We signed a p&s in oct. 2009 on a short sale. P&S closing date set for 11/2009 Still no apprvl from sellers bank. Are we still obligated?

Asked by Jen, Narragansett, RI Sun Dec 5, 2010

Thanks. We are presently renting the home from the seller. The seller seems to be negligent or very slow moving in providing the bank with documentation and the sellers agent seems to be doing nothing. We didn't want to move and the house was a good deal so we entered into the P&S a year ago, but at this point we are expecting a baby and have decided we need to either buy this place and do some work on it or buy another property that suits our needs. Are we still bound by the P&S if the bank has not yet approved and the closing date is stated as Nov. 15 of 2009? The P&S has an additional provision stating that the agreement is subject to approval by mortgage holders. Thanks for any advice you could offer!

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Jen, Home Buyer, Narragansett, RI
Mon Dec 6, 2010
Thanks to everyone for all the great answers. We really appreciate it. We plan to find another house.

0 votes
Paul A. DiSe…, , Rhode Island
Sun Dec 5, 2010
Hi Jen
I agree that the answer to your question, is in your purchase and sales agreement. It should be spelled out what opinions you and the seller have. Good luck and be well
Web Reference:  http://www.rimoves.com
0 votes
Erin Diaz, B…, Agent, Hope Valley, RI
Sun Dec 5, 2010
Hi Jen,

I hate repeat what everyone is saying. Fact of the matter is, your agent is representing you for a reason and quite frankly it is disappointing that you even have to ask for help! I am sorry for that. Regardless, none us can definitively answer without reading the contract and any addendums. I would have to think you can be released from the purchase but I would hate to give you false hope. I too, will offer any assistance if you want / need it. I would be glad to help!

Erin Diaz, Broker ~ Owner

Beaches & Backroads Realty
401-862-9492 (Direct)
401-491-9890 (Office)
0 votes
Joseph Del S…, Agent, Cranston, RI
Sun Dec 5, 2010
Jen, your agent should have also given you a short sale addendum. On this addendum, you have a selection to walk away if the bank has not approved the short sale in a certain amount of time. You and your agent get to select the time limit you want to give the lender when you prepare the contract documents. That being said, you are well beyond any reasonable time limit and you should be able to get a release of contract and get your money back. If you want to find something else, I have a lot of inventory in Narragansett. Feel free to give me a call. Joe. 401-942-2348
Web Reference:  http://www.joedelsesto.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Dec 5, 2010
Review your contract as the answer more than likely can be found in it--if the contract expired and there were no extensions, you may be free to move on.
0 votes
Patrick Murr…, Agent, Narragansett, RI
Sun Dec 5, 2010

Once you are passed the closing date with no signed extensions you can walk away from contract
because it is expired... You should get your deposit money back from seller...

When entering into a short sale agreement there is a RI Short Sale Adedum form to protect buyer's and request timed benchmarks from the seller... Call anytime Patrick 965-4520...
0 votes
Christopher…, Agent, Kent, WA
Sun Dec 5, 2010
Without seeing your P&S i can't say for sure but, based on what you are saying, No you are not still obligated.
Are you working with a Realtor? A Realtor working on your side will be able to protect you from this next time.
Do you have a Short sale Addendum? This doc is written just for this.
Feel free to call me to learn more,

Christopher Cote
Phillips Post Road Realty
0 votes
Dallas Texas, Agent, Dallas, TN
Sun Dec 5, 2010
WOW... 13 months later you are still dealing with this?

Recommend move on

Short Sales do take time approx. 60 -90 days HOWEVER never 13 months

Congrat's on new baby... I would contact a buyers agent search for a home

However comply with lease terms of your current location not break the lease

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes
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