Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
That is so crappy Karey, I am so sorry. Short sales are so complicated, how frustrating that with all the variables you have with the bank that the seller is the one who jams up this process. Being a landlord sucks, I cannot imagine someone is fighting for that job. We have been landlords for 5 years and I am SO happy to be selling later this year.
I think its possible they just didn't think through the tax consequences of short selling. After they got the approval, they may have seen that the forgiven debt will be reported as income to pay taxes on. Even though that information is spelled out freaking everywhere on the paperwork over and over. Ignorance of the tax consequences is not a viable excuse for backing out of contracts that other people have been held to and making decisions on. But at the same time that's maybe a monetary incentive that I can't really do much to fight against, unless my damages are more than the tax bill.
After finding out the new auction date I texted the realtor who said he was going to text the sellers agent to see if there was an update on the BPO (done sometime on 5/15-5/18). To both of our shock, the sellers agent texted back within 5 minutes. She said we don't have official bank approval yet, but we should very soon. Official bank approval? She means the BPO figures, correct? That is what comes next? Or could the bank skip over all that and send an approval letter soon with the price they want for the property? Ack! I was wishing for updates, and now I am getting an update I feel even more confused than I did before.
Karey43, I am very sorry! We, as buyers, invest so much time and emotion going through the short sale process, worrying about the bank putting hurdles in our path and/or completely disallowing the sale, and then to get bank approval and have the sellers back out is heartbreaking. I wish there was some type of restitution for you, I know the saying "everything happens for a reason" doesn't make you feel any better, but I really do hope that this happened so that you would end up with something much better. I hope you look back and feel grateful that this one didn't work out, as you are sitting in the living room of your dream home :-)
SumnerRain, sounds like great news! I am also in Washington... Sequim.
So, I had a wrench thrown at me today, they seem to keep coming. . It's quite a roller coaster. Chase bank wants us to pay 3k in attorneys fees and says it is a non negotiable fee that I must pay. So I asked them for 3% closing, and my dpa would cover all but 1300 of the fee. I was comfortable paying the 1300, but today learned that my dpa program excludes short sale negotitian or attorney fees of any kind. In stuck paying the entire 3k. This might put me out of the running. I'm not sure I can come up with it.
Also my agent is really pushing me to have an inspection to submit repair bids with my counter. I don't feel comfortable paying 350 for an inspection plus the cost to turn power on for the day on a house that I am not sure I will even get to buy. At counter Chase wanted 30k above my max loan amount. Also the home was just built in 2008, nothing visibly wrong at all (aside from caulking around the tub). It's likely the report would even come back clean. Wish I had a tree I could pluck the 30k from and take chase's counter... or a person I could talk to at chase to plead my case. Aka. Beg!
Ssfrustrations sorry to hear that,hopefully it works out. This process just plain sucks. I spoke with my realtor yesterday and he was upset about the new bank info. We were told the bank was citi when we submitted the offer now it turns out it's ocwen. My RA said he would have tried to talk us out of it had we known because ocwen is terrible to work with. The only good thing is that the sellers lawyer and realtor seem to be working on it. We were told they would call us every Friday with updates. Will see if they call today.
I would be more than happy to answer any questions and assist in any way. Please send your contact information to [email]Connect@Hubzu.com[/email]. I look forward to your response!
Karey43, I am very sorry! We, as buyers, invest so much time and emotion going through the short sale process, worrying about the bank putting hurdles in our path and/or completely disallowing the sale, and then to get bank approval and have the sellers back out is heartbreaking. I wish there was some type of restitution for you, I know the saying "everything happens for a reason" doesn't make you feel any better, but I really do hope that this happened so that you would end up with something much better. I hope you look back and feel grateful that this one didn't work out, as you are sitting in the living room of your dream home :-)
You said that well, I agree.
SumnerRain, sounds like great news! I am also in Washington... Sequim.
We are down near the capitol.
So, I had a wrench thrown at me today, they seem to keep coming. . It's quite a roller coaster. Chase bank wants us to pay 3k in attorneys fees and says it is a non negotiable fee that I must pay. So I asked them for 3% closing, and my dpa would cover all but 1300 of the fee. I was comfortable paying the 1300, but today learned that my dpa program excludes short sale negotitian or attorney fees of any kind. In stuck paying the entire 3k. This might put me out of the running. I'm not sure I can come up with it.
Also my agent is really pushing me to have an inspection to submit repair bids with my counter. I don't feel comfortable paying 350 for an inspection plus the cost to turn power on for the day on a house that I am not sure I will even get to buy. At counter Chase wanted 30k above my max loan amount. Also the home was just built in 2008, nothing visibly wrong at all (aside from caulking around the tub). It's likely the report would even come back clean. Wish I had a tree I could pluck the 30k from and take chase's counter... or a person I could talk to at chase to plead my case. Aka. Beg! That is a bummer, we too have to pay, the attorney's fee, which is $2,000, or 1% of the sale price, whichever is greater. We will use a cash advance from our credit card if we have to. $30k above our max would probably be a dealbreaker though. We did a pre-inspection, we will use what we found to negotiate a lower price. Our short sale though had a lot of problems, and we knew it. My inspector said even new construction can have problems. We used our pre-inspection as a way to know if it was even worth putting an offer on it. We thought if we spent $250 for the inspection and it uncovered too many problems, it was well worth it to not waste our time. We knew it was risky though. I would recommend an inspection to anyone, but I am not sure if I would recommend a pre-inspection on a newish home.Though our 7 year old one owner new construction home in Colorado had a lot of problems, from a gas leak, to loose shingles (and needed a new roof the next year after a bad hail storm).
So I passed by the house and the for sale sign was taken down .. Now what the heck does that mean???? I emailed the sellers agent but haven't gotten a response.. It's still showing as sale pending online .. I'm so confused right now!!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
