Asked by Chad, Farmington, MN • Fri Jul 9, 2010
We put an offer in on a short sale property back in Feb. The bank we were dealing with was Bank of America. Eventually our offer was accepted in June and we had our closing last week, or so we thought. Anyway, on our closing date, supposedly they were waiting for something from some law firm and they asked if they could delay the closing until the next day. (BTW, the property had to close by 2:00 the next day or it goes to foreclosure.) Anyway, supposedly the negotiator with Bank of America failed to submit our file to Fannie Mae for approval...which had to be done 30 days in advance of the foreclosure date. So in the end our file was not approved at all because of this and we did not get the home. So I'm curious if this sounds like a reasonable explanation for the failure? What happens after a short sale fails in MN? What is the time-frame? We are still interested in the property so any help is appreciated.
Real Estate in Farmington
Popular Categories in Farmington
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!