Home Buying in 33991>Question Details

Jd32, Home Buyer in 33991

selling a short sale at the last step?

Asked by Jd32, 33991 Wed Apr 11, 2012

i'm trying to buy a house that is in short sale in cape coral since june 2011,on february the realtor told me that in was on underwritting step and after that,the closing,a week later the realtor told me that the bank(bank of america) sold the short sale to another bank and she has to start everything over again,(new contract etc),it' that possible,a property being almost there to close and the bank decide to sell that short sale in the last minute?

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Answers

8
Yes, it is possible. Departments within the banks do not communicate well with each other. I have seen homes go to foreclosure with an approved short sale.

Steve Geving
(O) 239-573-1400
(C) 239-321-1395
(F) 239-288-0537
stevegeving@hotmail.com
http://www.swflhomeresource.com
Jones and Co Realty
1 vote Thank Flag Link Wed Apr 11, 2012
Unfortunately things like this do happen and you have to start over. I have only seen it happen a couple of times and I have handled numerous short sales with great success so if you truly want the home you might want to hang in there.

Find out who now owns the note - do your homework with the assistance of your buyers agent to get an idea of how long the process will take now that you are dealing with someone new. That will give you an excellent idea of how to proceed as far as hanging in there or seaching for another property.
0 votes Thank Flag Link Thu Apr 12, 2012
Hi,

Most mortgages are "serviced" by a company like Bank of America, Wells Fargo, JPMorgan/Chase, etc. but the actual "investor" on the mortgage is not the same as the "servicer".

Ask your Realtor to ask the listing Realtor who the investor is that actually owns the mortgage. Also it's important to know if there is a 2nd mortgage and an HOA/Condo lien or foreclosure action. Also sometimes unpaid water bills become liens that must be paid before it can close.

You can also do your own title search by first finding the owner's name from your county property appraiser's website by address. Then go to the county clerk's website and do a search by the owner's name for public records. It may or may not show the mortgage was sold to another entity. It should show HOA/Condo and water liens and code enforcement liens.

Actually the easiest way for you to get an update is to contact the title company doing the closing and ask them about the title search and when it was last done. Since it has been several months, they should do a new title search.

Good luck and in the meantime don't miss other "true" bargains, bank owned REOs.

All the best,
Alma Kee
http://www.SoldOnTampa.com
0 votes Thank Flag Link Wed Apr 11, 2012
Actually Susan, When the listing agent has both the buyer and the seller, he is supposed to represent the paper, not any one person. So the agent should work in both of your favor JD32. No offense Susan, just letting JD32 know what the "law" is.
0 votes Thank Flag Link Wed Apr 11, 2012
Wow, you are a patient buyer. It is unfortunate that the mortgage was sold and you have to start over. If yo decide to look at other options, here is a resource to view active Cape Coral short sale listings: http://www.greaterftmyers.com/cape-coral-short-sale.php

Good luck with your purchase!
0 votes Thank Flag Link Wed Apr 11, 2012
Yes, it is possible. One services sells to another.
I'm sorry it happened to you.
Hopefully, the new services will be quick and you'll proceed to a smooth closing.
Good luck!

Irina Karan
CDPE
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Wed Apr 11, 2012
Closing and possession would be the last step !. and yes anything is possible!
Those are the chances you take in a short sale!
After all this time and effort you end up with nothing ! Been there, done that !
Concentrate on the seller sold's there are plenty of them !

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Best regards ,
Susan Callahan, ABR, CNS
Coldwell Banker Residential Real Estate LLC
CELL: 239-896-6342
7205 Estero Blvd # 724 Fort Myers Beach, FL. 33931
E-Mail: Agent4lee@aol.com
http://www.AGENT4LEECOUNTYFL.com
0 votes Thank Flag Link Wed Apr 11, 2012
Yes, but how is the bank can sell the loan at any point in time, unfortunately this is the way of the financial world.

Frank Glaab
Gulf Gateway Realty, Inc
http://www.CCParadise.com
0 votes Thank Flag Link Wed Apr 11, 2012
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