It sounds like you are not getting the answers or information you want and need to proceed. At this point, start looking at other properties. It is alway unwise to get too emotionally involved in a short sale as the success rate is not always that good. It is the responsibility of the listing agent to get the highest price for the property - so the listing agent may be soliciting higher offers. First in, first signed has little relevence on a short sale. As one other agent said, you are getting too emotionally involved and may have let some other good properties slip by while you were involved in this one. Please talk to an attorney to see what your next move should be in this circumstance. Just be certain it is an attorney who specializes in real estate and knows what is involved in a short sale. Good luck
The fact that you are being asked to sign a document "after the fact" that allows the seller to back out of the transaction for any reason is suspicious. You do have the right to no agree with these terms and modify the document to your liking.
The reality here is that even if your contract is honored, you will still have to negotiate with the lender. They will expect to receive a price that is an accurate reflection of the present real estate market activity. If other buyers are willing to pay more....it's very likely that your number could be too low for present conditions.
This does not mean, the seller has the right to kick you aside based on the new interest...you still have a valid contract they need to honor regardless of what the actual final value of the property.
Our recommendation is to seek the advice of an attorney. Their review of your purchase contract and the addendum would be advisable.
Short sales are a headache. Normally the Short Sale Addendum is signed at the time of the contract. Your agent should have submitted it at the time the offer was submitted with language in it that protects your interests. You may be able to do that now to protect yourself. I would confer with your agent's managing broker to get more clarification on your particular transaction.
Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
Nobody can make you sign anything, however, I don't think you fully understand the short sale addendum. It has 2 different options:
1. Either the sellers or the buyers can terminate at any time.
2. Neither can terminate outside of the parameters set forth in the addendum.
The addendum itself has you put a deadline for bank response (the bank is in no way bound to this deadline) and if that lapses than you either need to to amend the contract or terminate.
Wells Fargo does not have a great reputation in our industry- just know they can be difficult to work with.
Your Castle Real Estate
The addendum protects you in ways and it protects the bank too. If you really want the home...ask your agent to submit a SS Addendum to the Sellers and ask the Listing agent to get it submitted to the bank. If your agent does not have lots of experience in Short Sales...he/she may want to get advise from a more experienced agent within their brokerage firm.
If you decide to walk away from this deal....and you are feeling uneasy with your agent, there are Agents in the Littleton area who have experience working with SS and the big banks in town!!!
I happen to be one of those SS Specialists and would be happy to assist you in find a home, whether it is a SS, foreclosure, HUD, or traditional sale!
CHERRY CREEK PROPERTIES, LLC
This whole transaction sounds like a big mess. While it has never taken me 6 months to get a response from any lender , the sellers agent has certainly made some odd choices. Short sales are a great way to purchase homes under market value and while most are in need of some tlc not all are. In my opinion this is a transaction that you should run from, as the paperwork wasn't even done correctly. The bank doesn't really care if you have a short sale addendum, but Colorado Real Estate Commission does. Since we are licensed in this state we must follow the rules of it. If your agent needs any assistance with this very specialized area, please have them contact me.
Carlene R. Harris
CDPE SFR CNE BPOR
The seller's realtor submits offers to the bank. If he/she knows what theyr'e doing, which is sounds like they are inexperienced, only one offer goes to the bank, which is always the buyer's "highest and best." The seller has to approve and then it goes to the bank.
Next, you will wait at least six months before the bank even looks at the file. Short sales and bank sales look great on paper, but they never translate in reality. You buy these properties in "as is" condition, and 90% the time, they need repairs.
My guess is you are young buyers who need better advice than what you're receiving now. There are plenty of "real sellers" out there, with homes that you can close in 30 days and THEY will fix anything that's broken. Please contact me if I can help further, and please know this: you make money when you BUY, not when you sell. Hire a professional -- we're 100% free to buyers.
Julie Montgomery, RE/MAX Masters, Inc., 303-906-3150, firstname.lastname@example.org.