My client is in contract with seller on her shortsale property. I have been advised by listing agent seller has changed mind about selling and doesn't want to go through shortsale....WE have a ratified contract...can seller do this? Does Ocwen have a say on this? What options does my client, buyer, have? ANY feedback will be greatly appreciated.
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If the seller doesn't want to sell (in a short sale) they can simply stop cooperating and tell the lender they will no longer cooperate in a short sale. The lender will then revoke / cancel the file. Do you have a short sale approval letter? If no, then it can cancel. If yes, the lender can also revoke their approval. Your buyer should get any deposit back and move on to find a different property. No matter what action you might take against the seller, they will make it very difficult if they do not want to sell.
Good luck!
Thank you Thom.
I suspected the same. :-(
If Ocwen has the loan than it's just as well your buyer not wait. I've been working for 3 years on a short sale that Ocwen has the loan and we are now in Federal Court suing them.
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