Connie, Home Buyer in Fountain Hills, Foun...

can the Beneficary buy back a condo..once a bid (12--09) as been accepted by the bank..we THOUGHT we were buying a condo..

Asked by Connie, Fountain Hills, Fountain Hills, AZ Fri Jun 11, 2010

then on wed they had an auction and was purchased back buy the bank..we are very upset that we were never given a chance we had 20% down..then this 2 days ago. something may have been fishy with our realitor....

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Anna M Brocco’s answer
Without many details--If you were in contract--you may wish to consult with an attorney who specializes in real estate and have all related documentation reviewed, see exactly what options you may have at this point. Not sure it was your agents fault, if this property was a short sale--however, do discuss your concerns with him/her.
0 votes Thank Flag Link Fri Jun 11, 2010
The answer is yes! The beneficiary who controls the trustee sale has the right to instruct the trustee to either postpone, cancel or move forward with the sale. The trouble we often see is when attempting to purchase a home that is in the process of a short sale, the lender's dept. in charge of the trustee sale process doesn't communicate with the short sale dept. properly. When this happens, it is possible for the trustee sale to be executed without the knowledge of your offer to purchase the home being recognized.

As for your REALTOR, I wouldn't see any reason why they wouldn't want your purchase to go through. If it reverts back to the bank, your agent wouldn't benefit in any way.

It is unfortunate, but this is some of the pain we have to deal with when working with short sales.

Best of luck on your home purchase.
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0 votes Thank Flag Link Fri Jun 11, 2010

Auctions have many different guidelines, most favor the banks that the auction represents. If there was a certain reserve set by the bank and it wasn't met then they can buy back the property. I would need more details to determine whether or not there was misrepresentation or wrong doing... If you need other representation in the future let me know, I have represented many clients at auctions with great success...
0 votes Thank Flag Link Fri Jun 11, 2010
If you have concerns about your agent, you should talk to their managing broker.

Not quite sure of your situation. Sounds like you may have been offering on a short sale and the bank foreclosed? Not unusual, happens a lot.
0 votes Thank Flag Link Fri Jun 11, 2010
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