Profile picture for makehousetohome

Short Sale - Seller says wants to live for another year in the house after 6 months already into it!

We saw this house which was on the market since past 2.5yrs, the starting price was high in bad market and then they lowered the price. The house was delisted .We saw the house in Feb and even though it needed some work (the seller has been living in the house but hasnt maintained it, he and his wife separated and she moved out) we decided to buy it. After 4 months sellers agent said the lawyers he and BOA were working with messed up so he will have to start the process again.
-CONTINUE in the first answer -
  • July 10 2011 - Thousand Oaks
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Answers (7)

Profile picture for makehousetohome
Thanks Bonnie for following up! We actually were really persistent and even though our real estate agent gave up, we didnt! We kept pushing her and the sellers agent! At one point of time our agent stopped responding to our emails but we still continued following. Guess what our patience paid up and even though we had to shell out an extra 20K to cover up for the loans the seller had taken from green tree and county and his unpaid HOA, its been 2 months now since we are living in our house which is next door to our dear friends! : )So at times short sales do work!
  • November 30 2011
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So, It's months later, I'd love for you to post a follow up. I have a lot of buyers who put a lot of hope into one short sale. With a friend next door I can imagine that you were very emotionally committed to the purchase of this particular home. I hope that when that door closed for you, you have found an even better home. I find that in retrospect, lots of people are able to find all the good reasons why things turned out the way they did. I hope that happened for you.

For this reason and 100 others, I always recommend that my short sale buyers keep their eyes open and keep looking. Getting emotionally committed to a home you dont own can cost you money and time.
  • November 30 2011
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Profile picture for wetdawgs
What's in your contract?  

Do you have a buyer's agent helping?  If so, fire that one and hire a competent one.

If the bank has approved and the seller doesn't want to sell, then that may be their option (depends on the contract).   stringing you out forever is not likely to be their option.  

If the seller doesn't want to push forward with Green Tree, you are stuck.   You should find a house where someone really does want to/need to move on.
  • July 10 2011
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Profile picture for Michael Helton
One other thing.  If you have a buyers agent right now and are this confused (not to mention all of this has gone on), then fire them immediately and find a more qualified buyers agent.
  • July 10 2011
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Profile picture for Michael Helton

First of all, there is too much he-said-she-said going on here.  You need to go to the source and get the real facts on all the liens and other info.

As far as the short sale, how do you know there even is one?  Has the shortsale packet been submitted to the lenders?  Has the primary lender approved the shortsale?  Can the seller even shown a hardship to qualify for a shortsale?

One other thing to consider is that one of the most important factors in getting a shortsale closed is the sellers agent.  The good ones make it happen and the duds do not. 

I usually recommend that people explore the possibility of representing themselves because most buyers agents are not worth the money they earn, but in this situation I believe you should find a highly-qualified buyers agent who has successfully closed many shortsales and have them sit down with the buyers agent to see if things are on the-up-and-up.

  • July 10 2011
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The seller is obviously in full control of their situation and has actually been doing you a HUGE FAVOR over the past year, by delaying the sale.  I suggest you continue to wait for the market to settle and stop thinking about these other people and their private business.  Once the home forecloses, you can pick it us an an REO, for substantially less than any previous bids/offers you have made.  It's time, in my opinion, for you, too, to take control of this real estate market, and position yourself to be a WINNER, and not a victim, too.  Back off the throttle, coast awhile, and be patient.  You will realize your dream, save money and stress, and have so many more options than one silly house.  Good luck in your process of becoming a homeowner.
  • July 10 2011
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Profile picture for makehousetohome

-CONTINUE-

Our friend is the next door neighbor of the seller, and she told us that the rumor is that the sellers agent and seller are friends & the seller wants to live for free. Also our agent is friends with the sellers ex-wife who said that the seller  doesn't want to leave and wants to live for free. Our agent spoke to the sellers agent who just rubbished the rumors and said the seller just cant wait to get out of the house.BOA agreed to the price after a month (5 months into). There were 3 more liens on the house (HOA, county and green tree - total of $34000). In between when our agent told sellers agent that the buyers are getting impatient, he said if they want to hurry up tell them to pay $28000 towards liens. Our agent refused! Eventually HOA and county liens were closed. Today when our agent called the sellers agent he said the Green tree people are being tough and the seller wants to live in that house for another year, so tell your buyers to look for another house! They wasted out 6 months and the seller is trying to cheat his way into living for free. Is there anything we can do or should we think that it is a closed case. So in a way both the seller and the sellers agent (who are friends) are trying to cheat the buyers and the system to let the seller live there for free! Bec if the seller wanted to live there for free for another year why list the house on the market??

  • July 10 2011
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