My husband and I are very interested in a house which is a short sale. The short sale is not the problem,
there is a second lot attached to the house. We are being told by the listing agent that even though it is not written anywhere, that the owner of the house is only going to accept the offer from the person who offers for the lot as well. The bank does not know this. He says the owner is just trying to get some money out of the property. Isn't this illegal? The lot cost is inflated, so they are basically saying if you want the home you have to give cash money $95,000 extra for the lot. This doesn't seem legal?
Hi Ambecass,
Do you have an Agent working for you? If so this my recommendation talk to him
regarding this situation whatever in the Parcel Lot is. That separate property is
not included in the contract. That is other property.
If I'm understanding this correctly, the lot & the house are 2 separate parcels right? The owner is needing to short sell the house, but he also owns the lot next door & wants to sell both at the same time?
If you can email to me the address of the house and then just tell me which direction is the lot (to the north of the house or to the south) it would be helpful to know if the owner is actually yet in default on the house.
If he's just started to miss payments on the house, maybe he hasn't been issued a notice of default & feels he has more time to play these kinds of games with you.
In a normal market, it is not odd that an owner wishes to sell 2 properties he owns to one buyer, all in one transaction.
Technically he could still do this IF THEY ARE SEPARATE PARCELS. The bank he's defaulting on Is a Short sale & he CANNOT receive any proceeds from That sale. However if he owns this land outright, he can ask anything he wants.
If the house & the lot are considered 1 PARCEL, then NO he CANNOT ask the buyer to pay separate money "outside of escrow". He is defrauding the bank. Again, what you could do, is ask your Realtor or just shoot me an email & let me know the property address, that way I can see who the bank is, then you can go up to the owner & say, "Accept my offer for fair market value, or else I'm going to fax a letter over to the Short Sale Dept. of your bank & let them know what you're trying to do"
emilyknell1@yahoo.com
Hi Ambecass, in a Short Sale the Seller is NOT allowed to receive any proceeds from the transaction. Buyer and Seller can negotiate for the purchase of personal property the Seller may have, but the real property (the home and the land it sits on) is sold together.
I'm not clear whether you have your own Buyer's Agent or not. If you do not, please see why you should here:
http://www.trulia.com/voices/Home_Buying/Why_should_we_stick…
In my opinion, you should not play any games here. Be clear that if you make an offer it includes the lot (assuming this is not a separate lot); otherwise, move on.
Best, Steve
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