Cynthia Luna

I need some clarification because unless I'm completely nuts, I don't get why this new home builder is doing this! I have some newly aquired buyers that are trying to get out of a contract with a local Vegas builder and get their $5k EMD back. The house they are buying FHA appraised $28k under contract price. The buyers asked them if they would reduce and the builder basically said: 1. The appraiser did not do his job. 2. They want to wait until other homes in escrow close to see what they close at. 3. Would not give them a timeframe/new close date.

After a couple of weeks, these buyers sought me out to start searching resale homes instead and want to cancel the contract based on FHA appraisal clause/amendatory clause that the builder signed, the fact that they are technically out of escrow- the contract stated close in 30 days (which has past plus a couple weeks) and the sales agents did not have them sign any sort of extension stating when they would close.

The buyers have on more than one occasion mentioned cancelling to the builder and they were told EMD would be kept for them cancelling because "they were still in negotiations". Obviously my clients didn't see it that way, there is no negotiation! You either work with the new appraisal price or cancel the contract.

I contacted title on their behalf to inform them of these circumstances and for the file to go straight to title's legal dept upon cancelation.

Am I missing anything here on why the builder seems to think they are entitled to keep EMD AND keep these people in limbo for who knows how long after escrow has expired? Please, i would love anyones input so I can give them good info to go back to the builder with. Thanks!

Hi,

My client in Las Vegas has land in San Luis Obispo that he wants to sell. I have connections in LA area, but not there. I need an agent to refer this lead to. Any one interested or know a dependable agent in that area familiar with Land sales???

Does anyone know because i sure don't! Pleae refer to my blog before for more details regarding this. We went to court in November and the judge said he needed up to 2 weeks to decide. We received our answer in February that we were to recover nothing!!!! I at least thought if it was taking the judge this long to respond, we were going to get back something, but to wait over 3 months to get zero??? We also did not get any reason why we received nothing back of our $5000 lease option, although the owners never disclosed a construction defect that made it near impossible to finance with less than 20% down (which we didn't have and ended up buying FHA with Nehemiah). We are still just dumb founded that owners can hide the fact that a property has construction defects (we had received letters posted on our door stating there were life threatening electrical issues within our condo building from the construction co. and the sellers had supplied us with 1 year old HOA docs that conveniently did not mention any suits) and take 5k from average joe hard working people with no laws or consequences. With any regular real estate transaction, you would get your butt sued and rightly so, but somehow if you are trying to lease to own you are made to feel less and inadequate by the justice system because there was no actual "purchase agreement" and only a "lease option".

Someone once described a lease option to me as an "extended escrow", where you are able to feel out the place first. But a lease option spells out the terms almost as good as a purchase agreement. Yet, the judicial system does not see it this way- at least not in Nevada. If someone has anymore info that help clear this mystery to me I would appreciate it, because right now I am still unsure what tipped the scales in the owners favor.

Here is my email to two of the reckless employees at TBW at their Las Vegas branch:

"Hello Taylor Bean, You suck! This is the worst experience that I have ever seen happen with any of my buyer's in the last 3 years! My client's were given a set of conditions on Thursday Sept 26 in which they were met given to you on Friday the 27th. They were signed off on today Sept 30(Late!), and then sent to funding- but still told that they couldn't fund! Your company knew this was a Nehemiah file and todya was last day for conditions to be met for that, a short sale w/ CW, and etc!!!! There is no excuse for doing this to people's lives! You wait until the very last minute to say it's not enough and cost my clients $6900 in down payment funds! I will make sure every agent and client of mine from this day forward hears about this experience. I am glad you will lose business due to this deal falling apart from out mortgage broker and SouthPoint Financial who also pulled all of their files from you. My client's will still get the house with another lender- what will Taylor Bean employees get but a pink slip!"

Unprofessional it might be, but we had already moved the file to another lender at this point and the mortgage broker I was working with had ended their relationship with them over this deal also and had said a few choice words to TBW too. They responded to me by saying and I paraphrase: How dare I , a real estate agent even contemplate speaking to them directly regarding my clients and let the lending officer handle it! You know, the clients we sent to them and the clients who trusted me to take care of them. TBW actually thought that we might still close the loan with them after losing my clients this time and $6900. I replied that "You are right and I apologize, but there will be nothing else to handle!".