Buying a foreclosure home
Help! Need response asap.....
I put a contract on a house last week and found out that it almost in the process of foreclosure (June 26th is the foreclosure date). They were asking $199,000.00 for the property, but it needs allot of work and their realtor told my realtor that they would take any offer. We offered $160,000.00 for the house and the sellers countered for $170,000.00 and we accepted. The sellers signed off and the bank said it shouldn't be a problem getting accepted. It has now been about 7 days since we put the offer in and the bank has still not signed off on the deal. The sellers realtor is telling my realtor that the bank is trying to decide if it would just be easier to go to foreclosure, since they are in the process. I think the seller had taken a second mortgage out on this house and I'm sure the bank is not recovering all of their money. I am worried the bank my decide just to go to foreclosure? Is there anything I can do or is it solely in the banks hands at this time? <IMG SRC="images/forum/smilies/icon_confused.gif"> [ Edited by tonitiger on Date 06/10/2003 ]
Hopefully 1) the Seller's Realtor laid the proper foundation for a short sale, and 2) your Offer was the last item required for the Short Sale application.
If the Seller's Realtor is just now initiating a dialogue with the mortgagee(s) 1) that Realtor wasn't doing his/her job, and 2) it would take a great deal of work in a short amount of time to pull this off.
If you get lucky, the mortgagee might agree to postpone the forced, public sale in favor of the preforeclosure/short sale.