Home Buying in 02155>Question Details

Isis2k9, Home Buyer in 01453

we made an offer on a home 1/27/10 (it's a short sale). the owners accepted our offer. the listing agent changed the listing (its now says

Asked by Isis2k9, 01453 Mon Mar 15, 2010

underagreement on all websites). we even got a verbal acceptance from the bank. we are still waiting however to get official word from CHASE bank. We are thinking of asking the owners to let us move in and pay them rent. the house has been empty since november...There have been no other offers on the home, it is off the market, and it is the house we want. any thoughts on if this is a good idea?

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Dan Chase’s answer
You got a verbal agreement from the bank, great. It is worth the paper it is not written on. Try to get it in writing. Or at least call them up. Likely they have a message on the system that says we can record all calls for quality purposes. With that said you can ask and record them, also. That is legal proof of acceptance.
0 votes Thank Flag Link Mon Mar 15, 2010
I had a very similar situation which dragged on from May until closing in January - we had the same thought, home was vacant, my buyer in need of a place to live, why not rent it?....seemed like such a shame. But I do not think that the bank will be receptive - until they say "yes" you do not have a deal.

I would just have your agent keep pushing on the process, being very vigilant with her communication and follow up. I would also suggest that you continue looking just in case this doesn't work out or you get tired of waiting and you find something better in the mean time.

Good luck,
Jeanne Feenck
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1 vote Thank Flag Link Mon Mar 15, 2010
As long as you realize that you may not get the home. Chase is going to make sure that the offer price is around the comps. In addition Chase does often ask seller to come up with additional money to allow the short sale to proceed. Seller will more than likely refuse and then it will be on you to come up with that if you want the house to close. So, take into account that other things can derail this deal and then make you decision based on that.

Perhaps suggest you will put money xxxx aside every month, so if bank agrees to terms of the short sale then you will forward the money to them for rent, if the bank demands a payout... the money will be applied on the sellers behalf to the demand of addtional funds. I think that would be in both parties best interest.

Good Luck!!!
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1 vote Thank Flag Link Mon Mar 15, 2010
Move in only if you want to have your heart broken and likely move again in a short time. Be honest, you know that the right thing to is to wait.
1 vote Thank Flag Link Mon Mar 15, 2010
To answer the question you just asked below.....why does the bank need to know?

The bank is getting a short amount from what they originally loaned the borrowers. Therefore the borrowers have to prove that they have a hardship and cannot afford to pay the payment. Part of the paperwork that the sellers need to submit must declare all income. If you are paying the sellers rent money and the bank finds out that the sellers did not declare this then it could create a problem and the bank could request that the sellers give the bank your rental payments. This is called "Seller Contribution", to the bank.

Good luck and try to be patient.
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0 votes Thank Flag Link Mon Mar 15, 2010
Hello I asked the question and just want to comment
thanks for ur answers all.

what we were thinking was to draw up a lease between us and the owners as the owners are now having to pay bills to keep house running why wouldnt they go for it? its cash in their pocket. why does the bank need to know? the asking price was 195k and we offered 190k...so our realtor and listing agent assure us that the home is ours if we wait long enough...
0 votes Thank Flag Link Mon Mar 15, 2010
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