This is an unfortunate side to real estate. Things like these do happen, especially when you are dealing with distressed sales. It's enough to make someone go crazy, but your Realtor should have prepared you for this. It's not easy like you see on TV. The inspections and appraisal are a cost of doing business, however, your Realtor also should have warned you against paying for the septic to be pumped before you actually owned the house.
I know it's frustrating not to get answers, but in cases like this there are sometimes too many parties involved and it is darn near impossible to get an accurate answer in a timely fashion.
At the end of the day you probably need to rely on your Realtor to handle the situation and earn their (dwindling) commission.
It is strange how this happened if both Realtors had done their due diligence with this sale. With so many sites out there, it is very easy to find out just about anything. At the very least the remarks in the listing should have mentioned something about the possibility of the property being a short sale. Since it appears that this may now be the case, hopefully your attorney can try to be in contact with the bank and explain that there is an offer on the table and a buyer ready to close and make it as speedy as possible. I had a similar situation where the buyer delayed the closing because she was waiting on a lawsuit settlement even through the bank approved her for financing and gave a clear to close. Her delay caused my seller to be penalized and ultimately need money at closing that she did not have. Guess who had to eat the loss to make the deal go through? I don't know the price of the home, but the seller's agent should take more financial responsibilty in this matter if it comes down to cutting fees. Hopefully things work out for you soon. Take care
Jason Bustelos; LREB
New York Realtor Group LLC
My heart truly goes out to you and the involved agents. This is a horrible situation, nightmerish to say the least. As a seller's agent in NC I typically research a potential listing clients property(s) before agreeing to list on the open market to avoid a similar situation such as this one. As a buyer's agent I do the same for properties my buyers are interested in. With a contract in place a foreclosure date may be postponed. I've completed lots of short sale options and have a lengthy background in banking, however, I'm perplexed as to how this situation reached its current level unknowing to all parties except the seller that he was in default. Thanks so much and keep us posted.
RE Homeowners: Your Realtor should have told you that although you get the quote for your homeowners, there is no reason to activate it until you go to closing at which time you need to present the DEC page.
Why did you have to pay for his septic to be pumped?
Who is doing the negotiating with the bank? The bank can close this as a "short sale" if the seller does not have enough to pay it off.
I would be happier if you were speaking with someone who actually knew what they were doing.... call Dawn Noak at 631-827-7373 (tell her Gail sent you) and ask for her advice. She is fantastic at this type of issue.
I'm so sorry this is happening to you. Unfortunately, the only thing I can tell you is that this does actually happen and there's very little you can do. The person to best help you right now is your attorney. If the seller's attorney isn't communicating, your lawyer will know what to do.
If you aren't happy with the agents cutting their commission, the only thing to do is pay more money. While the seller is normally responsible, he can't pay what he doesn't have. This is the same for what he owes the bank.
It's a very frustrating situation to be in. I am sorry you are going through it.
NYS Licensed Real Estate Salesperson
Certified Buyer Representative
Bliss Properties of New York
Cell: (518) 788-8865
If this is a short sale option deal...buyer beware if the sale was not already approved by the bank before it was listed as a short sale option opportunity. Thanks so much for your post and good luck to you.