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05-20-2008, 08:46 AM #1
Renter
- Join Date
- May 2008
- Posts
- 1
Something isn't right here!
We need your help! We put a purchase agreement on a home in Minnesota 4 weeks ago. The house we were hoping to be our dream home had a "sheriff sale" in December, 2007, and the homeowner wanted to sell it quickly to avoid the full foreclosure process. After a week, we had not heard anything from our realtor. We emailed her and all she knew was that there were other offers besides ours, but they were too low and the bank didn't accept them. We were hopeful! After 3 weeks, we hadn't heard back. We called and emailed our realtor and she said the seller's agent was having a hard time getting a hold of the seller and we didn't have any more information regarding if our offer was accepted. 5 weeks later we still hadn't heard a word. My husband called our agent...again... and said we were getting frustrated by lack of communication. We heard from our realtor and from the sellers. This is the note we received...
"I am sorry, but at this time I have no other option but to take this home off the market. The homeowner will not return my calls!" Please continue to look for other homes in your area." I apologize for the long wait, but you need to understand that pre-foreclosures/foreclosures can be tricky. You are dealing with people who are often in a tough spot and unpredictable!" We were furious...we had waited all this time thinking that ours was the only purchase agreement and we were getting closer. How can that be??? You just disregard a legal document and take a home off the market? We called our agent and she called the sellers agent to get a few more details. A few hours later we got another email. "There is hope, I am thinking about getting a power of attorney to get things moving. I'll be in touch!" That was 2 weeks ago and we have heard nothing. The agent is still trying to contact her people and they won't respond. We are so confused. People are telling us that something fishy is going on. Should we get an attorney to help us sort through this? Can a home owner just decide to fall off the face of the Earth? Can a bank just dismiss our purchase agreement? It seems that the seller, who is not making house payments has until June 16??? Some type of 6 month grace period after the sheriff sale. At that point, our realtor said the house might go back on the market. What do you do from here? We want this home! Thanks for any information you can provide! Jules
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05-20-2008, 09:04 AM #2
Mansion
- Join Date
- Nov 2006
- Posts
- 1,232
Should we get an attorney to help us sort through this?
Might be a good option if you have a legal document...
Can a home owner just decide to fall off the face of the Earth?
Yes.
Can a bank just dismiss our purchase agreement?
They do that all the time. They couldn't care less...
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05-20-2008, 12:28 PM #3
Home Owner
- Join Date
- Apr 2008
- Location
- Houston, Texas
- Posts
- 631
Originally Posted by Jules
We were furious...we had waited all this time thinking that ours was the only purchase agreement and we were getting closer. How can that be???
Well I am sorry to say that this happens very frequently. What you were involved in was termed a short sale. The reason that they had to get bank approval and the seller could not just sign your offer is because they owed more money on the house than you were offering. I a sorry you had a bad experience and things improve.
Originally Posted by Jules
Until your contract is signed around it has no weight.
Originally Posted by Jules
Don't waste your time or money the attorney is not going to be able to make anything better. Nothing illegal was done. What you have explained to me is normal on these kinds of transactions.
Originally Posted by Jules
Yes, they can and when they are wrapped up in the stressful and tormenting position of loosing their home do more often than not. Once the seller is already in default there is no real incentive for them to sell the home unless they will come out with money on the other end. The only benefit that they can get from this situation is the satisfaction of the bank not having to take the home back. Their credit is already ruined they have not equity in the house and so will not recieve any money and they have to deal with admitting that they failed as home owners. It is a really sad situation for all involved.
Originally Posted by Jules
Yes, they can since the agreement was made at a price that is most likely less than what is owed on the home. The bank doesnt care about what happens on these deals it is already on their books as a bad loan and they have to incur the majority of the expenses of the foreclosure process.
If the agent can get ahold of the seller and line up both the loss mitigation rep. and coordinator of the default proceedings this deal might be able to be put together. These deals are not easy for agents or buyers and sellers but can be fantastic deals for buyers. Once the Sheriff or trustees sale comes it is all over on your contract but you might be able to pick it up at the auction. They are usually held at the local court house. Originally Posted by Jules
Hope this helps I know that being in this position really sucks and I hope that you find that perfect home very soon.
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05-20-2008, 11:34 PM #4
Condominium
- Join Date
- Apr 2008
- Posts
- 148
It seems like you are a victim of confused seller. Sorry to hear your take on it, but it happens very often in short sales, in your case it is just a normal thing. But the lack of communication with you ans your agent hurts the negotiation because probably she wasn't pushing hard enough or she had other transaction at hand that she might've neglected the deal. Sorry about it.
Jron Magcale
Real Estate Marketing
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06-04-2008, 05:15 AM #5
Banned
- Join Date
- Nov 2007
- Posts
- 93
Booming markets invariably bring with it unsavory people, who try to make some quick money through dubious methods. This is more or less the state of India
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