Does the Short Sale Agreement void the Purchasge Agreement and/or Banks approval

Thu, 27 Aug 2009 00:29:00 GMT

We put a offer in and probed for answers from the Sellers agent who then final disclosed it was a short sale negotions. Then supposely the bank wanted more and we offer $10k. Days from closing, the seller said they can't pay for any repairs or other cost (HOA transfer/documents $2,200) agreed to in the Purchace Agreement. Even though, it was in there est. Hud. Our realtor says we are geting a ridiculous price and that the home warranty will cover some of the issue. We had it inspected a there a lot of items that need to be fixed (electrical, weep screen cover and rusted, etc. I'm afraid at closing the seller will not pay for anything and with the cost of the repairs, it adds up. As the buyer, are we entitled to the bank disclosure from regarding our offer and price rejection because on the approval letter rec'd it states the payoff amount requirement $577K, we offered $625K and the agents comm is 2.5% for each brocker? I constantly express my concerns because even though I can offered the house, I had set a budget but the answer I would get is your get a steal on this house, there's other offers and asking the bank my delay the sale, and if the seller go into bankrupcy it could take months.

I would appreciate any feed back!.......

2 replies

Can I get a loan if husband's credit is below 620?

Fri, 20 Mar 2009 17:05:00 GMT

9 replies

if there is a zestimate, does this mean the house is for sale on the market now?

Wed, 11 Feb 2009 23:03:00 GMT

1 reply

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Does the Short Sale Agreement void the Purchasge Agreement and/or Banks approval

Can I get a loan if husband's credit is below 620?

if there is a zestimate, does this mean the house is for sale on the market now?