I am not sure how much you know about Stonemill Farms in Woodbury, but it is a fantastic development. It includes an elementary school, a central child care facility and has a great range of prices from low 3's to high 5's.... more
I don't know the answer except that it is the bank who stacks the cash, If you are buying as an occupying owner, the problem compounds. Welcome to Short sale world...Liz 612-986-4105
PS I hope your lender and your realtor will hang in there and help. We do try to do our best to avoid these situations. However, buyers want to believe they can easily and readily buy these properties.... more
Ask the owner if you can sign over the home back to them. They will have to pay for lawyer fees if you stop paying. Most owners will take home back if they don't usually the only remedy is the home and if the home is damaged.
If you are in Minnesota or Wisconsin we can help you sell your house and you can keep the equity if there is any.... more
I would think that if you are anything but cash buyers then your loan officer would have told you there is no way you could close in time. So, that would be the first question otherwise I don't see it happening.
But there are ways to extend the redemption perioud by one week and I have done it on some of my other deals. So, if it makes sense you will then have 4 weeks and it maybe possible.
Otherwise like everyone else is saying you will have to wait until it becomes an REO listing and then just work directly with the lender.
Unfortanately this has happened to me before on a property that my client wanted, but this involved 4 offers. Crazy, I know. Consult with your agent, make sure you aren't over paying on the property.... more
Jp.......I neglected to tell you in my answer that in a typical scenario of a Buyer working with a Buyer, there is no cost to the Buyer. Compensation for the realtor is paid by the Seller, and per rules and regs set out, the cost of a property to the Buyer is to be the same, with or without a Realtor.
Again, I would surely recommend having a Realtor working on your behalf.