Many problems and your post sends some red flags for common problems. "is this one also for $100,000" has nothing to do with what the property may sell for at sale. Is that the default amount? Is that the original loan amount? Is that openning bid? Is there a junior lien behind it or a senior lien in front of it? Did you pull a prelim?
See? This isn't something for weekend foreclosure warriors. I see people all the time emptying their 401K becuase they think they are going to get a half million dollar property for $50K only to find out there is a $600K first in front of the foreclosing entity.... more
Until the actual Trustee sale the property belongs to the current owner. You may try to purchase it from the owner before the sale via a short sale transaction. This may in fact delay or stop the Trustee sale.
Good luck,... more
When buying property it is always highly advisable to hire your own agent to represent your interests. There are many pitfalls and ways to lose money and time during the purchase of a home. Your agent has a fiduciary duty to see that your needs and desires are represented. It is a good idea to find an agent that will put your needs in front of their own. Always use your own agent, not the sellers! Many states it is illegal for an agent to even try to represent both sides of a contract.
Lawsuits are not the answer. You can sue. It could be very expensive and you could loose all you spend.
direct (310) 589-8469
I'm afraid, you have no chance to walk away with EMD money in this situation....
Is the short sale approved or not? Where are you with the bank?( my guess, the price and terms are already approved, am i right?)
You probably still have time to cancel your agreement with these buyers ( since they are not able to proceed) and accept another offer, send it to the bank, close and collect your relocation fee.... more
Did the Realtor give you a copy of the purchase agreement signed by the seller? This is a fully executed offer, it should state who the escrow and title company is, I would contact the escrow company and ask to speak with their manager. You do not usually earn interest on your money when it is in escrow, an escrow company is just a neutral third party that handles all of the monies in the transaction until the property closes or the transaction is cancelled. This is normal in California. It sounds as if you are having some communication issues with your Realtor, try to work it out, if you can't, then ask to speak with their broker. Did your son give the agent actual cold hard cash? Whether it was or was a check, your Realtor should have given you a receipt. One other thing to consider, even though your son is buying cash and it can close in 7-9 days, you are working on the bank's time of the foreclosed home, sometimes they do take longer. The best bet is to try to have your realtor find out what is going on from the listing agent and ask them to provide copies of all of the things I listed above!
Heather Paul, Realtor
(310)586-0364 or (424)625-1037
"Your Local Real Estate Expert"