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04-28-2010, 10:44 PM #1
Renter
- Join Date
- Jun 2009
- Posts
- 3
Short Sale Fiasco
HELP!
I'm a California buyer, in escrow for over 7 months now, for a home that was approved short sale for $800k. The offer from the Indymac negotiator expired on November 18, 2009, to our surprise, and we signed escrow closing docs a few days after that. No extension granted.
5 months pass, and today we get a new negotiator from Indymac's debt collection agency (Preforclosure specialists) of $1M. We had 2 appraisals that both showed the house is worth $850k.
Is Indymac playing a game? They don't want to short sale the house and want to go into forclosure?
Very frustrating to have missed a golden opportunity back in November, but that was the mistake of the seller's agent, who was pussyfooting for some reason and missed the deadline!
My agent is somewhat green and can't help (we never expected to buy a short-sale house, hence the fact that we went with a green friend instead of an expert in short-sale).
I'm told that we are still in escrow for a contracted price of $850k, but if the bank is asking for $1M, do we have any recourse?
Thanks,
-
Who told you that you are still in escrow?
Have you given earnest money? Can you get it back?
If you can get your EM back, tell your agent that you will buy at $850K OR you are going to walk!
And do not make this a hollow threat. If you cannot get this home at your price, walk away and do not look back.
Good luck and best wishes!Mark Brian Silver Star Real Estate
Upstate South Carolina Real Estate
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