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Marsha411JD, Lawyer
Category: Real Estate Law
Satisfied Customers: 20297
Experience:  Licensed Attorney with 29 yrs. experience with Real Estate
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My wife and I had an offer accepted by the owner of an approved

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My wife and I had an offer accepted by the owner of an approved short sale. The offer is $90k and the approved short sale is $99.9k. The bank has been unable to contact the owner since the offer was accepted. I am now told by my real estate agent that the house is likely to go into foreclosure since the bank can't contact the owner. My question is, if we are prepared to pay the asking of $99.9k, is there anything we can do? Or do we have to accept that the sale can't proceed?

Thank you for the information and your question. Unfortunately with a short sale, there are two sets of signatures that are required for there to be an enforceable contract. One is the "owners" and the other is the lender who has entered into an agreement with the owner to accept something less than what they owe on the debt. In this case, without that lender's signature on the contract, along with the owners, there is nothing you can do to force this process along. Short sales are notoriously nightmarish in this sense.

So, although you could go back to the bank via your Realtor and make a full offer, they must still get the signature of the owners. Hopefully, this is a temporary inability to reach the owners. But you can generally expect for short sales to take much longer to navigate than a regular sale. The difference can be months instead of weeks to closing.

Please let me know if you need any clarification. I would be glad to assist you further if I can.
Customer: replied 4 years ago.

Sorry, I wasn't clear. The owner/seller did accept the offer (about 83 days ago). Our ernest deposit was also accepted. I'm not worried about the status of the ernest deposit.


The bank needed additional information and appears to have also accepted the offer. However, now that the offer was accepted, the bank can't find the owner for additional paperwork of some kind.




Hello again and thank you for your reply. I did understand that the owner had signed the contract. However, if the bank is not going to accept the deal (meaning process the short sale) and the seller/owner is not cooperating, there is no sale's agreement that can be enforced in terms of a forced sale. That said, if the seller is not holding up to their part of the contract, then you can terminate the agreement and get your earnest money back. But a court could not, and would not, force a sale in this case.
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Customer: replied 4 years ago.

OK, I have the understanding I needed. Not the answer I wanted, but it would be a waste of time and money to proceed.


Thank you for your prompt reply. I am indeed satisfied with the service.



You're welcome and best of luck to you!

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