Home Buying in Fremont>Question Details

Goldendeer, Home Buyer in Mountain View, CA

Short sale and my right

Asked by Goldendeer, Mountain View, CA Fri Jan 11, 2013

My questions are:

1. In their website, it shows “Expired” first and then changed to “Withdrawn/Cancel”. What does it mean?

2. Does the seller agent have the right to Withdrawn/Cancel the short sale?

3. Does the seller agent have the responsibility to tell me the reasons of Withdrawn/Cancel?

4. Does the seller agent have the right to sell to other buyer or keep it for listing again?

5. Does the seller agent have the responsibility to tell me what the lender’s response (Accepted my offer or not)?

6. Does my contract still have legal effect/legally binding?

7. Can I still have the right to buy the house or request to resubmit if they didn’t submit my offer to the lender?

8. Who should I contact if seller agent doesn’t response?

9. What should I do if I still want to buy the property?

I don’t want to give up since I have been waiting for this property for over 10 months. I missed lot of other opportunities during this waiting period. Please help. My email: luluworld@live.com

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Answers

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BEST ANSWER
You had the following questions:

1. In their website, it shows “Expired” first and then changed to “Withdrawn/Cancel”. What does it mean?
A: It probably means that during the long period of time it was pending, the listing agent never bothered to extend the listing date on the MLS. Therefore it expired. They probably renewed the listing after they received a notification it had expired, then, at some point later, canceled the listing.

2. Does the seller agent have the right to Withdrawn/Cancel the short sale?
A: It depends on why they cancelled – your agent needs to find out what happened.

3. Does the seller agent have the responsibility to tell me the reasons of Withdrawn/Cancel?
A: Absolutely. They need to issue a cancellation of contract and you need to sign it – the cancellation should state the reason it was cancelled.

4. Does the seller agent have the right to sell to other buyer or keep it for listing again?
A: Depends on your contract. This is a question for your Realtor who should be able to tell you. If the contract was cancelled, it was more than likely because the seller (1) got a loan modification, (2) got foreclosed on or (3) worked out a deal with the lender to repay all delinquent monies.

5. Does the seller agent have the responsibility to tell me what the lender’s response (Accepted my offer or not)?
A: By now I’m wondering if you had your own agent – they should be answering all these questions – not the seller’s agent.

6. Does my contract still have legal effect/legally binding?
A: Depends on why it was cancelled. Depends on how your offer was written. Depends on a LOT of things – your agent needs to answer this question based on the contract you had.

7. Can I still have the right to buy the house or request to resubmit if they didn’t submit my offer to the lender?
A: Depends on why it was cancelled.

8. Who should I contact if seller agent doesn’t response?
A: YOUR agent – where is your agent?

9. What should I do if I still want to buy the property?
A: Ask YOUR agent. Or their broker. Too much missing information here for us to make an informed decision or provide accurate advice.
0 votes Thank Flag Link Sun Feb 3, 2013
I find out that the seller agent has never submitted my offer/my contract to the lender and now he doesn’t work anywhere. He has no edibility to be seller agent any more. He fooled us over 10 months. My agent just asked me to be patient and wait because short sales take longer than normal.
Flag Wed Feb 6, 2013
There could be many reason for the listings to be in withdrawn/cancel status - One of the reason is that seller doesn't want to do short sale or already worked out with the lender with their loan modification or house went into foreclosure. The best way to find out is ask your agent to check the status from the listing agent why it's withdrawn and whether the seller is still interested in short sale. I hope you can find out more details from your agent.
0 votes Thank Flag Link Fri Jan 11, 2013
Hi Goldendeer, Do you have a Realtor, because I can help you find one? If you have submitted an offer, you should receive a response from the listing agent via your agent. Sometimes this may take a while, unless you choose a short sale that is pre-approved. Have your Realtor find out if your offer was accepted.
0 votes Thank Flag Link Fri Jan 11, 2013
Everything depends on what your contract says and if it was signed. There isnt many if any short sales that take that long anymore. Your buyer agent should have been more aggressive in getting abswers. You can always drive to the listing agents office and wait there until the managing broker meets with you. You may need a lawyer to review your contract to see what options you have.
0 votes Thank Flag Link Fri Jan 11, 2013
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