Buyer Misled into a Short Sale by a Seller - Thoughts?
My wife and I haggled for several weeks beside the seller. Finally our tender was permitted. A few days later my edge contacted me and said the seller be upside down on the mortgage and could not come up with the difference between our present and the amount he/she still owes (like 20K) on the mortgage. I am now person held hostage by the contract as the seller tries to convince his hill to take my submission and forgive the difference. Is it not illegal or something for him to disclose this after accepting our donate? We have resembling 800 bucks in non-refundable home inspections and such. I am freakin' smoked!
Answers: You did not know it be a short sale?
Your agent should own made this clear, that the seller really can't flog you the house unless his bank agrees to it.
You can hold your agent liable, but not the hawker. As long as they told their agent it was not their opportunity to make sure you know it was a short Dutch auction.
If your offer and espousal is in a contract... and it should be... next you clearly have a legalized claim on the seller. His embracing requires that he disclose factors which might preclude the public sale.
The question presently becomes,do you want to pursue it justifiably? There may be nothing to bring.
A lot of buyers are in defaulting and try to sell the property previously the bank take it away as foreclosure..so right before that they try to vend it for what they owe as a short sale. The wall will accept that set aside HONESTLY 20,000$ is nothing for a short mart, i am 100% sure they will accept it. GOOD LUCK!
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Answers: You did not know it be a short sale?
Your agent should own made this clear, that the seller really can't flog you the house unless his bank agrees to it.
You can hold your agent liable, but not the hawker. As long as they told their agent it was not their opportunity to make sure you know it was a short Dutch auction.
If your offer and espousal is in a contract... and it should be... next you clearly have a legalized claim on the seller. His embracing requires that he disclose factors which might preclude the public sale.
The question presently becomes,do you want to pursue it justifiably? There may be nothing to bring.
A lot of buyers are in defaulting and try to sell the property previously the bank take it away as foreclosure..so right before that they try to vend it for what they owe as a short sale. The wall will accept that set aside HONESTLY 20,000$ is nothing for a short mart, i am 100% sure they will accept it. GOOD LUCK!