Only a real estate attorney can advise on this situation and determine if something should be brought to action, but I will say that this can happen. Yes, the sellers and their agent handled the offer-counter offer roughly and in my opinion unprofessionally, but their agent owes their client the due diligence of finding the HIGHEST AND BEST offer for the property.
Don't take it personally. Sometimes things can get nasty. At the end of the day buyers and sellers have individual interests. Good luck in your future home search!... more
There are a lot of questions that need to be answered to know what you need to do. Do you have a lease, or are you on a month-to-month? Who is the lender? Is there more than one lien on the property? What did the notice say? Is there a foreclosure sale date set yet?
You could be in a good position, depending on the timing and who buys the property. Investors make-up a large percentage of buyers these days, and the best thing for them is to have a tenant already moved-in. On the other hand the home could sell to someone that wants to move in which means youâ€™ll have to move. I know this is a scary situation for you to be in, but you do have rights as a tenant. Ask lots of questions and get professional help if you are not comfortable with what you are being told.... more
Chito, I wish I had a dollar for every person I've answered this question for. You'e at the mercy of the lenders through and through period. They all go at their own pace and you as the buyer have absolutely nothing to say or do about it.
It can be a very arduous, time consuming and frustrating experience. Lot's of buyers don't have the stomach to deal with all the minutia and just give up. Unless you're doing it for a living the negotiation process can be grueling.
Sometimes inexperienced buyers are just better off going the traditional route. In today's market due to the downturn in values you can still foster some very attractive deals out there without having to deal with all the BS. Good Luck.... more
Unfortunately a short sale is not a right. It is up to the investor who owns your loan as to whether they will allow it. Some Investors just don't do short sales. Before you do anything, call your servicer and find out who owns your loan and ask if that investor participates in short sales. If they have approved other short sales then, as others who have answered your question have said, you may want to contact an attorney. Although, I think you should contact your U.S. Congressman's office first, to see if they can help. They will help you for free ( your tax dollars pay for their help.) I have found our local U.S. Congressman's office very helpful in getting a positive outcome for my clients.. Before you contact anyone make sure you have all your documentation ready. You should have all of the correspondence from your lender/ servicer and everything you sent to them to verify your hardship. I would ask your Realtor for a market analyzes for your property and their notes on the contact they had with the lender/servicer. Gather anything you have to support your argument that your short sale should have been approved. Make an appointment with an aide at your Congressman's office and bring everything you have support your argument that you should have been approved. If they are unable to help, then take it to an attorney. However, you have to remember that lenders/servicers are encouraged to do short sales, but not required. Good luck to you.... more