Is there any way to tell if the seller is filing for Chapter 13? In short sale for over 6 mths. Cash offer, bank accepted. Not sure of the hold up

Asked by Steven Smith, York, AL Mon May 9, 2011

I have been involved in a short sale since Nov 2010. The bank and seller accepted our offer in Dec 2010. It is an all cash offer and I am not sure of the hold up. Our agent doesn't seem to know what's going on. The bank has asked for the same proof of financing every 2 mths. Could the seller be filing for bankrupcy and we just don't know it. They are still living in the house. I just want to schedule a closing date or move on.

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Tim Moore, Agent, Kitty Hawk, NC
Mon May 9, 2011
Your agent doesn't seem to know what's going on, you say. I would make your agent find out what is going on. They should be able to find something out because if the bank has actually agreed and signed something saying they will sell it should not take 5 months from then and still not closed. It sounds like there might be a 1st and 2nd on the home and the 2nd might not be willing to deal for less money that the 1st holder is offering, that happens a lot. The house could go into foreclosure and go to auction in which case you can bid against the bank with your cash offer, but you better do a title search to make sure there are not a bunch of liens on it. It sounds like something is messed up somewhere, but you should be able to find out if the bank has in fact decided to sell it for the amount you offered. Gotta love short sales
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Lorraine Nel…, Agent, Murrieta, CA
Mon May 9, 2011
You can go to your local federal bankruptcy court to access thier computer system to search for someone's bankruptcy filing. This information is public record. Hope this helps.

Lorraine Williams
Homesmart Real Estate, Murrieta, Ca.
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