During short sale, seller previously accepted an offer, but buyer walked, now I put an offer in, but the buyer cannot be found, what happens now?

Asked by Carbonmaloxide, Painesville, OH Wed Aug 3, 2011

During short sale, seller previously accepted an offer, but buyer walked, now I put an offer in, but the buyer cannot be found, what happens now? Seller has not been able to even be located since previous buyer signed off on the house. Cell number no longer his. Not sure what happens as far as who will own the house, the bank or the seller?

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
Jody Finucan, Agent, Mentor, OH
Wed Aug 3, 2011
Where is the home in the foreclosure process, is it on the auditors sheriff's sale list yet? If the seller can not be found then there can't be any future negotiation with you. Is there another home you may like that does not have this complications.

Your agent should be able to help you.

Jody
Web Reference:  http://www.jodyfinucan.com
1 vote
Tanya Donaghy, Agent, Nebo, NC
Wed Aug 3, 2011
At this point, you're only talking about a short sale. This means that the seller wanted to sell the house, but had a loan on it that was more than the property was worth and that the bank had to approve the sale. It doesn't mean that the seller hasn't been making their mortgage payment or that the bank was on the verge of foreclosing on the property. It is possible that this is the case, buy you just don't know that at this point.

It sounds to me like you should walk on this one yourself. If you can't get the seller to sign off on a contract, you don't have a leg to stand on. Keep in mind that if it is this difficult to get them involved in the transaction at this point in the deal, it's not going to get any easier from here. You certainly aren't going to want to waste a lot of your time and money on property inspections and attorney's fees if you aren't going to be able to get the seller to the table to sign over the deed to you.

There is a possibility that the seller will not make their mortgage payment and the property will eventually end up being own and sold by the bank. However, that process could take quite some time...

I wish you the best of luck with this.
Tanya Donaghy
Solutions Realty
1 vote
John Juarez, Agent, Fremont, CA
Wed Aug 3, 2011
If the owner does not communicate with the lender and is not paying the mortgage foreclosure will eventually follow.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Aug 3, 2011
What is your agent and or attorney advising--did the previous buyer have an executed contract with the seller, if so, did the time frame as specified in the contract expire--again consult with your agent and or attorney for much needed clarification on the situation...
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Painesville Zip Codes

Email me when…

Learn more