Home Buying in 06604>Question Details

starfish765, Home Buyer in San Jose, CA

Seller doesn't want to sign

Asked by starfish765, San Jose, CA Tue May 14, 2013

I am in a situation where the seller accepted a short sale and got the approval from the bank. Few days before the closing, seller is refused to sign the papers and asked for an extension for 30days which the bank agreed to. Now the seller is refusing to sign again and wants to re-start the whole process. I guess the seller wants to stay in the property as long as possible without paying the mortgage. I am hearing that the bank cannot do anything other than closing the file and restart the short sale process again. Can the bank foreclose in this case? What are my options as a buyer? I already spent money on appraisal, prop. inspection etc. Can I recover it from the seller?

Help the community by answering this question:


You need to speak with a local attorney to see if you have any recourse against the seller or if he was in breach of the contract. The lender can do nothing to help you since they do not own the property.
Web Reference: http://www.homesbyminna.com
0 votes Thank Flag Link Thu May 16, 2013
The Seller probably doesn't have anything to take away, so that wouldn't work.
And the few hundred dollars you are out wouldn't be worth a lawsuit.
And not getting the house is not an ecconomic loss.

This is going to cost the Bank a LOT of money; they should be co-operating with you on this.
Probably you will have to consult with a local Real Estate Attorney about eviction.
0 votes Thank Flag Link Tue May 14, 2013
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