Home Buying in 33991>Question Details

confused buy…, Home Buyer in Port Charlotte, FL

The mortgage holder has accepted my on a short sale and now has buyers willing to pay more. The holder now is trying to get out of the offer,Legal??

Asked by confused buyer, Port Charlotte, FL Tue May 3, 2011

The lender and mortgage holder seem to be working together to get a higher offer as they have asked for additional information that keeps dragging out the loan process and are trying to go past the closing date. The closing date has been extended twice already.

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7
Real estate agents are not allowed to give "legal" advice. You need an attorney to assist you with this if you think they are going to try to back out of the contract after they have already accepted it.
0 votes Thank Flag Link Fri Mar 30, 2012
If they have accepted your offer and you have a singed contract then you're protected. I would not spend time on Trulia asking questions, I would immediately contact the lender and tell them that the closing will not be extended again and that the next call they get will be from your attorney. I would also advise them that when you hang up you'll be calling the State Attorney General's office to let them know what's going on and will be asking them to look into it and after that call you'll be calling the Secretary of State's office (which I believe oversees all lenders in Florida) and filing a complaint. Then I would hire a real estate attorney and have them contact the seller/lender and force the closing and would make the tow calls I've suggested.

Absolutely nothing has changed for the better with banks and anyone who thinks otherwise simply doesn't deal with them as regularly as I do.
0 votes Thank Flag Link Wed Mar 28, 2012
I would have to see a copy of the letter of acceptance from the Lender and a copy of the contract. I am not an Attorney, and could not advise you on a legal matter, but I could tell you what I see in these documents. Usually there is not an extension of the closing date required unless the lender has not given their approval of net that they will receive. If you do not have good communication with all parties involved, it can be very confusing.
0 votes Thank Flag Link Tue May 3, 2011
just like if you were in contract to sell your home and knew someone would pay more than your accepted offer. there definitely could be legal consequences. How badly do you want this house? if you really want it, get your Realtor and lender on your side to fight for you. By mortgage holder, do you mean the seller? Let's face it, the higher the sales price, the lower the possible tax consequences or even the possible judgement against him for the shortfall. what would you do?
Bottom line though, if the seller signed your offer and the bank has given you the approval letter, you are in contract and have legal rights. You may want to talk with a good real estate attorney.
0 votes Thank Flag Link Tue May 3, 2011
Dear Confused,

Short sales are diffiucult and they often take longer than the origonal contract time frame. I personally have a short sale that has been going on for over a year now. It is a complicated process, and unless the realtor on the other side is doing something shady like submitting other offers, against the contract terms, it will probably be fine.

If you know that the bank is trying to get out of the contract because in fact more people are willing to pay a higher price, I would move in a different direction. The contract is a legal binding document, but; until the bank sends a leter of intent, it is not an official deal.

I would work with you agent and make sure they know your frustrations and see what they have to say. An agent in the short sale process should be able to verify what the issue is and they should be honest with you about. it.

Roy

239-848-7773
roy@fglrealty.com
0 votes Thank Flag Link Tue May 3, 2011
Real estate agents are not your best go to source at this point as they can only offer opinions and not legal advise. A consultation with a real estate attorney is your better bet as they will be able to interpret the contract from a legal standpoint. You could get get 10 agents answering this question, get 10 different answers and not one of them may be the legal remedy that you are looking for. Consult an online search for an attorney that has had experience in handling short sales.

Neil G. Blair-Bennett
Broker-Associate
Sellstate Achievers Realty Network
239 645-3798
NeilBlairBennett@gmail.com
Web Reference: http://Hope4homebuyers.org
0 votes Thank Flag Link Tue May 3, 2011
You really should consult with an attorney as to the legality of this. If you would like the name of an attorney who is experienced in these matters let me know. I will be happy to provide you that information. It would be highly un-professional and illegal for a real estate agent to advise you on legal issues. Best of luck!

Dennis Adkinson
Rossman Realty Group, Inc.
(239) 362-6004
0 votes Thank Flag Link Tue May 3, 2011
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