2,709,473
Yes!
This is from the Florida Realtors / Florida Bar Contract:
"Buyer shall keep Seller and Broker fully informed about the status of mortgage loan application and Loan Commitment and authorizes Buyer’s mortgage broker and Buyer’s lender to disclose such status and progress to Seller and Broker."
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Nina Hollander, Broker
Charlotte, NC
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Peter Mohylsky,
Miramar Beach, FL
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Damon Botticelli
Las Vegas, NV
1,102,470
In AZ, yes. Case law from 2000. Must inform ALL parties if buyer or seller is unable to perform.
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Candice A. Donofrio
Fort Mohave, AZ
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Nina Hollander, Broker
Charlotte, NC
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Damon Botticelli
Las Vegas, NV
1,752,737
Just as soon as the agent has the information. Disclosing known facts and honest dealings are all a part of your agency relationship to your principal.
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Nina Hollander, Broker
Charlotte, NC
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Anne Arjani
Los Altos, CA
4,745,149
What does the purchase agreement/contract state? In California, it's disclose - disclose - disclose.
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Nina Hollander, Broker
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
2,230,207
Yes, allways disclose
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Nina Hollander, Broker
Charlotte, NC
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Anthony Acosta - ALLAT...
Atlanta, GA
402,032
Absolutely disclose as soon as you know. People make plans, hire movers, etc., so it's important to inform everyone sooner than later.
The way the news of a late closing is received often depends on whose action or inaction caused the delay.
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Nina Hollander, Broker
Charlotte, NC
1,772,017
In Chicago we are in Attorney Review at that time and the lawyer has the ball in their court for such interesting questions.
I believe people in different parts of the country will have different answers and local laws.
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Anne Arjani
Los Altos, CA
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Damon Botticelli
Las Vegas, NV
5,322,261
If you have information about such a material fact, you had better disclose and determine a way to get a legal extension.
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Candice A. Donofrio
Fort Mohave, AZ
152,917
I think it is the right thing to do, especially if we are unequivocally not settling on time. This happened with sellers of mine, and because of the buyers they had to cancel moving trucks and delayed the settlement of their own purchase. There is more at stake than "just" a change in settlement date.
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Nina Hollander, Broker
Charlotte, NC
2,580,217
The first thing I would do as a buyer's agent is talk to the lender and see if there is anyway they CAN close on time. Is there anything I can do to help make sure we meet that date?
If not, then I'd tell the listing agent asap that an extension is needed.
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Nina Hollander, Broker
Charlotte, NC
5,124,308
4,434,227
I would immediately call the listing agent and try to get an extension.
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Nina Hollander, Broker
Charlotte, NC
557,136
I don't see this as a disclosure issue, it is more of a how can i fix it issue and is it time to ask for an extension.
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Candice A. Donofrio
Fort Mohave, AZ
42,670
Of course. Do you think the seller won't notice when the buyer cannot close on the designated closing date? Better to disclose and try to get an extension.
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Nina Hollander, Broker
Charlotte, NC
1,651,260
The sooner the better, do not wait till the very last minute. Respect sellers ( they are probably packing and planning to be done, as they should) and all the team who works on it. Getting a few days of extension is not a big deal.
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Nina Hollander, Broker
Charlotte, NC
2,759,862
617,985
Damon,
While it is important to be nice and cooperative, unless there is a legal issue you are bound to do what is in your clients best interest. Can you get them a fast hard money loan or other option to close on time? I would get the buyers to sign off on you disclosing if it may have negative ramifications to your client.
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Damon Botticelli
Las Vegas, NV
321,664
I have been instructed by my broker to disclose anything and everything...
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Nina Hollander, Broker
Charlotte, NC
3,214,209
I believe as a buyers agent you need to the date the lender CAN successfully close by and put it in the offer from the start.
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Nina Hollander, Broker
Charlotte, NC
6,698,702
6,012,369
1,539,804
3,988,138
Yes they are to be truthful and honest and if they have this information they should share it and try to head off later problems.
613,494
Needing an extra week to close is not a big deal. Best to notify everyone and get a contract extension ASAP. I would not however disclose confidential informaton as to "why" it is needed. A good buyers agent does not blab.
To me, 'On or about" means a couple of days...if I needed another week I would still get an extension to keep everyone on the same page.
Eve
923,184
Absolutely. There may be deposit money at stake, especially if it's a "time is of the essence" contract. Why would you keep this a secret until it blows up?
5,584,889
3,432,801
Yes, and the agent needs to request an extension of time. Why would anyone want to hold back that kind of information?
1,209,271
Um... yes. 100% yes. This is a duty to your buyer as well as the seller and everybody involved. If everybody knows ahead of time they can all be on the same page.
3,074,389
2,851,803
150,466
I never believe that its the job of the sellers agent to communicate the status of the loan to me, so I always touch base myself to get info. I also do the same with the closing attorney since they are often in the know even more so.