Hi everyone I am the buyer of a short sale I posted a couple months ago about my experience!!! 

Well after 4 months 2/17/12 we got an approval from BOA.  We are supposed to close on March 23rd 2 weeks from today.

Well this morning I received a phone call and emails from my realtor stating that sellers now want to back out of selling the home stating they are approved for a loan modification.  But states he will reimburse everyone for their time and effort!

A couple of questions:

1) Are they able to back out just like that even after signing the contracts and approval letters?

2) Why would the bank offer a loan modification to the seller while accepting our offer?

3) Also our approval letter is contigent on closing on march 23rd so if we try to sue this seller obviously we won't be closing on march 23rd so that voids the acceptance, will we still be able to get this house????

 

If someone could please give me a little help or info with any experience with this I greatly appreciate it!!!

 

*We really LOVE this house and have already purchased a ton of furniture for it that can't be cancelled!!!!*

 

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So it has now been decided that we are going to close on March 23rd cause yes you guys were right our rate is only good for so long and then we would have to pay for an extension, so now we are going to close and our lawyer is going to draw up a post possession agreement so that they can just rent the house from us for one month!  Also our appraisal on the house came back 4k less than the sale price so now we are asking for a price reduction!

In CA we have a standard form called a Purchase Agreement Addendum which addresses this scenario.  Not sure what you have in your state.

Seems the most assured way to get the house. That leaves you with potential damage and having to evict as probably your main concerns. Renter checklist of status of everything and decent deposit for the one, possibly heavy per day rent for going over followed by absolute limit of rent time for the other. I'm thinking you can work on 2 factors, an agreement effectively doubling/tripling rent will weigh on them if they stay too long as opposed to, "well, the rent is OK, I'll just stay here and they can only sue for regular rent". And absolute limit because increasing the rent implies that it is OK for them to stay - at the increased rent so you want it to stop (but wouldn't feel so bad about giving up a month to collect triple rent).  Then, any court action should be at your highest rent - again weighing on them that if they hang around and you sue, it won't be just an OK amount for them staying but a whopping amount so better to get out.

But, those are just semi-random thoughts.  Too many times dealing with "honest" people who weren't..

UPDATE as of 4/4/12:

So we still haven't closed on this house yet! 

We submitted for a price reduction on 3/13/12 and we have not heard anything except that the bank asked for the sellers hardship papers again on 3/26 which the sellers attorney told the bank that nothing has changed on their end just the buyers lender's appraisal! 

I am getting very discouraged now to whether we are even going to get this house!  We haven't heard anything in 3 weeks does anyone know how long a price reduction can take? 

 

 

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