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short sale

the bank has approved the short sale and now the home owner would like to keep the house and pay the balance due on the house...is it possible that the bank will work with the home owner now
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October 08 2013 - Hicksville
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Answers (4)

In California a seller must sign several advisories and short sale addendums. There are very specific guidelines and normally they amend what a "normal" contract to buy or sell says. In fact, we make it very clear if anything should happen, the seller can back out. They may be able to recoup and keep the house. In our addendums it clearly states the seller msut agree to the lender's short sale terms.  It is always imperative to talk to your attorney too.  Our contracts and addendums for short sales in California are very clear.
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October 08 2013
It is possible and the homeowner does have the right to pay off the balance but the purchase agreement between you and the seller is a legal binding contract.  Unless there is a clause or contingency in the purchase agreement allowing the seller to cancel if the seller decides to payoff of the balance the seller still has to sell you the property.  I would recommend calling your agent and then contacting a real estate attorney for further advise and next steps.
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October 08 2013
Ali, I believe you misinterpreted the question. Also, no self-promotion (Good Neighbor Policy). 

To the original poster, this isn't an answer you will find on a Zillow forum. Talk with your Real Estate Agent or Attorney. They will get in touch with the bank and work out the details. Typically, the bank is willing to work with the current homeowners, as a short sale means they are selling for less than is owed. 
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October 08 2013
Hi Chandu, If previously you were interested in doing a short sale and had gotten an approval from the bank and now you have decided to hold on to your property depends how far into the short sale process you are. Even in the event that there is sale date scheduled for you home, you can certainly make the previous mortgage payments along with whatever interest accrued. If there is no sale date scheduled, I would advice you to get in touch with your lender and tell them you need a payment plan to work with. I hope this answers your questions. If there is anything I can do please feel free to reach out to me at 925-216-9013.
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October 08 2013
 
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