Foreclosure in 96122>Question Details

Laura0957, Home Buyer in 96122

We opened escrow on a foreclosed property, fannie mae canceled contract as the said house was unsalable, realtor still taking offers, how can this be

Asked by Laura0957, 96122 Wed Jan 26, 2011

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In the state of NJ, the banks require that we keep taking offers until they have accepted an offer and all contingencies of that offer have been met.

I am only basing my information on NJ and suggest you speak to your agent or the listig agent (whoever submitted your offer to the bank on your behalf) but I believe that you were making an offer based on certain criteria and disclosures by the bank,,,those criteria have changed. I believe if you ask your agent to resubmit your office acknowledging that you are aware of the oil spill, you will again be on the table.

Your question interested me because I had this happen to one of my listings (except I did not fill the oil tank -the owner did) and we became aware of the situation during the buyer's inspections. It took almost a year to get the property cleaned up along with health officals certifications as to ground water quality that needed to be done every 3 months for year. This might not be true in your state but it will still get complicated...perhaps you should speak to an insurance specialist and your mortgage reps to make sure that don't have special requirements too with regards to this issue...
0 votes Thank Flag Link Wed Jan 26, 2011
The realtor filled the outside oil tank and it drained into the house and the foundation. Fannie mae pulled the house and it waiting for quotes on repair, But the realtor is now taking offers again on the property. We did not back out of our ontract, How can they legally start taking offers?
0 votes Thank Flag Link Wed Jan 26, 2011
I would like to be original but the reason for the home not being salable is the key....is the realtor perhaps marketing the home to buyers that would take the house as is and rehab it? Can you find out from your realtor or the listing agent the reason for the home to be non salable. Then again, if the home is not salable and you are not in position to rehab it, what does it matter?
0 votes Thank Flag Link Wed Jan 26, 2011
Talk to the listing broker, not the listing agent. Were they trolling for other offers? Did you see proof from fannie mae or was it agents word? Lawyers are generally more trouble than they're worth, don't waste your time and money. If a deal starts out problematic, probably not going to get better in the short term. Could be time to cut ties, have your agent find out more information and move on.
0 votes Thank Flag Link Wed Jan 26, 2011
Was the home "red tagged"? meaning the home was in such bad condition, it was deemed not fit to live in? I agree with Alpa, contact a lawyer, or the realtor's broker, find out why??
0 votes Thank Flag Link Wed Jan 26, 2011
Consult an Attorney who deals with Short Sale or foreclosures.
0 votes Thank Flag Link Wed Jan 26, 2011
Without many details--why was the property unsaleable, are there c/o issues, structural problems, etc. Consider consulting with an attorney who specializes in real estate, and have all related documentation reviewed...he/she can best advise as it relates to your specific situation.
0 votes Thank Flag Link Wed Jan 26, 2011
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