Asked by Vicky, Burbank, CA • Sat Dec 3, 2011
Previously we asked about shortsale process and got some great answers =). So now the plot thickens...... we put our full price offer end of Sept and Early oct we recieved a signed contract accepting our offer. We were told that they had to get a tax lein released before submitting the offer to the bank. Several weeks later, they informed me that they were finalizing a bankrupcy! Whoops now the property is on hold till their bankrupcy is finaled. What im nervous about is the fact that the escrow lady involved with this property is friends with the owner of the house. Maybe they are trying to drag it out to buy time as its been 6-7 weeks and now they have told us that it could take another month or 2 before bankrupcy is discharged as they had corrections to make. (I! Im scared BofA will foreclose and send property to auction and skip our shortsale contract. Could this happen? Found out that the BofA trustee does not have any knowledge of our shortsale contract =(. Advice?
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