once a bid is accepted through short sale, do you have to close and accept as the buyer? can the bank audit you to close if you arnt ready yet?

Asked by Frange05, Deer Park, NY Tue Nov 3, 2009

My bank accepted a short sale offer on my home. My realtor than advised me that he had a probleom with paper trailing money he depoisted 2 weeks ago.She said it would be 2-3 mos longer. so i turned away an apt for me and my family. She then calls me a few days later and says hes going to prove that money as a gift so u still may close in 3 weeks. I told her now i am not ready to go. Hold off until after the holdiays now because i have nowhere to live. What will happen now with the bank knowing im not closing on the date they chose because i am not ready?

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Anna M Brocco’s answer
Anna M Brocco, Agent, Williston Park, NY
Fri Nov 27, 2009
Refer your question to your attorney--what was stipulated in the contract --Once in contract and the deal is accepted by the bank it's done--keep in mind you could stand to lose your deposit money.
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Anthony Marra, , New York, NY
Wed Nov 4, 2009
Once your bid is accepted from the bank it will be complicated getting your money back from the bank. You would need a letter from your mortgage company stating that they rejected your loan in order to get your down payment back if you left a down payment. The bank cant audit you to close if your not ready, its up to your bank to close whether they have all the stipulations in order to get a closing date. The only problem is that if you dont mone in time, you might lose the rate that the bank gave you so you would need to get the documents in on time to get locked into the rate or you will lose that rate and might get a higher rate. If you decide not to take the propert, then you must get a letter of rejection from the bank that you were rejected from that loan.
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Meredith C K…, , East Setauket, NY
Wed Nov 4, 2009
Your best avenue is to to discuss this with your attorney first. The contract you signed dictates the calendar procedure of sale. As for the "gift" and the monies - also discuss this with your attorney ASAP.

As for rentals there are 19 currently available in Deer Park at this moment - and there are homes that are languishing on the market that possible would consider a temporary tenant.
0 votes
Anthony Marra, , New York, NY
Tue Nov 3, 2009
There are many resources as to finding a no fee apt rental. Contact me on my mobile and we can see what i can do for you and your family, its very hard during the holidays. Plus i can set you up with an account on listing book where you can search for your own apts and properties as on the MLS. Call me as soon as you can and i'll set you up with an account free of charge.

Anthony Marra
Realtor Associate
Blue Key Real Estate Brokerage, Inc.
546 Third Avenue, Second Floor
Brooklyn, NY 11215
0 votes
Gail Gladsto…, Agent, 11743, NY
Tue Nov 3, 2009
I am not sure that you have a choice, if you want the sale to go through. The bank calls all the shots.

Need some help finding a rental? Contact me at Gail@GailGladstone.com and I will be happy to put you on a FREE account with Listing Book...it will provide you with a complete listing of all available apartments based on your particular needs.

Be happy they have a buyer that can move forward...it's in your best interest.
Web Reference:  http://GailGladstone.com
0 votes
Guy Gimenez, Agent, Austin, TX
Tue Nov 3, 2009
Were any of these changes stated in the contract?

You're obligated to the terms of your contract regardless of what your realtor told you. If you want to extend the closing date, both your lender and your buyer would need to approve it.

If your realtor didn't get an extended closing date approved by all parties (and the lender) and was simply shooting from the hip, he/she has done you a tremendous disservice. Regardless, you must follow the terms of your contract as it is currently written or face the possibility of breaching the terms.
Web Reference:  http://www.phgbrokers.com
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Thomas McGiv…, Agent, Farmingville, NY
Tue Nov 3, 2009
it is hard to tell what you are saying.

but the last part i understand. if you are selling your home and you have an approved sale by your bank(s) - you absolutely should move to close. FIND A PLACE to live - quick. and be done with it.

a business friend of mine has a great place in Huntington. NO COMMISSION for real estate - he's a friend of mine and his place is VERY nice.
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