TeresaBenedicta Posted April 28, 2011 Share Posted April 28, 2011 [quote name='Brother Adam' timestamp='1303945402' post='2234027'] The short sale negotiator has apparently refused to sell us (specifically my wife and I) the home despite previously signing off on it. I am not sure if it will go to closing at this point or what that means regarding breach of contract or an anti-discrimination law suit. [/quote] Whoa-- what?! Oi vey. Continued prayers. Link to comment Share on other sites More sharing options...
Brother Adam Posted April 28, 2011 Author Share Posted April 28, 2011 Yeah, I don't get it. Considering we have a signed contract + all of the money we have put into the home in deposits, escrow, and inspections, I can't imagine a lawsuit not being at the end of this rainbow to recover the funds unless it closes. The realtors seem to think its going to close, but I don't get it. Still getting nothing but silence from the selling bank. Our realtors are doing everything they can to get them to approve without being overtly irritating. I have thought about asking for names and calling myself. Link to comment Share on other sites More sharing options...
kamiller42 Posted April 28, 2011 Share Posted April 28, 2011 Short sales can be a bit of a ride. Our house was bought on short sale. The selling agent gave us a hard time during the process. He didn't want to budge on price. He would put up an attitude at any suggestion of lowering the price even if justified. In the end, we squeezed some dollars out of him. I understand where he's coming from. He is trying to get the best deal for the bank. The bank just wants to sell without going under. They will get a much better deal in short sale than if the house foreclosed. Our agent suggested we should have waited waited until the house went into foreclosure. It would be less trouble. We pursued short sale and did okay in the end. Don't fret about the bank not being responsive. Sometimes they respond quickly, and sometimes not. For all you know, they're getting their final "sale approved" paperwork together, which can take a little longer than a verbal response. Link to comment Share on other sites More sharing options...
Brother Adam Posted April 28, 2011 Author Share Posted April 28, 2011 The selling agent has actually been wonderful. We found out that it went from the negotiator to the investor today. Link to comment Share on other sites More sharing options...
MagiDragon Posted April 28, 2011 Share Posted April 28, 2011 Yeah, I didn't want to scare you, but my wife and I ended up house-less for 3 months in a situation with a short sale. We had 2 banks involved, the first was paid off by our offer, the second approved, then the week we were supposed to move, we got a call from the owner: "We're having trouble finding a place to stay, could we have another week?" The following week we get another phone call: "Ummm . . . you know how there were two banks involved? We never really contacted the first bank because your offer would have paid them off . . . and . . . well . . . they're repossessing the house now." Meanwhile, we'd sold our house . . . Otoh, we had tons of people praying for us, and we ended up being blessed with a house far nicer than anything we could have hoped for. (after 3 months in my parents basement beginning immediately before Christmas with two kids and a pregnant wife for 2.75 months and a newborn another week.) My main advice: God has something in store, and don't be afraid to look at things on your own. God Bless, Joe Link to comment Share on other sites More sharing options...
Brother Adam Posted April 28, 2011 Author Share Posted April 28, 2011 Yowzers, that is crazy. We have it in our contract that they are out before closing, so we will not sign if they are still there. They tried to buy another short sale while selling their house on short sale and it fell through, so they are going to be living with family. We have never actually dealt with the current occupants, only the trustee for the short sale and the selling agent. We have a feeling we are going to end up in our current place for the better part of May, but we can't imagine much better for what we are paying for it. Link to comment Share on other sites More sharing options...
Brother Adam Posted May 2, 2011 Author Share Posted May 2, 2011 Still nothing today. Our loan expires on May 15 if it is not executed by then. We met a new neighbor who actually bought some stuff from our moving sale today, told us it is a great neighborhood with a lot of kids our kids age. Link to comment Share on other sites More sharing options...
Brother Adam Posted May 5, 2011 Author Share Posted May 5, 2011 Today we found out that they have not been able to clear the title, the investor has yet to sign off on it, and just found out that there are two mortgages on the home which makes a short sale exceedingly difficult (but apparently they are working together and willing to move forward). Signed another batch of documents today. Our rate lock ends next week as well. The realtors tell me we are going to close by next week Friday, but we'll see. Paint me skeptical. Buying a home in todays market is most definitely the American Nightmare. I plan on contacting our lawyer tomorrow to find out about what money we can recoup when we have completely held up our end of the agreement on the contract, clearing all contingencies and being prepared to close. I know we can get our earnest money back, but we also paid $300 for an appraisal and $500 for inspections. Link to comment Share on other sites More sharing options...
CatherineM Posted May 5, 2011 Share Posted May 5, 2011 Short sales where there is more than one creditor are hard. The second or thirds won't get any money. That can be a hard sell. Link to comment Share on other sites More sharing options...
Brother Adam Posted May 11, 2011 Author Share Posted May 11, 2011 It is now in the hands of the second mortgage company who we are told is cooperating with the process. If they sign it this morning we can go to closing. The title problems have been cleared up. If we don't go to closing by Friday, we have to be willing to put more money into the house to keep it going. Link to comment Share on other sites More sharing options...
MagiDragon Posted May 11, 2011 Share Posted May 11, 2011 We got room to house you down in Fort Wayne . . . might be a bit of a drive, though . . . Link to comment Share on other sites More sharing options...
Brother Adam Posted May 11, 2011 Author Share Posted May 11, 2011 So now they don't want to cooperate. Ghhhhhhaaaaaaaaaaaaaa Link to comment Share on other sites More sharing options...
MIKolbe Posted May 12, 2011 Share Posted May 12, 2011 no fun, dude. sorry. Link to comment Share on other sites More sharing options...
Brother Adam Posted May 16, 2011 Author Share Posted May 16, 2011 Yesterday morning we were told we had to be out of our home no later than Friday so we started getting ready to put our stuff in storage and be homeless. Then 24 hours later, this morning we finally got the phone call that we can go to closing and everything has been approved. The final person signed off on it and it is now going to the title company. We will have our closing time within 24 hours, but the plan is sometime Friday afternoon. Link to comment Share on other sites More sharing options...
Amppax Posted May 16, 2011 Share Posted May 16, 2011 YAY![img]http://www.phatmass.com/phorum/public/style_emoticons/default/clap2.gif[/img] Congratulations! Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now