NIGHTMARE SUPRISE SHORT SALE!!!!
Took the day off work to attend closing on the home of my dreams- All packed and ready to go!
Before I get in the car to leave for the real estate office the listing agent called to say we couldnt close today becuase the sellers bank (Chase) wouldnt provide a payout amount. Days go by before Chase ponies up the payout number. The seller recieves the number and....Whoops! The seller cant afford to sell the place!!! WTF?!
As it turns out the amount of my offer WOULD cover the amount borrowed by the seller but not the 30k in additional penalty fees that the seller says he didnt know about. The listing agent launched my offer at Chase's short sale department with a plees of mercy for the now homeless family living in a hotel with their lives in the back of a moving truck.
It has only been two weeks but as time goes on my family is bleeding money paying for interim living expenses with no estimate of how much longer we are going to have to wait. We already sank a couple grand into home inspections, etc and are now having to put new job offers on hold.
Our bank point of contact at Wells Fargo said this is only the second time in her 30 years of experience that she has ever heard of this happening.
Whats a buyer to do?!
Comment
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Comment by Ron Payne on March 6, 2011 at 4:03am
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Every state and situation varies, but not sure how you ended up in this situation. Did the HUD1 not match the written letter of acceptance from the bank? You definitely want to compare the two very carefully and make sure there isn't something missing. Asking Price is meaningless and irrelevant, bank is like any seller trying to obtain the most for their property, BPO or appraisal results may give you leverage there. Best of Luck--
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Comment by Bryant Tutas on March 2, 2011 at 11:28am
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I don't know. The bank is going to do what they want to do when they want to do it. You may have an issue with the seller since they didn't dislcose that they weren't in a position to sell. But what could you get? And would it be worth the hassle? You are certainly in a very difficult situation. It may be worth a few hundred buck to get some legal advice.
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Comment by M. Boblitt on March 2, 2011 at 1:56am
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The part that I still cant get my mind around is that, even in a down economy, we gave them ASKING PRICE and rushed through inspections at the sellers request for fast closing. Is getting a lawyer at this point going to help anything? We are already hemorraging money without the addition of attorney fees and who would I even go after..the seller is obviously broke!
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This is a bad situation. The listing agent has the responsibility at time of listing to find out the mortgage situation. This shouldn't be coming up on day of closing. Hopefully they will be bale to sort it out with the lender so you can close on the property. It sounds like they may have to go through the short sale process and unfortunately this may not happen quickly. I'm so sorry you now have to deal with this.
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