Hi,
I am the buyer in the short sale. I am not represented by an agent; I guess that was a big mistake. The seller is not represented however he is an agent by profession.
Seller applied for short sale in April and obtained approval in the first week of August. I applied to secure a mortgage and got my commitment letter beginning of September. There is significant unpaid HOA. Bank refused to pay anything towards it. Seller tried to negotiate with the condominium association without any success. Finally I accepted to pay all HOA. For the last 3 weeks I am trying to reach out to the seller. However he is not responding to phone calls or emails. His attorney can't contact him either.
At this point I am trying to find out if there is anything I can do. Would contacting the servicer help? Is there any recourse for the uncooperative seller? I am not sure about what seller's motivation is in cancelling this approval. I am assuming it is not possible to close without getting seller on board? My mortgage rate lock is going to expire in a week or so.
I would appreciate if somebody can give some insight. As you know short sales can be a pretty frustrating experience.
Thanks,
Murat
Tags:
Harry Clay is spot on as usual. Not much you can do. How or WHY are you not represented by an agent? Who wrote the contract?
Seller drafted it and my attorney reviewed the contract. In my case the seller doesn't even live in the property. It has been vacant for more than a year. There is significant unpaid HOA which the association is unwilling to negotiate which doesn't make sense as in the liquidation they are almost guaranteed to get nothing.
Since seller is not living in the house cancelling this short sale doesn't benefit anyone.
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