what are the chances of putting in an offer for a home and then finding out that the bank selling the home doesn't actually have the rights to?

Asked by Home Buyer, Coulterville, CA Thu Jan 14, 2010

sell the home?

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Don Tepper, Agent, Burke, VA
Thu Jan 14, 2010
BEST ANSWER
Highly unlikely. Why wouldn't the bank have the rights to sell the home. Banks aren't particularly good at handling short sales or dealing with people facing foreclosure. But they're awfully good at foreclosing. They know how to dot the "I"s and cross the "T"s. A properly done foreclosure wipes out all the other claims others might have on the property.

Did you have a particular experience like that? If so, provide more details. Otherwise, it's safe to assume that if a bank is selling a property, that it has the full rights to do so.
1 vote
Home Buyer, Home Buyer, Coulterville, CA
Thu Jan 14, 2010
We put in an offer and it was accepted, we started all the processes for a 30 day escrow... after about 5 days, the selling agent notified our agent that the asset management company (Green River Capital) that was selling had just realized that they don't hold the mortgage on that property... so all the work and inspections we paid for... out the window... frustating... they are telling us that the property was sold at auction to a different buyer... we found the information and it seems to have gone back to the original mortgage owner which is Citigroup Global Market Realty, Inc. and that they will probably put the house back on the market with a different realtor... we had an accepted offer and a deposit... we are frustrated... do we have any recourse?
1 vote
Ron Humes, , Lexington, KY
Thu Jan 14, 2010
Very unlikely. There is a very specific, legal course of action for the bank to take control of a property and place it on the market. This typically involves their attorneys, the courts and the county clerk's office. In addition, most Agents & Brokers are diligent enough not to waste their time listing properties for sale unless the have the signtures from the owner of record.

You should be alright.
1 vote
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