Home Buying in 60504>Question Details

Carol, Home Buyer in Aurora, IL

want reo in n'ville area. SR won't return calls, and simply answered with lawsuit pending. SR has same last name as owner. What's

Asked by Carol, Aurora, IL Sat Feb 18, 2012

going on? Home went through auction in Jan. it went on and then off the market very quickly. It is no longer listed. The seller's agent won't return calls, and only answered Buyer's realtor with "lawsuit pending." What lawsuit would be pending if it has gone through a court house auction and sold back to the bank? The previous owner and the realtor have the same uncommon last name. What could be the possible case here? Should I call the bank directly (if I could find the number)? I know the bank, I just don't know what action to take.

Help the community by answering this question:

Answers

3
It is possible that the listing agent IS related to the (ex) owner... perhaps it was listed in an attempt to do a short sell before the bank foreclosed. Since it has been foreclosed on, it is possible that the (ex) owner is suing the bank for improper notification, improper process (robosigning, etc), or any number of things.

It will be difficult to find out which person at the bank to speak with and if it has been asigned to an asset manager or not, etc. You can try, but if there is indeed a lawsuit pending, they won't be able to sell it anyways.

Best of luck
1 vote Thank Flag Link Sat Feb 18, 2012
Hello Carol,
I have to agree with the previous answers that something is going on with the property. In Illinois, there is a 30 day right of redemption after a property goes to auction, so that could be the delay. After a property goes back to the bank at auction, there is no set time frame as to when it will come back on the market for sale. It could be a month and it could be a year.

If you want to send me a message with the address of the property, I can do some additional research to see what might be happening.

Good Luck!
Chris Clark
0 votes Thank Flag Link Sun Feb 19, 2012
Pck,
Until the issues around this property are resolved, I doubt anyone will be buying it anytime soon. The previous owner has filed a suit to hope to redeem the property. This could take months or years depending on their willingness to fight it on.
That a family member may be helping them isn't surprising. I have helped many family members buy & sell homes.
I would suggest you find another home. If you check back on it from time to time, you may find it available, but if you focus on this one only you'll miss a lot of other great homes.
0 votes Thank Flag Link Sat Feb 18, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer