Relocation with Cartus - HELP PLEASE!!!

[newtodcl]

Hi,

We cannot reach anyone AT Cartus due to the holiday and our potential buyers want a response by noon tomorrow (yes, on the 4th of July), so I thought I would throw this out for HELP!!!

If you accept an offer on your home and "sell" it to Cartus and then receive the equity disbursement, what happens if the buyers renege on the contract? Do you have to "pay back" Cartus the "advance" or is it their problem at that point that the buyer backed out??? We do not want to buy a house ourselves of course and have this happen.

 

[MommaSnowwhite]

When we moved using a relo company we were able to accept the contract with a contingency that relo must also accept it. What does your Realtor say?

 

[minnie1928]

Hi,

We cannot reach anyone AT Cartus due to the holiday and our potential buyers want a response by noon tomorrow (yes, on the 4th of July), so I thought I would throw this out for HELP!!!

If you accept an offer on your home and "sell" it to Cartus and then receive the equity disbursement, what happens if the buyers renege on the contract? Do you have to "pay back" Cartus the "advance" or is it their problem at that point that the buyer backed out??? We do not want to buy a house ourselves of course and have this happen.

We just relo-ed w/ Cartus at the end of May. We sold our house before we needed to take the Cartus buyout. Once we had a contract in hand, we forwarded that to Cartus and they issued us an equity payment advance based on that contract price. If however, our sale would have fallen through (thankfully it didn't) we would have had to pay back the difference between the Cartus offer and the buyer's contract.

I would talk to your realtor and have them talk to their realtor...this should NOT be a deal breaker. If it is then I would question how solid of a buyer they really are and you may be better off without them.

FWIW, even though we had a contract from an outside buyer we still "sold" the house to Cartus prior to settlement. That way Cartus could take care of the actual settlement with the buyers and we didn't need to be there.

All in all, Cartus made the process very easy.

Good luck!

 

[newtodcl]

I guess I should clarify that Cartus does not offer a "buyout" if the house does not sell, we are responsible for bringing a buyer. We too have also technically "sold" our home to Cartus so we do not have to be present at the closing. My question is, if the buyer wants 40 days to close and on day 38 they decide to walk away, what would Cartus do about the equity they would have already given to us???

 

[minnie1928]

I guess I should clarify that Cartus does not offer a "buyout" if the house does not sell, we are responsible for bringing a buyer. We too have also technically "sold" our home to Cartus so we do not have to be present at the closing. My question is, if the buyer wants 40 days to close and on day 38 they decide to walk away, what would Cartus do about the equity they would have already given to us???

Well, with no buyout in the picture...I'm not entirely sure. That's a question for your relo cooordinator, sorry I'm not much help.

 

[bonybroad]

Tell your agent to tell the other agent that you can't answer them until Monday.
I am 99% sure you would have to repay the equity disbursement.
If your buyers can't wait over a holiday weekend, there is a problem. It's not going to close for 30,45,60 days (or whatever), so these 3 days should not be a deal-breaker.