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If it was a 'pre-approved' short sale, the sellers lender may be wanting to update the information (sometimes it's only good for 30 or 60 days). If that's the case, the lender should have the 'original' paperwork and have the tax files.
If the guy is 70 - pay stub? If employed, maybe there's previous info on that in the file.
If the market there is anything like it is here, there's plenty more to choose from!
The house was not "pre-approved" but I was told "it had an approval letter and the buyer walked at closing after being under contract for 5 months." A friend told me after the fact that he was "unresponsive" with them as well. I now think the seller did the same thing to the previous buyer and they gave up.
"pay stub" He is a self-employed sports caster I will not name. This was a 2nd home for him.
We live in Destin Florida and the market is much better here than most places. I may be forced into early retirement and would like to pay cash for something in the $400,000 to $500,000 range and that is harder than you would think. We've been shopping for 9 months and found only two houses we liked enough to buy and the other one sold while we were being screwed by this seller.
Unfortunately, there isn't a whole lot you can do at this point. As others have said, it could be foreclosed on right away, or 3 years from now. And someone else could buy it at the auction, or if it does go back to the bank, it could take months to get relisted, and then someone else could outbid you.
If the seller doesn't care if it gets foreclosed on, there isn't much you can do. I suppose your agent could file a complaint with the real estate commission that the home is being listed in bad faith (ie with no intent to actually sell) but I doubt that would go any further than forcing the agent to pull the listing off the market.
Your best bet at this point is to pull your offer, get your earnest money back, and go find another house.
There are no guarantees on short sales. Even if the seller is the most cooperative seller ever, and the bank already accepted a prior contract at this price, that doesn't mean they will accept it again. They might counter for $50k higher, and then you STILL will have wasted all that time. I have seen several where additional liens were discovered late in the game as well that the lender wouldn't pay off, and the buyer had to decide whether to pay off the seller's debts for them, or walk away. Or the bank may just never respond at all. We had one where (unbeknownst to us) the loan was getting sold, and the lender kept postponing, and "losing" paperwork, just to delay things, until it changed hands and we had to start entirely over from scratch. Short sales are rough.
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