Please Help
Im in contract on a house in Ca. I ssigned it to an investor then he backed out. Escrow ordered the escrow to close because of this. Seller thinks he can get out of the contract with me. I have not signed any cancellation nor did I sign escrow papers on the assignment. I did not sign escrow paper with sellers either beacuse it been a 6 month escrow. Am I still in escrow?
Please somebody read this
Your from my home town..
I'm a little confused as to what your saying and asking.. You need to be more specific..
I'm assuming you have an offer/purchase agreement and earnest money receipt signed by the owners..
If so, and if your still within the closing date agreed upon and in the offer you are a-ok..
You'd also better get that deal closed quick.. Get a loan yourself, a cash investor, or something if there is a HIGH enough profit margin otherwise cut'er loose..
If you wish to call me and chat on the phone for advice and more info, call me after 9pm our time (I'm now in Oregon) at five four one nine four one nine eight six two.. I gladly chat and help others during my spare time from 9-10 at night or on the weekends only..
Good luck,
Chris
Your great thank you. We never extended the escrow because it said June 15 2003 or 3 days after tenant gets out. He still has stuff there. We can close in 2 weeks. We have been waiting for the sellers the whole time. Now somebody wants to give them a cash offer more than ours. Also Escrow cancelled escrow but our contract is with the sellers not escrow right?
Bianca, the fact that the escrow closed without the assignment to the investor being finalized does not have anything to do with the contract you hold. Escrows only serve the purpose of finalize a transaction and act as an objective 3rd party. If your contract has a 6 month expiration and it was signed on 6/6/03 or thereabouts, then you have 6 months from the date the contract was signed. You do have to act quickly because December is just around the corner. List the property for sale in the paper and ask for principals only no R.E. Agents or Creative Financing. This is your deal and you should reap the rewards. I hear San Diego market is still going strong. Good luck. Send me a private message and let me know if you need more help.
The contract is dated May 13 as the day the contract was entered. No extension was ever made it was to close by June 2003. He had alot of things to take care of so we waited. I hope I am making sense. So are we still ok? Can he get out of it? There is over 100k equity in this deal
correction. Escrow is cancelling escrow. because the investor I assigned it to backed out.