Discouraged
Sorry to vent but does anyone else have deals fall through because you don’t know enough? Here’s the deal. Found a pre-foreclosure set for auction Feb. 1. I found a buyer who put a purchase contract on the property and included me in the purchase agreement to receive a 7k assignment fee. Buyer gets a lender commitment letter…enters the house into escrow with a closing attorney the week before the auction. Closing date is Jan. 31. I talked to the foreclosing bank and they say they don’t need anything as long as this closes the 31st. Friday before closing (Jan. 28) buyer’s lender says money is going to many places in the purchase agreement. Closing date is no longer set. Friday evening the buyer and I sign a private contract saying buyer is to pay me assignment fee at closing and the contract is changed. The foreclosing bank and lending bank are then closed for the weekend. Monday Jan. 31st buyer’s lender will not return phone calls, even after faxing them an acceptable agreement. I call the foreclosing bank and try to stall foreclosure they tell me the only ones that can stop the foreclosure is there attorneys who handle there foreclosures. I call the foreclosing attorneys and they say the only ones that can stop the auction is the foreclosing bank. After speaking with four different people at the foreclosing bank they finally tell me there is nothing they can do because it is less than 48 hours before the auction, even if I were to send them a check for the full loan amount. I tried up until the time the property was auctioned off to stop it. Any advice on what I did wrong. Obviously waiting until the last day to close was a mistake. This is the second time technicalities have stopped me from closing a deal.
Thanks for the reply rein. I just got some good but at the same time bad news today. The property was not purchased at auction so I still have an opportunity to purchase it. It was given to an REO company to be assigned to an agent. They cannot make notes in there system yet but they said by Friday it will be with an agent and they will make a note that I can close on the property within a couple days. The bad news is I really wanted to prevent this from going on the owners credit and I was unable to do that. That is what my main goal was...the money was only an added bonus. Thanks again for the reply.