I am the buyer, and have been negotiating with the seller and her husband on a property next to my parents in SW Orlando for almost a year. The seller is current on the mortgage with BOA and I accepted the counter offer from the negotiator. After receiving a copy of the short sale contract, I had the financing in place, and the appraiser, home inspector and termite inspector were scheduled. When they showed up to the property they were turned away. The seller's realtor told us the seller wanted to have the deficiency clause taken out of the short sale contract before she signed it and needed additional time to negotiate it with the bank. Weeks went by and we were finally told that she has decided not to sell. All other contracts the seller had signed have expired due to the time delays with BOA (Equator, Negotiator etc.)! Do I have any rights as a buyer to make this sale still happen? I sent a letter to BOA which was delivered on the cutoff date for closing, expressing my continued interest in purchasing the home (I wanted to go on record that if the sale fell through it was not due to anything I did not comply with.) In the meantime, it looks like the seller has taken on a tenant and they are repairing the issues I had mentioned throughout the negotiations. Can the seller turn around and sell the house to someone else (perhaps this new tenant), even though I was the approved buyer by BOA? I am heartbroken this didn't go through - it was the perfect location to care for my elderly parents...
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Trina Gonzales said:
Dear buyer;
It's really unfortunate and I'm sorry that you were not made aware that this could happen. Please don't spend money on appraisals, termite inspections, etc until after the seller signs the shortsale approval letter sent by the lienholder/bank. The seller has the recourse. They have the right to back out and not sell if the terms aren't acceptable. Best of luck and don't give up on buying. It's a great time to get a great deal.