Jjohn6566, Home Buyer in South Plainfield, NJ

I wanted to buy a short sale the closing date was July 24th but now they are saying that the home owners changed their mind and dont wanna sell.

Asked by Jjohn6566, South Plainfield, NJ Wed Jul 18, 2012

My lawyer explained it to me a little but im still very confused and would like to read more answers. thank you.

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Answers

6
Hi

My assumption is that you have representation by both a real estate agent and a attorney

If all documents have been signed by the seller and the bank has approved everything you may have cause for legal action....Hopefully you attorney has a fair amount of real estate experience dealing with short sales...you agent along with you attorney should be able to sort through this for you.

Good luck

Diane. Realtor Associate
0 votes Thank Flag Link Wed Jul 18, 2012
It's pretty rare that homeowners change their mind about a short sale, because they know they can't afford to stay there. However, it can happen - especially if the bank has provided what the homeowners consider to be a better alternative.

For example, the bank may have offered to modify the loan, so that the payments are lower. That would work for some homeowners, permitting them to stay in the house.

Another option is that the bank accepts the sign-over of the deed to the property; the homeowners give up the house, and get out from under the mortgage. That procedure is called "deed in lieu of foreclosure" or, simply, "deed in lieu."

Sometimes the problem is not the homeowners, but the bank or the investors who provided the money for the mortgage, in the first place. If the offered purchase price is less than the bank or investors think they should receive, relative to market value, then they may reject the offer. (The bank and investors are going to take a "hit," but may not be willing to absorb that great a loss.)

Fortunately, there are still a number of reasonably priced homes on the market - both "regular' sales and short sales - so you should be able to find another home that you like. I'd be happy to help you.

Best regards,
... Robin
0 votes Thank Flag Link Wed Jul 18, 2012
If bank and owner signed off on agreement of sale, you could possibly force the sale. File a complaint in county court along with a lis pendens which will cloud their title and not allow them to do anything with it until suit settled.
0 votes Thank Flag Link Wed Jul 18, 2012
Basically the seller must have found a way out of their problem, or they may be choosing a different route. You should talk to your attorney for a clarification since your lawyer has all the details.
0 votes Thank Flag Link Wed Jul 18, 2012
A short sale has to be approved by both the sellers lender and the seller. What happens some times with short sales is the buyer makes an offer, the seller accepts it and sends it to their lender for approval and then their lender may require the sellers to still pay back the difference from what is owed and the sale price so if the owners don't like the terms that the bank is offering they can usually back out and let the home go into foreclosure.
0 votes Thank Flag Link Wed Jul 18, 2012
If you want it file suit.
Flag Wed Jul 18, 2012
the owner approved of the banks terms, they let him off the hook on the rest of the money he would have owed.
Flag Wed Jul 18, 2012
Ask your attorney for any necessary clarifications, don't simply just rely on online information....
0 votes Thank Flag Link Wed Jul 18, 2012
like i said on my description i would like to read more answers.
Flag Wed Jul 18, 2012
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