Closing company negligence

[tobais]

Jurisdiction

Missouri

I am currently purchasing a HUD home. I've placed an all cash bid that was accepted. We were supposed to close today; only to find out yesterday that the closing company never provide the correct documents over to the buyer for the closing to happen today (date of expiration, I pushed for earlier but my realtor said this was the earliest we could close).

My realtor sent for an extension.

1) any extensions must be sent 5 days before Closing date

2) cash offers are not allowed extensions.


I'm nervously waiting back for a response.
If I do lose this house because if this, can I hold the title company liable? I was thinking of suing them for the cost of the home + all the money already invested (earnest money, inspections, utilities) I've been searching at housing for over a year, find another house with these features in my price range is extremely low.

If HUD does grant an extension can the closing company be held liable because the did not meet the closing deadline? Realtor said I couldn't ask for a discount on closing costs.

 

[army judge]

If I do lose this house because if this, can I hold the title company liable?

No, you can't.
You can waste money suing, but that'll amount to wasting more good money chasing your tale.

 

[army judge]

If HUD does grant an extension can the closing company be held liable because the did not meet the closing deadline?

No, unless you like to throw away your money.

The best thing to do is find another home to purchase.

Thanks to the economy, they're all over the country.

 

[tobais]

No, you can't.
You can waste money suing, but that'll amount to wasting more good money chasing your tale.

But some one should be held accountable. I've provided everything requested in a timely manner way before the closing date and made requests to close earlier.

 

[army judge]

But some one should be held accountable. I've provided everything requested in a timely manner way before the closing date and made requests to close earlier.

I suggest you start by reading all of the documents involved.

Buried deep in that jumble of paper you'll learn of the many exemptions you've agreed to holding THEM harmless.

 

[tobais]

I suggest you start by reading all of the documents involved.

Buried deep in that jumble of paper you'll learn of the many exemptions you've agreed to holding THEM harmless.

I'm looking through the documents now. All I see are things with his association and hud. I don't believe my realtor ever sent me documents to enter a contract with the closing company, they are just listed as my closing company on the forms. It's the company that my realtor always uses. Is that normal?

When I sold properties without a realtor, I remember signing documents with the title company I used then (inherited property). I'm a first Time homebuyer so this process is all new.

 

[army judge]

Is that normal?

Yes, it sure is normal.
Real estate people are sellers first, then whatever else next.
A seller wants only one thing, to unload something on a buyer while extracting the greatest amount of money from him/her.
Sellers will say anything to get your loot.

Never buy real estate without hiring an attorney.
I'm an attorney, and would always have my partner (or one of my firm's associates) review every real estate deal I made.
At one time I owned about 50 homes, and 10 apartment buildings.
I have since divested myself of all that real estate because being a landlord is about the most thankless task on the planet.
Today I only own personal and business real estate.

A real estate salesperson doesn't represent the buyer's interests.
Real estate salespeople represent themselves first, and the seller second.

 

[tobais]

Yes, it sure is normal.
Real estate people are sellers first, then whatever else next.
A seller wants only one thing, to unload something on a buyer while extracting the greatest amount of money from him/her.
Sellers will say anything to get your loot.

Never buy real estate without hiring an attorney.
I'm an attorney, and would always have my partner (or one of my firm's associates) review every real estate deal I made.
At one time I owned about 50 homes, and 10 apartment buildings.
I have since divested myself of all that real estate because being a landlord is about the most thankless task on the planet.
Today I only own personal and business real estate.

A real estate salesperson doesn't represent the buyer's interests.
Real estate salespeople represent themselves first, and the seller second.

Let's say this deal doesn't work out with the hud house. What type of attorney do I need for buying a house and how would one go about viewing homes without an agent?

 

[army judge]

What type of attorney do I need for buying a house?

A general practice attorney can very often assist you, and generally speaking are most cost effective.

A real estate attorney specializes in real estate transactions.

Real estate contracts are simply contracts, and most attorneys can assist you.

If an attorney can't serve your needs, he or she will tell you so.

So, do your due diligence, just as would with selecting any professional to serve your needs.

How would one go about viewing homes without an agent?

Great question, mate.

You see, that is how they getcha.

Its a closed loop process, and they control the loop.

Unless the property is being sold by the owner, you won't be allowed to view it.

Why?

The real estate salesperson won't be able to assist in your fleecing.