Our purchase agreement says the buyer had from May 10 to May 17 to acquire a loan approval. We have not seen any document from escrow or our agent that he has loan approval as of today. We have other parties who want to buy our house but our agent who is the buyer's agent also keeps telling us that this everything is looking good, we have satisfied all his requirements, yet she nor the escrow company seems to want to tell us who his lender is or provide us with a professional typed loan approval document. We believe somethins isn't right and our home is being held hostage. This man put two thousand earnest money down and the papers say escrow closed June to or 45 days after acceptance. My question is that on May 27, when there was no paperwork showing this buyer had loan approval, should our agent had moved on to the next buyer on the waiting list. If our agent has been neglible, what is our recourse. She has our home listed on the agreement with us until Sept. 18 and she has it to where we can't do anything with it unless we pay her her commission. Is there any way at all that we can get break our contract or sell our home without going through her? We have some one who has not seen our house, who has money in hand, who wants to buy our house, and we can close the deal by the end of June. We also have a contract to buy in another state and we signed we would sell our house or refinance. Our agent has our house so locked in that we can't even pull if off the market to refinance. What are our options?

Thanks for your help.

gish,

First thing first- about the issue you first speak of, DEMAND to see a full loan approval letter ASAP. Tell the agent you want it today. If you get no response from the agent call the Broker and demand the same thing. They are REQUIRED to give you copies of everything. The sales contract you signed with the buyer is between you and the buyer not the broker. If they cannot produce a letter tell them you want to cancel the current sales contract and start accepting new offers. Move quickly, and be firm on this.

Second- Issue with listing contract. Read it, is there an out clause for you? If not, there is very little you can do to get out of it. Aside from going to the Agents Broker, and dicussing how much you are dissatisfied with their performance. But if your just trying to get out of the contract because you found someone else to buy the home without paying the Realtor, then you could find yourself in a nice legal battle that the clients usually lose in. Most listing contracts state that anyone who has seen your house during the listing period, even if they wait 120 days or more sometimes that the listing broker is procuring cause and will be paid the commishion. BTW you can refi your house even when its listed.

This is not legal advice....you need to hire a real estate attorney

That usually is a flag to me. Your agent should be willing and able to provide lender information regardless that he/she also has the buyer. If not then once again something is not really right. In fact you agent still has an obligation to provide this.

As to the escrow agent. They may not know as your agent should be providing this to them.