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The bank approved purchase of Short Sale, goes into escrow and then sells to someone else?!

Contributions: 1

Q&A

:1

Can the bank go into escrow and then decide to offer the home that I've work diligently on purchasing to someone else? even after all the paper work with counter offers and acceptance? does it make any sense? are there any ways to keep these banks straight?

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January 28 - Mira Mesa

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1-800- GET-GREG, "Greg Godwin"
Contributions: 4

1-800- GET-GREG, "Greg Godwin"

Real Estate Agent

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:4

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Hi

First, Your contract is with the seller. If the seller has agreed and signed your offer then you have a valid contract with the seller. The bank does not own the property in a short sale.

Here's the catch. The seller is then asking the bank to release them from their obligation to repay the loan above the amount of the offer. If the bank agrees, then they provide the seller with an approval letter with you listed as the buyer. When this happens you then open escrow with the seller- not the bank. (If you used a Standard CAR contract along with the Short Sale Addendum).

Without knowing all the details of your transaction it is hard to comment further. [content removed by moderator for being self promotional] or if you have an agent contact them

Greg Godwin
[content removed by moderator for being self promotional]
San Diego Realtor

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September 02

Nathan Miller, "brokernathan.com"
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Nathan Miller, "brokernathan.com"

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The bank doesn't offer the house to anyone in a short sale situation, the seller does. The bank just approves the terms of the short sale.

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April 20

Karen Parsons Fiddler, "Karen Fiddler"
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Karen Parsons Fiddler, "Karen Fiddler"

Real Estate Agent

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Sorry..it's complicated.

If you have actually opened escrow, have a signed offer and acceptance and put your deposit into escrow, they have to close your escrow before they can move on. In a short sale, the bank has the ability to approve the deal, in other words, they can refuse to take less than is owed by the seller. So even if the seller and you have agreed, and opened escrow, the bank can still come back and refuse to accept your deal. Then they have to close escrow and try again with another offer.

If the bank has approved your offer, and then changes their minds, then you have action against them. But you have to have an acceptance letter from them. Hopefully you have not incurred any costs.....never do anything which uses your deposit until you have the acceptance in hand.

Sorry this happened to you.

Karen

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January 30

Richard Bills, "HiTechOne"
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Richard Bills, "HiTechOne"

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I believe that if you have a signed contract and have provided a good faith deposit . . . all parties have signed the contract - that you have recourse to the bank for breach of contract. You could file a court action to stop any further transfers of the property without a court hearing. If you file the action they cannot transfer the property legally. If you really want the property take action to stop them. Now, there's nothing to keep them from continuing to take back up offers, but you have first right to purchase and they have to honor your contract.

good luck,

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January 29

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The bank approved purchase of Short Sale, goes into escrow and then sells to someone else?!

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Question The bank approved purchase of Short Sale, goes into escrow and then sells to someone else?!

Related Articles about Buying Process

Guide Real Estate Buyer's Closing Costs

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Guide Home Buying One Step at a Time

Guide A Buyer's Guide to Making the Right Choice

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