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.
First, call the broker. That is the person you who is technically your agent. Let the broker know that you aren't happy with the representation and that you want to work with a buyers agent, not the listing agent. The broker should correct the situation or help you on their own.
It's hard to tell if you are buying a foreclosure or a short sale from someone going through bankruptcy. If it's a foreclosure, the bank has to clear all liens so you have clear title when you buy the property.
It's a foreclosure that is in the bankruptcy. We were told that..our concern is that it could be months clearing up anything that pops up.
If it's a short sale, you may be required to pay the HOA lien as part of the deal. However, if and when the short sale agreement is written up and presented to you, you should have the option to cancel if you don't like the terms.
It's not a shortsale..how does that change the game?
Our contracts (in CA) give the buyer 3 days to cancel for any reason after any required disclosure is delivered. If the HOA is a new disclosure, then you should see if you have a right to cancel.
That's also what has us annoyed..we had no idea that is was. It was not disclosed in the contract. We found out today by riding around the area and finding a sign on a lake that said XXX XXXX HOA only. It's rural with real entrance etc..we never suspected that it was. We googled and found there HOA website.
I can't tell if you want the place and are concerned about the details or if you want to cancel but are afraid of losing your deposit. It's a different path depending on your desired outcome.
Concerned about the details!
Good luck. And if you really are wanting to cancel and your agent isn't providing you the path or information you need, contact a lawyer immediately as time is of the essence in real estate contracts.
We don't but are seeing some red flags on the whole deal.
Lawd..this is still dragging out. After numerous emails and phone calls..no one seems to be able to answer a question I have so I'm putting it out there for CD'ers.
The 21 day review ends this Friday. However we were told this morning that once that date passes there has to be an order from the court. Does anyone know what that is and how long it takes?
ETA: Foreclosures in bankruptcy are extremely rare in this area so no one really knows how they work. Not our realtor..not our realtor. The assistant at the trustees office is less than helpful.
A bankruptcy automatically stays a foreclosure action.
Either the trustee abandons the property because there is no equity or the lender files a motion to vacate the property from the bk. In either case, the foreclosure has to be restarted with the proper people.
Decide what you want - do you really want the house/property now that you know there is also a HOA involved? You have that required disclosure that wasn't disclosed if you are wanting to get out of this agreement; but........
The purchase of real property that is pending bankruptcy and foreclosure proceedings requires expert legal advice and assistance. There are a number of questions that need answering before one can make an informed decision, for example:
1. What type of bankruptcy proceeding was filed by the mortgagor, viz. Chapter 7, 11 or 13? (Depending on the chapter proceeding, you may have to deal with a trustee and not the debtor.)
2. What is the status of the foreclosure proceeding, whether judicial or non-judicial action? Most mortgagors that are in default and facing foreclosure resort to bankruptcy as a last ditch effort to stave off the inevitable sale of the property. The automatic stay in bankruptcy is effective to stop the sale; but it doesn’t stop the clock from running on a non-judicial foreclosure under a power of sale. Has the mortgage holder obtained relief from the automatic stay? (It may be more advantageous to buy the property at the foreclosure sale than jump through all the legal hoops required to buy it out of a bankruptcy estate.)
This is just the starting point, as there are surely other questions of a specialized legal nature that need be addressed depending upon the specific facts of the case; and a certified legal specialist should be consulted before acting.
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.
