I put a cash offer on a short sale house on Wednesday, Nov 5, on Friday I was told paperwork had been submitted & now it's off the market.

Asked by Bswest, Rogers, AR Sat Nov 7, 2009

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5
Joe Salcedo, , San Jose, CA
Sun Nov 8, 2009
Good Morning,

I agree with Catherine comment that they might try to do loan modification or
they file a bankruptcy. This was happen to one of deal few days ago. We waited
for almost a 4 moths then the seller file a bankruptcy the last minute to stop the
foreclosure....we can not do anything all we have to do is sign the cancellation..
0 votes
Judy Luna, Agent, Fayetteville, AR
Sun Nov 8, 2009
Both of the answers so far could be correct, but your question is somewhat imprecise., Do you mean that the house is off the market because your offer or another offer was submitted or accepted (the pending scenario) or that you can't buy the house because is is no longer available for sale?

One other scenario which may apply if the property is no longer available is that the property may have gone into foreclosure. Once that process begins it takes awhile before a home again becomes available for purchase, this time with the bank as the seller.

If it was originally a short sale, it could be that the sellers of the house were not making their payments and the bank foreclosed. Normally people try to sell as a short sale to try to prevent foreclosure, but if the house had been on the market for awhile before you made your offer, then the bank could have taken it.,
Web Reference:  http://www.JudyLuna.com
0 votes
Cathy Catale…, Agent, staten island, NY
Sun Nov 8, 2009
Another possiblity is that the seller of that home, even though they're in finanical distress, depending on their situation, may in fact try to modify their mortgate.

The owner (seller) even on a foreclosure/sherifs sale/short sale/ has the right to buy their own home back/modify their mortgage or renegotiate with their bank.

What you experienced is common in the real estate market today!

Good Luck
0 votes
Dave Williams, , 72758
Sun Nov 8, 2009
Certainly, I can't vouch for the bank's decision. However, just like any seller, a bank can take a property off the market at any time. Since the bank had not yet accepted your offer, it is not bound to do anything.

If the bank had accepted your offer and then reneged, there would be recourse for you - however, based upon your question, it sounds like the bank was within its rights. This is very unfortunate for someone who is willing and able to make a purchase.

In general, short sells are full of delays and frustrations. Hopefully, your question will help educate others in your situation.
0 votes
Auri, Execut…, , 72712
Sun Nov 8, 2009
When both parties, seller and buyer, agree on the terms of a contract there is no need to continue marketing the property. The listing agency puts then the property off the market ,and it goes under contract or the pending category.

On the case of a short sale which is subject to the approval from the seller's lender it usually takes time to get an answer from the bank. If it's a local bank it may be faster than with one from out of the area.

My question to you is has the offer you submitted been approved by the seller and then by the lender. That could happened if the short sale was already pre-approved by the bank, the contact from the bank is quick in responding, and with a cash offer it might make the offer more attractive. If not, it could be that there was another offer before yours.
Just ask your Realtor to find out. Best wishes!
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