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I listed my house for $315,000 and know it is escrow for the…

I listed my house...

I listed my house for $315,000 and know it is escrow for the asking price and know we have found out that the house has a lien on it about 7 years ago I had a loan Mod on the house I had a 1st and 2nd on the home the law firm I was using got a loan Mod on the 1st and law firm had told me that the 2nd was forgiven . Know I found out that it wasn't. And the buyer agent came back with going with a short sell at $295.000 . My pay off for the first is $225.00 and the 2nd is $84,000 can they change the amount of the offer price and how can I back out with it not costing me a fortune.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

California

Lawyer's Assistant: Has any paperwork been filed?

Only the original offer for the $315.00 the agent has sent me addendum to lower the price I have not signed. And for the 2nd I found out that the account was closed but they will not release the lien unless the loan is paid.

Lawyer's Assistant: When we are ready I'll take you to the appropriate web page.

Are you still there !!!!!

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Answered in 4 minutes by:
10/25/2017
DrakeLAW
DrakeLAW, Lawyer
Category: Real Estate Law
Satisfied Customers: 1,038
Experience: Attorney at Drake Law Firm PLC
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Hi, my name is ***** ***** I look forward to helping you, please give me a moment to review and possibly research answers to your question.

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Do you have anything in writing from the law firm stating the 2nd was forgiven?

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Customer reply replied 6 months ago
No. It was at time they were doing alot of the loan mod and of coase I believed that time it was forgiven and not knowing that I should have received a 1099 and never got one . I've had no communication with them in the last 7 years as well so I believed it cuz it didn't and never showed up on my credit report as well. And the law firm that it went through is no longer around I can't find them
Customer reply replied 6 months ago
do you have anything.

That is not uncommon to overlook or trust a detail like that when all that stuff is happening.

The statute of limitations for a 2nd lien expires 10 years after the maturity of the loan, so the statute of limitations has not yet passed and the lien is still valid. You could negotiate with whoever has the 2nd lien to start paying them or refinance it and pay them off at a discounted rate or something.

As for the sale, no they cannot unilaterally change the price. What they have done is make a new offer and you can decline that offer. They will probably then cancel the contract as it stands.

Please kindly rate the question so I may be credited. Thank you. You can still ask follow-up questions.

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Customer reply replied 6 months ago
the buyers have said that they would cancel the old escrow .So we could change it to the new amount . So the question I have is if that the new price I don't want to change it to the the new price I want to keep it at the full price so if they say that that's not what they want to what recourse do I have because I'm not backing out but yet I will go ahead and go with the short sell at the $315,000what they originally offered at. Please advise

Well, the discovery of the lien on the property will give them rights under the real estate contract to cancel it. So you will not have any recourse. You do not have to agree to the new offer but they also have the right to cancel upon the discovery of the 2nd lien.

Please kindly rate the question so I may be credited. Thank you. You can still ask follow-up questions.

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Customer reply replied 6 months ago
What cost will I have I know that I'll probably have to pay like the inspection fees termite inspection on those type of fees but would there be anything else that I would have to pay

The contract should state who had to pay those fees. Usually, the buyer pays those fees you listed. You should have no costs or fees if they cancel.

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Customer reply replied 6 months ago
if I say that I'm not taking the new offer and that we can still go for a way forward with the short sell at the $315.000 what they side to back out they would be responsible for all those cost

It depends what the sales contract says who is responsible for those fees.

Please kindly rate the question so I may be credited. Thank you. You can still ask follow-up questions.

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Customer reply replied 6 months ago
Great very happy with Drake.

Excellent, please rate the response by clicking on the stars. If you have any further follow-up questions you can still always come back at anytime.

DrakeLAW
DrakeLAW, Lawyer
Category: Real Estate Law
Satisfied Customers: 1,038
Experience: Attorney at Drake Law Firm PLC
Verified
DrakeLAW and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 6 months ago
If I backed out of the contact would I have to pay realtor commission fee

Yes probably, you need to check in your listing agreement.

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DrakeLAW
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Category: Real Estate Law
Satisfied Customers: 1,038
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