02-27-2012 03:44 PM
My wife and I put an offer on a short sale property in October. The bank countered and we counter back and was waiting for their decision when the buyer was approached by their bank to do a loan mod. We are now waiting on the seller to decide if they are going to do a loan mod or continue with the short sale.
What can we do? We love this property and don't want to lose it. At the same time we don't know if we should be looking at other properties. Please help.
02-28-2012 04:16 PM - edited 02-29-2012 01:36 PM
Welcome to the ZipRealty community! Thank you for posting in the forums.
I will contact one of the local agents to see if they are able to answer this question for you.
Client Care Specialist
02-29-2012 07:35 AM
Unfortunately you are at the mercy of the seller and the short sale lender in this case and I'd suggest you continue to look at other homes.
03-01-2012 08:27 AM
Ultimately the owner of the property controls the property until a transfer occurs. Banks cannot sell properties they do not own until it becomes an REO (real estate owned) in whatever method it becomes a bank property.
If the house is your deam house, I would "make a deal" with the owner to sell it.
03-01-2012 08:51 AM
The seller holds all the cards here. Unfortunately, a loan modification can take quite a while! I would recommend you
look for other properties! You do not have to cancel you current offer....but keep looking. You might find something you like as much without all the hassle!
05-02-2012 08:41 AM
Please note that in a short sale the owner still owns the home, not the bank. An REO ("real estate owned" by a bank is when the lender is the owber and can sell the property with out any other concerns..