Skip to main content

Seller in Texas is trying to force buyer with letter to take ownership of the house one day before closing and will be in default at closing.

Seller sent a letter below claiming that I will be in default one day before the closing date that the seller set. Is this normal in Texas?

The house has a second inspection date of the 26th (the new build had too many items wrong with it during the first inspection) and the builder's realtor set the closing date of 08/29.

Is this a scare tactic to force my hands to accept the home as is? Should this be the stage where I hand this over to a lawyer since they are trying to keep the escrow money.

Is there any real estate laws or codes in Texas that prevent this type of manipulation?

Here is the wording from the letter:

This letter is to inform you that your new home is now complete. Per the terms and conditions of

the Residential Earnest Money Contract dated June 21, 2024, paragraph 21 titled “Closing” states:

“… the closing of this transaction shall occur within five (5) days after the later of: (i)

Seller’s notice to Buyer (this notice may be verbal or written) that construction of the

subject home has been substantially completed; and/or the Property has been inspected

and approved by the lender, FHA/VA, and/or municipality, (ii) thirty-one (31) days from

the Effective Date of this Contract. Buyer recognizes time is of the essence. In all events,

if the Buyer fails to close this transaction within this five (5) day period through no fault

of the Seller, the failure shall be an event of default in which case the Seller may terminate

this Contract. “

As mentioned earlier, your new home is now complete. At this time, it is necessary to inform you

the default period of the agreement will commence on August 28, 2024. Upon this date, the

following actions will be necessary: (1) the home closes as specified in the Contract, or (2) the

Contract may be terminated and all deposits forfeited.

submitted by /u/WittyLawfulness1642
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1ez6vgu/seller_in_texas_is_trying_to_force_buyer_with/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more