Seller Requirements (foreclosure, sale, accepted, property)
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The seller on my short sale has been slow to respond to any request and the sooner he is out of the picture the better. After the Counteroffer has been accepted by us the Buyer is there any action required of the Seller? Do they have to attend the closing or sign the HUD-1?
Usually an addendum to the original contract is written up that details the terms agreed to by the bank, as well, which would need to be signed by the seller.
The lender sometimes requires another round of paystubs and bank statements before issuing the "clear to close" as well.
And yes, the seller has to sign all the docs at closing.
This is a short sale, not a foreclosure. The bank owns the property in a foreclosure. The home owner still owns the home during a short sale, so EVERYTHING has to be signed and agreed to by the home owner. It's not the decision of the bank to sell. It's the home owner's decision, and in the end, the home owner might decide not to sell and roll the dice.
If you want things to go smoother, you need to play nice with the home owner.
If you want things to go smoother, you need to play nice with the home owner.
I've "played nice" and by the rules since day one. It is the seller that has been mostly unresponsive in all request. If someone is going to put their house on the market in bad faith they should just inform the bank to proceed with foreclosure action and stop wasting my money and time.
I've "played nice" and by the rules since day one. It is the seller that has been mostly unresponsive in all request. If someone is going to put their house on the market in bad faith they should just inform the bank to proceed with foreclosure action and stop wasting my money and time.
You don't have to "care" about what the seller is going through, but you need to "understand" what they're going through. They're losing their house. They're getting a major hit on their credit scores. They're not going to be able to buy another house for a long time.
Sellers in this situation go through a lot of emotional stuff. When I represent a buyer on a short sale, I also could careless what the seller is going through as they got themselves in the situation, but you have to understand their situation and know their head isn't in the game and they don't care what you, the buyer, are going through to buy the house they potentially love and don't want to sell/lose.
It is hard on most everyone today and I do understand and feel for the seller. I've had to relocate and take a hugh out of pocket lose on the home I just sold just to sale it. I am just trying to reduce my lose by buying a short sale. What a mistake!
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