Can a house in foreclosure,listed at a bank agreed short sale price- be removed from the market by the owners or refused to be shown?

Asked by Plumtree5151, 33175 Sat Jun 18, 2011

The house is listed at a price the bank agreed to at a short sale, the owners now want to attempt remodify for the 5th time and are refusing to show the house. Can I just push past and go directly to the foreclosing attorneys and make an offer at that level?

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Mangquell Ca…, Agent, Opa Locka, FL
Mon Jul 28, 2014
Yes. The owners still have possession. It is their decision to sell or not. They don't have to show if the dont want to. Contacting the attorney is not going to help much either. Once its foreclosed on the banks assign an asset manager who who assigns the property to a competent broker who rehabs the property, markets it and hopefully sells it. That has been my experience with those difficult sellers.
Best of luck,
Manny Hayes
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Danielle Nic…, Agent, St Louis, MO
Thu Jul 17, 2014
Until a foreclosure has taken place, the current owners still own the house. There are many different circumstances that homeowners are in during this process and it is an emotional time for them. Many would rather have the house foreclosed on then dealing with the short sale process if it does not help their own personal situation.
Until the bank has actually completed the process of foreclosure though they cannot accept a contract without the homeowner first accepting an offer.
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Ana McNatt, Agent, Aventura, FL
Thu Jul 17, 2014
Unfortunately in today's market you find all kinds of situations. The complete details of what happened to have the property refused to be shown by the owner happens. This is the problem that we Realtors find all the time. Finding a Realtor that you trust is the key. The real reason is only known by the Bank and the Owner. Short Sales are very tricky and unpredictable. I have a case of a property that has been taken of the Market by Bank of America 5 times and the price keeps going up and it has Chinese Dry Wall. It will never sell, I feel bad for all the buyers that placed an offer on it.
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Claudia DeBr…, Agent, Cape Coral, FL
Mon Jun 20, 2011
Here's how a short sale works. John and Mary own the house. They don't or can't make payments. They owe more than it's worth. Let's say, they owe 150k and its worth 100k. They can sell it for 100k and either pay the 50k difference from their check book or ask the bank to release the lien (the 150k) for a lesser (short) amount, in our example 100k. If the bank agrees, then John and Mary sell it to you for 100k. It is their home until you buy it.
They list their home with a good broker who gets everything into the bank to get the short sale approved. Then, for what ever reason, John and Mary decide not to sell. That is their choice. Maybe they were current with payments all along and decided to keep making the payments. Maybe they have a family member who is willing to help them out. Maybe they are going to try to modify for the 5th time. There are 100s of possiblities. It is still their home.
I suggest you cut your losses and move on. There are tons of houses on the market. You don't need to have the homebuying experience squashed by a confused seller! It's supposed to be fun. Usually when this happens, you turn the corner and find a better deal!
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Lila Henry, Agent, South Miami, FL
Sun Jun 19, 2011
Good Morning,

Your question is a very good one indeed. The current real estate market has created lots of confusion and frustration for buyers, sellers, realtors and lenders as everyone tries to navigate through the process. I can understand your frustration and desire to purchase this home, or another only to encounter a situation such as this. Many sellers have tried in vain to get their banks to make much needed modifications to their home loans, and in many cases the process takes longer than owners wish. It is entirely possible that the owner of the home you are inquirying about had exhausted all avenues with no results and placed their home on the market, only to find that now their lender may be willing to assist them in staying in their home. If that is the case, then the owner should remove the home from the market until they know the results of this current request.
Unfortunately, because the owners do still legally own the home, the lender will not and can not negotiate directly with you, nor can they tell you the current status of the forclosure or modification status. Should the bank proceed forward and foreclose on the home, then once that process is complete you would have the oppotunity to make and offer ont he house.

Good Luck in your home search.
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Shanna Rogers, Agent, Murrieta, CA
Sat Jun 18, 2011
Hi Plumtree5151,

Until the house is foreclosed on and the bank owns it, the owners/sellers can do whatever they want. The bank doesn't own the house yet so you going 'past' them will do no good. The first step in a short sale is getting the owner's/seller's acceptance and then the lender/investor. The lender/investor cannot sell the house to you (accept your offer) without the acceptance of the owner/seller - it is still their house until foreclosed upon.

Shanna Rogers
SR Realty
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Gerard Carney, Agent, Spring Hill, FL
Sat Jun 18, 2011
The home owners actually do not own the house, so by all means go after the house by going directly to the bank
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Bill Eckler, Agent, Venice, FL
Sat Jun 18, 2011

Absolutely...the owner can and should do whatever possible to maintain ownership of the home and assume their responsibility to their lender. Until the property is actually foreclosed on and the lender takes ownership, the owner can choose the fate of the home without the bank's involvement.

If the lender is willing to work with the owner, do you really think they will seriously consider your plan of having them foreclose and likely suffer greater loss, all for the sake of making you a deal?
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