Question by NowhereMan: what does “subject to cancellation of existing escrow mean”?
We are currently in the process of buying a house, and we noticed that the home we are in the process of buying has been re listed on several websites as “Back on market subject to cancellation of existing escrow” what does this mean? It is making us a little worried…
We were approved for out mortgage and everything seems fine but our escrow was set to close on the 12, tomorrow but isn’t going to because the back FHA requested that some repairs be done to the home by the seller, another bank, before they give out the loan.

Best answer:

Answer by Kris
It means the house will immediately be available to other home buyers should your transaction fail to close. You’re fine.

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Question by Heather S: What does it mean to “escrow” something?
An example: My husband and I are going to look at a house that needs a new roof. Our agent said that we can “escrow” the roof. Which meaning of escrow is she talking about?
The roof needs to replaced ASAP so waiting for that 8,000 form Uncle Sam-while it s nice thought-we can’t wait if we do buy it

Best answer:

Answer by buz
Assuming that the seller is going to fix/replace the roof, part of the sale proceeds from the house will be placed in escrow – meaning that the seller won’t get it until the work is completed

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Question by Vincent: Seller is requesting Escrow Extension, what are my options?
Hi, when I purchase my home in CA, the seller agent included “close of escrow” date to be contingent in the offer letter. But they promised to close escrow in 45 days, which was supposed to be May 25, 2009.

Now, they are giving me an extension form to extend the close of escrow 1 month later, which is June 26. My questions are:

1) Do I have to agree to the extension since they have “contingency” on the original offer letter?
2) Let’s say I agreed to extend the close of escrow date to June 26, 2009, can they still come back with another extension?
3) What rights do I have as a buyer in a situation like this?
4) Since the seller is having problem moving out and is not able to surrender the house, do I have the rights to cancel the deal? If I cancel the deal, do I have to be responsible for all the fees incurred from this transaction?

I am frustrated that the whole process is taking this long since my loan is already approved, and everything is ready to go. As much as possible, I do not want to do extensions. My real estate agent is not very helpful to help me with my rights. So if anyone can help me with my questions, I greatly appreciate it. Thanks in advanced.
I know, but the thing is, on the offer letter, we agree on contingent-until the seller found a house. Can we still force them out of the house?

Best answer:

Answer by L.G.
I’ve been in your situation, more or less, in that I agreed that the Seller could stay in the house for 3 weeks after the closing of the sale.

If you do this, be sure you do 2 things: have a “per diem” amount held out of the sale proceeds (that is, divide your monthly mortgage payment by 30, then multiply that answer times the number of days you agree the sellers can stay in the house; have that amount held by your or your bank’s attorneys until the sellers move). If they move out before the number of days withheld, they will get a check for the product of the daily rate times the remaining number of days in the agreed term. ALSO, and MOST IMPORTANT, hold back another 00 (at least) as a security deposit to ensure against any damage to the property while they are still there. My closing attorney also represented the bank and he DID NOT include that step. I was left with magic marker writing on the walls of 2 rooms and a leak at the oil drum – none of which was there at the time of the inspection upon closing. If I had had the security deposit withheld, I could have deducted from it the costs of painting the rooms and repairing the oil pipe.

Also, some mortgages require by their terms that you be in the house within a set period of time, so you can use this to your advantage if necessary. In my case, I had to be living in the house within 3 months of closing; I spent those 2-1/2 remaining months cleaning and making repairs before I could move in.

So, yes, you can still close BUT be sure that the seller doesn’t get all the purchase price until they have vacated the premises, the premises have been inspected a second time, and deductions have been made for the number of days they stayed and for any necessary repairs for damages they caused after the closing inspection.

Also, it may be that you have a rate tied in for a limited period of time with your banks; that can be a deal-breaker if you don’t close on the agreed date. Talk with your banker and ask his advice as well.

If the seller realizes that it will actually cost him something off his sales price – that he’s not going to have a rent-free extension, he may get his butt in gear and move sooner. DO NOT have the utilities changed to your name until AFTER the sellers have moved. If when you call the utilities you find they already changed the service to your name, inform them that you have not yet moved into the property and that they need to take another meter reading because you don’t intend to pay for anything prior to your date of occupancy.

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Question by noonecanne: Would you consider selling your home “for sale by owner”?
In these days, if you had to sell your home or condo, would you consider selling it on your own?
On the flip side, would you prefer to do a private sale through the owner without the input of an agent?

Best answer:

Answer by Nick
have a place do it they advertise

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Question by Me Me: Any hints/suggestions/tips for selling a home “as is”?
A lot of the home selling guides and material out there seems to be geared towards people selling a home in pretty good condition. When many rooms in your house are “do over” why bother polishing the brass handle of the front door?

Best answer:

Answer by CJKatl
In today’s market, your buyer will have a hard time getting financing. Could you fix the home up a little bit?

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Question by 123456yahooo: Santaluz community in San Diego? Is it a safe neighborhood in a good school district?
Or is it in a desolate or less desirable part of San Diego?
Thank you, star p. Can you tell me a little bit about Santaluz community?
Thank you, S

Best answer:

Answer by Daniel Beer

Santaluz is one of the cities safest neighborhoods.  In fact it is a guard gated community surrounded by very high end neighborhoods.  Crime is as low as you could hope to find.  Unfortunately no place is immune but this is as safe as it gets.  Best of all, the schools are very strong starting with the new elementary school, Willow Grove.  Del Norte is the new high school and it is also excellent.

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Question by Emily Dew: What exactly does “under contract contingent” mean in real estate?
When a house for sale is listed as “under contract” and it says “contingency” next to it, what exactly does that mean? I think it means the sale depends on the potential buyer selling their property first. Is that right? Can a potential buyer who also has sold their home on “contingency” buy another home on “contingency?” I live in Illinois, BTW. Thanks!

Thanks!
Wouldn’t advertising that your house is under contract when it’s a contingent offer scare off other potential buyers?
Do you have to put any money down when you “buy” a property on contingency?

Best answer:

Answer by 1 Hr Bookkeeper
You hit it square on the head. Buying a house “contingent” on anything means that the contract can be held up due to the possibility of something happening or not happening. If you were to put in an offer “contingent” on selling your house, then you are telling the seller that you will not officially close the house until your house is sold. In the same vein, the seller can say that the sale to you (the buyer) will not close until they close on a house they will move into. It basically slows everything down.

FYI, in a fast market, where houses sell really fast, many sellers will not even look at your offer if it is contingent on something. But, since this is a buyer’s market, you could make an offer contingent on some factor and be the only one making the offer. You have the advantage right now as the buyer.

Hope this helps.

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