Forum

Hello, first post on this website. I am needing some information if anyone can help. I am a buyer of a short sale. First a little background on the situation. I made an offer for 152,500 and the list price was 155,000 on January 31. About 2 weeks later the BPO comes back at 180,000. We said we cannot do 180,000 and so the bank says that they will accept 162,000 on which we agreed. We signed the counter addendum but have not heard anything from them for a while. This week we learn that the house will be foreclosed on March 13 which is in 4 days. The sellers realtor seems to be working diligently on trying to stop the foreclosure process but I am unsure if she will be able so. I do not understand why the bank would want to foreclose on a house that has an agreed upon short sale. The bank is GMAC and Fannie Mae. The lender has all necessary paper work so all we are waiting on is the lender to send us an approved short sale and we can close 30 days after we receive that. Is there a possibility for the foreclosure to be delayed to allow the short sale to complete? Is there any suggestions on what I can tell my agent or the seller agent to help get this situation resolved? Any help would be appreciated.