Short sale nightmare.... Please help me!

Evelyn99
Contributions:5

I am buying a short sale house. Been trough the bidding games with the bank and finally got the HUD estimate settlement statement on 12/1 and the closing date on the form is 12/19... I was so happy that I am finally getting to open an escrow but then the nightmare still not end.... On 12/9 the bank told my agent that they change their mind to pay for my closing cost which is 5k and they are going to send a form to me to cancel the process.... At the same day I check on website for the property, it was relisted at a higher price and then off market.. What does it mean? Am I really going to loose the house? We drove by recently and it seems like the owner moved out already... It's a wachovia property.. I really like the house but can't afford it with higher price due to the property need tlc... Is the bank just trying to play the ( final bidding) game with me or should I really just walk away and look for other house?

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December 10 2011 - US

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Replies (3)

Martha M Sanchez, "Martha Sanchez"
- 0.0/5.0
- (no reviews)
Contributions:3

Hello!
Tell your agent to check comparables and get an estimate for repairs that way you can decide if you shold continue or not. Tell your lender to help you with the closing cost so you won't have to bring that money to close and save it for repairs. Home's prices are low and interest rates too so take advantage, probably it is a good deal.
Good Luck!!!

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December 10 2011

Maria Morton, "MariaMorton"
- 5.0/5.0
- (2 reviews)
Contributions:716

If the bank already agreed to pay your Closing costs as one of the terms in the contract, they may be breaching the contract. Ask your real estate agent - not the Seller's Agent - to recommend a real estate attorney. Please ask the attorney what can be done.

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December 11 2011

AAA Short Sale Washingtion State, "Short Sale Seattle"
- 0.0/5.0
- (no reviews)
Contributions:2

At this point I'm willing to bet your offer was too low or the investor behind the note declined the offer because the net amount was unacceptable. The property is now an REO AKA bank owned home and they will probably get less for the property (silly bank).

There could have been a second lien holder that did not agree to allow the amount of closing costs. At this time it's best to contact an attorney. I have a couple experienced real estate attorneys that might be able to help you. [Phone removed by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines.] I would be happy to help you any way I can.