Hi, I am a buyer... I submitted a bid to purchase a home in Bradenton, FL in mid January 2013. The Seller accepted. I do not have a realtor. The Seller has an Attorney and a realtor. The realtor works for the attorney's office. My contract noted that no other bids could be submitted. A BPO was completed in early April. A negotiator was assigned. It is only 1 loan. I did obtain an attorney in the area shortly after I submitted my bid. The Seller's realtor says she calls the bank often to check in. A few weeks ago, the bank needed the Seller's 2012 Income Tax files... turned out he didn't file. He signed a document stating that he did not file and the realtor submitted this to the bank.(He owns a small business) Last week (7/25), the realtor contacted me and asked that I sign and date another "last page" of the contract. Does it seem like this is the last step and approval is close or should I just give up???
* Also, the Seller's attorney's office advised that the Seller not sign off to allow the bank to talk directly to me or my attorney. I did phone the bank and asked that they update the record/file with my full name, address and phone number so they have it. The contract just has my name. I thought.. what if they want to contact me!!?!?
* I am not an investor.. this would be our residence and this is my first home purchase.
Thanks in advance for you comments, they are greatly appreciate.
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Sam I would think about moving on. The listing agent told you that because she does not know the answer most likely. Sorry. COme up to Panama City Beach and I will find you a house!
Thanks Jeff. I asked her several times... she just ignores me or tells me that it is a group of private investors. My stomach hurts over all this...
Sam not sure, that is a decision you need to make. It appears that you do have a realtor, the sellers realtor is a transaction broker and technically is your realtor in Florida. Call the realtor and ask who the investor is on the loan. Find out where you are in the process. Suntrust for me has been pretty quick but I have only done maybe 6 or 7 with them in the last year and it may just be a fluke.
If the realtor can not answer your questions about investor, you may want to find another short sale and this time find an agent to represent you
Hi Jeff! Thanks so much for the reply! I did not have a realtor when I found the home.
I signed an:
* An "Arms Length Transaction" signed end of Jan
* Addendum to the contract end of March saying that I would close on or before 45 days of banks approval.
* last week, an updated signature page of the original contract with my signature and date
--- I do not know who the investor is on the loan.. just that it is 1 loan with SunTrust mortgage. I also found all the seller's documents in the Recorder of Deeds in the county files.
What do you think.. walk away??
Sorry just saw Suntrust.. who is the investor?
You do not have a realtor? Did the listing agent have you sign anything that says you are not represented? Who wrote the contract for you? Your attorney?
Who is the lender? Who is the investor?
If the BPO was done in April, most likely another will be done again since that has been a while, typically a new one every 90 days. If they are now just asking for 2012 tax returns, it does not look like you are very far into the banks process.