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Answers (3)
- Nathan Wolf, "natewolf"
- Contributions:1825
Technically the answer is NO. The sales contract is between you and the seller. But unless the seller has some other way to pay off his bank note, then the transaction cannot be completed since the seller will be unable to provide you with clear title to the property.
This is why the other answers are saying that the bank is in control. This is not always a bad thing. Because if the bank forecloses, they may be willing to sell to you directly at the contract price or even lower-- and the current owner would no longer be in the picture.
This is why the other answers are saying that the bank is in control. This is not always a bad thing. Because if the bank forecloses, they may be willing to sell to you directly at the contract price or even lower-- and the current owner would no longer be in the picture.
- Noemi Cardoso, "wetalkrealestate"
- Contributions:492
Unfortunatly they can. When on a short sale situation the bank has control of the situation and does not have to accept the amount offered.
Keep your eye on the property tough. I had a short sale that we asked the bank to accept an offer for 450k on a property with a mortgage balance of 475k the bank said no after 3 months of wait. Well 6 months later the property went through the foreclosure process and came back on the market for 375k.
Good luck!
Noemi
Keep your eye on the property tough. I had a short sale that we asked the bank to accept an offer for 450k on a property with a mortgage balance of 475k the bank said no after 3 months of wait. Well 6 months later the property went through the foreclosure process and came back on the market for 375k.
Good luck!
Noemi
- Valorie Stover, "QUALITY REALTOR"
- Contributions:170
Yes! The seller is asking the bank to let them out of the loan the seller agreed to pay. The bank is in control at this point.
Shortsale contract
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