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We made an appt to go look at a house with the listing agent. We saw it twice, and loved it... so we made an offer. The listing agent told us it is a short sale. The seller has moved to CA, and the house is empty. It is on the market for $280, but he told us to offer $230k. So we did (and asked for closing costs). Our current home is under contract as well (and he knows this). While we were standing there, the seller called the agent and he walked away and talked to him. He came back and said that he (the seller) was in contact with the bank and that this will move quickly for us. This is a listing agent who is VERY well known in our town. He does short sales. He's been around forever. Everyone knows this guy. So, we make the offer... we get a call that the sellers have signed the contract, and it has now gone to the bank and everything was in order. About a week later, we get a call from the listing agent. He said "I have some bad news for you, the seller is moving back into the house. He lost his job, and he said the bank is going to work with him." Then he went on to say that a signature page was missing from a page and before this they were trying to get the missing page and yadeyah. He said it's a done deal and we should move on. That the seller is going to be using the HARP program. From what I understand, you can only do that if you're current on your mortgage? And how the heck is someone who has no job, going to be able to move back into a house he stopped paying for a long time ago? I don't understand at all. Something seems VERY fishy. Anyone have any experience here? We're at a loss. The house is still listed on the MLS. We're going to have a friend call and ask about the house themselves to see what the agent says nowwww.
Just because someone lost their job doesn't mean they're behind on their payments. Just because a seller wants to go through a short sale doesn't mean they're behind on payments.
Sellers change their minds quite often on short sales. Not a large percentage, but enough for it to be known to happen often. Since short sale paperwork states that the sale only goes through upon lender approval, it gives the seller a way out to cancel the contract and continue with their house themselves.
There are a number of factors possibly at play here, I think it's a big jump to say that the realtor is being "shady". All he is doing is working on behalf of his client who hired him.
At the end of the day it seems that this deal is off the table, and you need to move on, regardless of the reason provided.
Falconhead: They sellers got behind on their payments, it went to a short sale, they moved to California... and now apparently they're moving back. They definitely are behind.
Thats the thing with short sales...ANYTHING can happen. Deals on these houses can and do fall thru all the time. Doesnt matter what is going on with the seller and their payments. Frankly its none of your business. Find another house to buy
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