Short Sale Not Approved. Now What?
We found a property assessed at 380,000. We put an offer through a realtor of 410,000 that was accepted pending short sale approval. Now 2 months have passed and we got word that the 2nd mtg amount of 80,000 would be reduced to 50,000. The homeowners are getting a divorce and neither can take a loan for the 50,000. Is there anything we can do or do we wait for foreclosure? How can we find out how long it owuld take to foreclsoe. A side not, this is a property in a town where the highest sale ever was 330,000 so the chance of the bank getting 400 plus on auction seems slim to none. Help! We want to act soon.
We also want to know if we can contact the homeowner directly as the realtors are giving us the run around? We used to work in the same office as one of them. We really need to close on this soon as our lease is up in 2 months. Please offer some advice. This is our dream house and we priced building something of this size and there was a huge differnce.
foreclosure laws differ by the state. what state is this property in? also, have your realtor sign a cancellation form. unfortunately, if you do buy the house, you may have to still pay the comission (read the listing agreement you signed.)
One last thing, it appears that you may be too attached to this house. not every deal is doable.
just my 2 cents
the house is in NY state. The realtor had agreed with the bank to reduce his commission. We are too attached to this house, we'd been eyeing it for the past year. It's a small town w/no land to build on and our business is there so we want to live in this place.
Perhaps I missed something here? It's assessed at 380k, you offered 410k? And, this is a short sale?
My mistake. The bank appraisal was 500,000 and they owe 410 on 1st mtg and 80 on 2nd (held by fleet bank) that was reduced to 50K.