BOA said close at the title company and the file will be rescinded. The eviction attorney’s office informed me the file was closed, the buyers will not get the
3000 cash for keys. The file was closed so due to the Short Sale.
The buyers took possession prior to closing with the contingency of the short sale approval. The seller moved out in order to appease them so he can get his house
sold as a short sale. 9 months later May 5th we get the Short Sale
Approval letter. May 10th the home is foreclosed on. The Buyer
called me (the listing agent) telling and said they gave her these papers. She
said, “They thought I was Sally Falsename or I would have never gotten these
papers.” They do not just walk knock on a door and hand papers over saying here
Sally Falsename, these are for you.”
It is now the 27th of May. We have a short sale approval through June 19th 2009.
The buyers refuse to close or move out. The have never let anyone see the home for back up showings and now they won’t let it be shown nor let Kevin, the home owner in
his own home. They said they have proof that Freddie owns the home. Duh of
course the deed reflects this, why would we have to rescind otherwise!
The buyers are sabotaging us getting another buyer and trying to eat up the time until this Short Sale Approval is expired. They plan on buying directly from Freddie
and save $30,000. This came out of Sally Falsename mouth several times. Supposedly
their lawyer filed an INJUCTION today. And supposedly they have a LEASE as of
today with Freddie Mac. Furthermore the FINGER is being pointed at me. “This is
your fault, you dropped the Ball!” You did not get the foreclosure postponed.”
I said, “Is that right?” Who is saying this?” She is calling (‘THE BROKER” who
is the one who kicks people out and relists the property), The Broker is saying
that. BAO is saying you dropped the ball and your own Broker is saying that!” I
chuckled inside because I already know I have documentation to prove the
request was sent.
I felt smacked in the face because I know it is my fault that this short sale was finally approved because of all my hard work and time. This is my fault because
I was able to get rescind approved! If it was my fault the foreclosure happened
then how come I had all the documents to prove otherwise? It took all that
proof to get the file accepted for rescind. I really feel like she is upset with me because
she figured she could just sue BOA, The Sellers, The Agent (ME), and the company
I work for. All the while working a side deal to get the property for 30,000
dollars less than the contract amount on the short sale by getting it through
Freddie Mac and 3,000 for cash for keys! I received a call today to inform
their agent there will be no such monies as the eviction was stopped and
closed.
The buyers are telling me to prove the rescind as he the papers saying Freddie Mac is the owner of the home, no one is coming in and they will never come in. The seller
handed them a letter to get out of the property due to a clause in the lease
that has been broken. They again laughed and said they are dealing with the
broker and he my seller has no say. The seller then said you called me and said
you were moving. My seller is seeking council in the morning and my broker is
speaking with the attorneys. She is shocked that a judge would allow an injunction
in a short sale and this opens up a huge can of worms.
The short sale clauses are there to protect the seller! If a buyer can file an injunction and force a foreclosure to happen so they can get the home cheaper than this
would be setting a precedent to allow all buyers to do the same, thus negating
the entire purpose of a short sale.
In closing, I share my story with you that how scary it is that a buyer can file an injunction on a short sale in order to buy the property as a foreclosure instead of the
short sale. My goal has is and will be to do my job for the seller. Sell his
home as a short sale in order to avoid a foreclosure that will force him into bankruptcy.
I have been posting about this deal since the Approval /Foreclosure happened. This is the latest update.
Tags:
Help us out here. Is the foreclosure complete or not? If it is your approval means nothing. As usual the two departments were not in contact with each other.
As for the cash for keys offer..that is given to the current occupant. The real estate agent (REO agent) and foreclosure department didn't know who was living there. But it won't really matter.
Of course to get this money these guys have to move out. And if they don't they will be evicted. Bank will normally not even consider a new purchase agreement with someone in the house.
This is a real mess.
If the bank has completed the foreclosure process and now own the property I don't see how a short sale can be completed. The buyer and seller contract is void. The seller (former) does not own the property. Not an attorney but don't see how BOA can be saying that they will rescind the foreclosure. It's done. But maybe there is some weird method to this madness.
As for buyers filing an injunction...based on what? Maybe they can claim renter status under the new federal guidelines but that only lasts so long. And the typical REO will then just wait the timeframe to get them out. If they think that they are going to get a deal by this going REO, they need to know that they will not be allowed to stay. House will have to be vacated, then marketed to everyone and they stand a real chance of losing it to another party. They need to have all the possibilities explained to them.
Think the attorneys will need to be on this one. By the way, what state is the property in?
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