HELP--Short Sale Woes - Posted by Kari

Posted by Tommy FL on December 01, 2006 at 04:41:23:

get everything in writing before you spend alot of money

HELP–Short Sale Woes - Posted by Kari

Posted by Kari on December 01, 2006 at 01:46:52:

My very smoothe short sale transactions turned ugly the other day. As far as my agent and I knew everything was going as planned: we accepted the sellers counter offer (they countered on terms, not price),papers signed, escrow was opened by both parties, monies were readied and sent off, ect. Then on the day of recordation the escrow company tells us the the bank never approved the short sale so we couldn’t record. The sellers agent said she “thought” they had signed off weeks ago. Now I’m being told that not only did the property not record as scheduled in the DROA but I will be held responsible for appraisel, Termite inpection, escrow, and a whole bunch of other fee’s linked to this property should the bank not change there mind.

I’m shocked and bewildered. I certainly don’t want to pay for fee’s that could have easily been avoided with a rejected offer. Can anyone give any advice? I still want the property, is the bank contractually binded in anyway? This is a Hawaii short sale.

Mahalo and Aloha in advance.

Re: HELP–Short Sale Woes - Posted by River City

Posted by River City on December 01, 2006 at 06:02:19:

Why would the bank be liable when they never approved the short sale? You might want to discuss these fees with the real estate agent that gave you the impression that everything was a “go.” If (emphasis on “If”) she led you wrong, she might pay some or all of the fees to save face.