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Old 11-10-2011, 07:36 PM
 
1 posts, read 917 times
Reputation: 10

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I sought a Realtor to help me sale my home. After two years of being on the market, and agreeing to a 15,000 reduction in the sale price, I had a buyer. After negotiating with the buyers, they requested 5,000 decrease in sale price and 5,000 towards closing. Initially, I declined and tried to reduce their offer by 4,000. They backed out. My Realtor called me, and gave me their number to call them to talk to them personally about the situation and what happened. After talking with the buyers at this time, I wanted to help so I agreed to come down 5,000 and give 3,000 towards closing cost if they could get another 2,000 from their bank. (Behind the scene NOT SMILING! My second mortgage company which is a credit union, wanted 18,000 but was willing to accept 11,000, but contingent on me turning in 2 automobiles that I also had financed with them. I turned them in to get this deal going. (no way around it because they backed me into a corner) The offer was back on, and the bank agreed to the 2,000. Buyers met with their Realtor, signed agreements, and gave ernest deposit, then pasted them on to my Realtor for me to sign and agree to the terms. We were to close 15 days later. All the agreements were sent to my first mortgage company.
******My first mortgage company called me and informed me that they emailed my Realtor to inform her that a new payoff was never ordered, so we needed to get the buyers to come up with an additional 2,800. They could not come up with it, I did not have it, so I went to the 2nd mortgage (credit union) to ask to come down another 2,800, they refused and told me to come up with it myself. (of course I'm pissed even more) MY HOUSE FORECLOSED! I LOST 2 VEHICLES (2 REPO'S) WITH DEFICIENCY BALANCES OF 3,000 AND A 25,000 JUDGEMENT FROM MY 2ND MORTGAGE!
*******SHOULD I SEEK A FORECLOSURE ATTORNEY?******
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Old 11-10-2011, 08:51 PM
 
12,577 posts, read 13,323,717 times
Reputation: 8901
From what I can piece together the only reason it would have foreclosed is if you had stopped making payments. It also appears you're irresponsible with finances.
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Old 11-11-2011, 07:26 AM
 
Location: Winston-Salem, NC
1,256 posts, read 2,110,068 times
Reputation: 624
Quote:
Originally Posted by WFW&P View Post
From what I can piece together the only reason it would have foreclosed is if you had stopped making payments. It also appears you're irresponsible with finances.
^This.

If you continued to make payments on time and they foreclosed, that's when you'd want to involve an attorney.
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Old 11-20-2011, 02:24 PM
 
100 posts, read 366,214 times
Reputation: 34
a couple of things here....
1-Were you upside down on your mortgage?
2-Had you refinanced your home?
3-What involvement is the credit union in this? Were they part of your original loan on the home?
4 Was this supposed to be a short sale?
5- Was the house priced to high compared too others in your neighborhood?
6-What did the Listing Agent claim they could do with you before listing it?
7-Why was it on the market for 2 years?
8-Did the agent even discuss a short sale with you(if you met the criteria that is)
9 Why was your agent throwing you to the wolves and costing you even more money.
10-Who paid your agent's commission?

Ideally, answering these questions could help me direct you.

The original post here leaves out of lot of information that is needed to determine the reasoning behind what happened here.

I would consult an atty, if you haven't already, because it seems you yourself were basically trying to negotiate a short sale and got screwed.
(Owners do not negotiate short sales, banks do it with the listing agent, who then contacts the buyers agent and so on.) Never does the homeowner get involved in negotiating money with the buyer in a short sale, aside from the initial offer,prior to the seller's agent presenting it to the bank for negotiation.


In a short sale, the bank pays the seller's closing costs, Agent commissions, and some of the buyer's closing costs if the banks deems it necessary.
Given deflated market and housing prices, it is appalling that the buyer asked for so many concessions. It is even more appalling that your agent did not help you on this.

I go back to my original thought.. Why was your house on the market for 2 years????????????????????? If it was over priced and your agent told you to lower it and you wouldn't, then that is on you.

Again, get a consultation with an atty, because as I said above, i am just speculating, given I don't know the answer to the first 10 questions.

Note: I am a Realtor and experienced short sale agent in NV.
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