of!

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