After 1 year received approval and now seller doesn't want to continue - Help!

Can anyone help with suggestions on what I can do if the seller refuses to move forward after receiving the approval letter from the lender?

I have been working on this file for over 1 year now. We finally received the written approval letter from the lender, we have been in the process of closing. Disclosures have been signed, appraisal been ordered. I even had to negotiate with a collector to reduce a debt that was attached to the property.

We are suppose to close by December 15th. After all this, the seller has been ignoring all my calls and emails recently. Today I received an email from her stating that she has been speaking to someone and that a short sale is not in her best interest right now and that she will have to get back to me later.

What????? I am so frustrated. Has anyone had this problem and what did you do about it?

Views: 917

▶ Reply to This

Replies to This Discussion

Permalink Reply by Richard on December 11, 2011 at 5:53am

Hi Lisa,

You raised an interesting point.

"It would be nice if the bankruptcy judge was privy to the knowledge of the seller choosing to walk but I know that they will not disclose this information."

I too think this would be very interesting if, the judge knew the seller opted out of a program that could have saved some creditors costs. I wonder if there is a way to submit a copy of your contract and lender's approval for the record.

Permalink Reply by Lisa Brown on December 13, 2011 at 2:31am

I told the bank what the client did in hopes they would allow the deal to close once the BK was final and also the buyer wanted to wait the BK out. Bank of America never responded they just pulled the short sale approval as they had an acceptance and close deadline.   I explained to the seller that the buyer had a right to sue but their lawyer, slime ball that he is, listed the agents and the buyer as creditors so no one can sue.  Could not believe this.  And not even sure he can do that.  I did not hire a lawyer myself to seek legal advise or confront my sellers on this.  As I stated earlier.  What comes around goes around.  I would love to find out who the judge is and present this information and would think the lawyer by withholding this information should be held accountable but that is common sense and not how it works.  If I find the lawyer's name on title I will turn him into the bar.  Sad to find out that you thought you were helping someone just to learn they are playing the system. 

Permalink Reply by John Treadwell on December 11, 2011 at 4:22am

Yeah a lot of the BK lawyers will kink your deal at the last minute, i just had one days from closing ,and he talk them into filing BK ,but the buyers are going to wait until the  Discharge to close ,and the lender is as well. I don't lose the deal just have to wait 3 months more to close it.

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************