Home Buying in 02130>Question Details

davesylviamed, Home Buyer in Jamaica Plain, MA

On 12/6/12 My wife and I got a p&s agreement on a property in Roslindale, ma. After 7 months of waiting, the house was sold at auction w/o notice.

Asked by davesylviamed, Jamaica Plain, MA Thu Jul 18, 2013

Do we have legal recourse to fight for this house? Keller Williams Realty still have not refunded the 18,000 we put down, nor offered to give 7 months interest on it. It was a short sale, and the sellers did not cooperate in signing papers, which dragged it out. Can they forclose and put it on auction without letting us (the holders of a P&S for the house) know?

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Answers

6
Call your real estate attorney immediately (if you don't have one, hire one). They should be able to help fight for the deposit. As far as buying the property, usually banks will put properties back on the market for sale (as bank owned) about 6+ months after they buy it.

Good luck!

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0 votes Thank Flag Link Mon Jul 22, 2013
Henry's answer is perfect. Also have your attorney write a demand letter to Keller Williams to get your deposit back. I really can't understand why they are holding onto it.
0 votes Thank Flag Link Thu Jul 18, 2013
the broker has a duty to be accountable for deposit monies by license law..why havent they returned your deposit if seller couldnt perform.?
0 votes Thank Flag Link Thu Jul 18, 2013
I would consult with your council but it depends on your P&S..

Best Of Luck
0 votes Thank Flag Link Thu Jul 18, 2013
You should consult your real estate attorney with regards if you really have any legal recourse to fight for this house. It all depends what's in the P&S and what was done. Without knowing any of that, the basic answer would be no, it happens all the time that short sales turn into foreclosures. Only about 1/4 to 1/3 of short sales actually close. You signed the P&S with the seller. The seller was foreclosed on by the bank. The bank didn't have to honor your P&S with the owner. However who knows if you got a short sale approval letter from the bank and what that really said. And you could always try suing the seller, but if they didn't have the money to pay the mortgage, good luck getting anything out of them. Plus the P&S probably mentioned that it was a short sale and contingent on the bank approving the sale. Again, the best answer is from your real estate attorney.
0 votes Thank Flag Link Thu Jul 18, 2013
Short answer, yes, happens in short sales all of the time.

Talk to your real estate attorney about the legal questions and to get your deposit back.
0 votes Thank Flag Link Thu Jul 18, 2013
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