We are trying to buy a house in NoVa on short sale, and were told that the bank would take at least 2 weeks

Asked by Jane M Parker, 09123 Wed Jul 9, 2008

to respond. The MLS listing now has the status as Withdrawn. We had the only contract on the property, and the seller had signed off with no changes. How should this situation be listed on MLS? Does the seller have the right to withdraw the property after agreeing the contract?

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3
Danilo Bogda…, Agent, Reston, VA
Wed Jul 9, 2008
BEST ANSWER
Sounds likes your agent needs to call the listing agent and get the real story. It may be that the bank went ahead and foreclosed on the property while it was on the market as a short-sale. I could continue to speculate, but you it would do no good. Definitely talk to your agent and the listing agent to get the truth.
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Cindy Jones, Agent, Alexandira, VA
Wed Jul 9, 2008
You would have been fortunate if the bank would respond in two weeks on a short sale. It does happen but rarely. In this case the seller had to have approval from the lender in order for the sale to go through so without that you didn't really have a ratifed contract. Your agent should be able to find out more details on the property from the listing agent and explain the process more thoroughly to you.
Web Reference:  http://varealestatetalk.com
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Don Tepper, Agent, Burke, VA
Wed Jul 9, 2008
Daniel's speculation most likely is correct. However, as he advises, your agent should talk to the listing agent to find out what's going on.

Good luck.
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