I understand the buyers frustration, let me take a minute to explain the process of buying a homeWhen a buyer attempts to purchase a home he must apply for a loan, if the loan is approved, the next step is an appraisal which determines if the house is worth the asking priceBoth the loan costs and appraisal costs are the buyers responsibility even if the loan is not approved or the house does not appraise for the amount of the loanThan comes a title search again at the buyers expense, if a problem is found with the deed as in this case,upon agreement by both parties,(please note compliant, where seller states "I signed another contract") the seller is given time to correct the problemThat cost is the responsibility of the sellerIn this case the seller has had to, as mentioned in the complaint, hire three different Attorneys to resolve this issue and is still working on the problemAs stated in the Purchase and Sales agreement, signed by both partiesIf the Seller cannot produce a Warranted Deed the buyer can void the contract renegotiate the contract or accept the property as isIn this case the contract was renegotiated The buyer called me,as he stated yesterday,to tell me his loan had been cancelled due to the time it has taken to resolve the issueI told him I would return his earnest money at that time and indeed I have cut the check and it will be in the mail todayI would add, the buyer has asked if he could rent the home until the problem is solved and the seller has agreedSo I must admit I am perplexed by this complaintPlease understand the circumstances of this complaint are beyond my controlI have no control over the loan process and the expenses the buyer incurs in the process of buying a home, I have no control over the sellers ability to provide a warranted deedIt is my understanding that the buyer and seller are working out a rental agreement and possible purchase of the property at a later date, again I am perplexed by the complaint and while I am returning the buyers earnest money, I feel no responsibility to pay the expenses of procuring a home Sincerely, [redacted] , Broker
I understand the buyers frustration, let me take a minute to explain the process of buying a homeWhen a buyer attempts to purchase a home he must apply for a loan, if the loan is approved, the next step is an appraisal which determines if the house is worth the asking priceBoth the loan costs and appraisal costs are the buyers responsibility even if the loan is not approved or the house does not appraise for the amount of the loanThan comes a title search again at the buyers expense, if a problem is found with the deed as in this case,upon agreement by both parties,(please note compliant, where seller states "I signed another contract") the seller is given time to correct the problemThat cost is the responsibility of the sellerIn this case the seller has had to, as mentioned in the complaint, hire three different Attorneys to resolve this issue and is still working on the problemAs stated in the Purchase and Sales agreement, signed by both partiesIf the Seller cannot produce a Warranted Deed the buyer can void the contract renegotiate the contract or accept the property as isIn this case the contract was renegotiated The buyer called me,as he stated yesterday,to tell me his loan had been cancelled due to the time it has taken to resolve the issueI told him I would return his earnest money at that time and indeed I have cut the check and it will be in the mail todayI would add, the buyer has asked if he could rent the home until the problem is solved and the seller has agreedSo I must admit I am perplexed by this complaintPlease understand the circumstances of this complaint are beyond my controlI have no control over the loan process and the expenses the buyer incurs in the process of buying a home, I have no control over the sellers ability to provide a warranted deedIt is my understanding that the buyer and seller are working out a rental agreement and possible purchase of the property at a later date, again I am perplexed by the complaint and while I am returning the buyers earnest money, I feel no responsibility to pay the expenses of procuring a home Sincerely, [redacted] , Broker