I could say this is rare but it's not. Read this:
If you really want to hear a scary story, google the bank sold the house I just bought last week. Banks selling a house twice just because no one knows what is going on.
Yes, the banks are clueless - one department is doing loan modifications and short sales, and the other one foreclosures.
Because this is in GA, you might still do something about it - with the help of the seller, if seller is interested in helping you and himself.
You got to see an attorney re. this situation - uniting your actions with the seller.
Keep all your paperwork available for attorneys review.
However, if there is nothing that could be done now, this property might come out as a foreclosure - and you still have a chance of buying it (possibly at a lower price).
Hope this helps,
Beachfront Realty, Inc.
Often the banks are clueless, the short sale department doesn't know what the foreclosure department is doing the REO department does not know what the foreclosure and short sale division are doing, sometimes each has their own law firms that don't know about each other, agents are involved, 3rd party asset managers, auction companies and at the end of the day, on a number of occasions after contracting to sell the property a three days prior to closing they figure out they don't even own the property. That is part of the challenge of dealing with a bank as a seller.
Always when evaluating a property you or more specifically your REALTOR should among many other due diligence steps Google the property address. This would have identified an auction was scheduled. It might also identify a crime, hazard, fire, prior owner information, prior sale information, comments people have made regarding the property, bank or listing agent that would have assisted guide your purchase. Doing a search for sex offenders, crime statistics in the area, potential hazardous sites in the immediate area are also important issues to research before an offer is made.
Also "accepted" is a term often misunderstood. In real estate an offer is not legally accepted and binding upon the parties until singed by all parties and notice of written acceptance has been communicated. This can possibly be by fax of the contract, verbal communication followed by deposit in the US mail or other means. Verbal communication where you do not have a written signature from the seller would not be a legally binding contract. Even if it was, most of the bank's contracts are totally one sided and if you read carefully you will probably find language that the bank can terminate at any time for any reason without penalty, the only consequence they suffer is returning your earnest money.
Hope that helps you next purchase. Get an expert to assist you and you should not have these problems.
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
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2050 Roswell Road
Marietta GA 30062
404-386-3682 Assistant Robin
678-760-6266 Buyerâ€™s Agent Adam
It sounds like the agent might have been trying to bypass that which did not happen.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
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