I saw a house that my husband and I like very much, however it is contingent. The listing agent said that

Daisy
Home Buyer
Bakersfield, CA

she has a solid offer, but that the seller has filed bankruptcy and that is what the hold up is. My question is, do we have a chance at this house? Will it go to foreclosure or will the banks continue with the short sale? What can we do?

Answers (2)
Bob McClure- Mo...
Mortgage Broker
or Lender

48170

good afternoon..i suggest you do two things.if you still want this home, then stay on it...nothing is going to happen without the bk trustee granting the sale in writing which would then have to be presented to the title/escrow co..the bk filing will show on the title committment as a requirement to be satisfied by the bk courts..it would also grant a certain window of time to close escrow......if a short sale approval or looming foreclosure takes your closing outside the window granted by the bk trustee, then you would need to have the trustee grant an extension......it could still be contingent on a short sale or be going into forelcosure....i would also be looking for another home.you may find something even more attractive to you than this home...........understand, that staying with it is going to cause you anxiety, and a lot of time and still may never close in the foreseeable future.......best of luck.bob mcclure- success mortgage partners- plymouth, michigan.......

Wed Jul 8 2009, 12:04
Clay Mccombs
Agent
Bakersfield, CA
FIRST ANSWER

I am not sure what will happen with the house you are interested in. That would be a good question for an attorney. I would suggest looking for another house that is not a short sale. You might even find something you like better. Fell free to contact me if you would like me to email you houses on the market that are currently available that are not contingent or short sales.

Wed Jul 8 2009, 11:34

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