We are in the process of buying a forclosure (incredible price for a great neighborhood) but the listing agent for the bank has been rude and uninformative, and we currently don't know if the house is really "ours".
We had an engineer into the place and signed our part of the contract last Monday, but have yet to hear anything back from the bank. They have not sent back their signed parts or set a closing date.
We're a bit worried. Our current home has a buyer and we have a closing date--but we signed thinking that the forclosure would be our new home.
The other day while at the house, another listing agent was showing the place and I overheard him tell his clients, "There's an accepted offer but you can easily outbid them." He was obnoxious, and my heart sank.
Could they give the house to another buyer, even if we already signed the contract? If this happens, could we make them pay us back for getting an engineer report or pay our rent? We'll be left homeless!
2007-07-30 14:46:29 · 4 answers · asked by jes 1 in Business & Finance ➔ Renting & Real Estate
Sorry I don't have a better answer, but If I were you, I'd go talk to a real-estate attorney.
That sounds very unprofessional on all partys involved.
Maybe you could call one up and explain the situation and they could tell you if it's wrong and what you can do about it.
Good luck.
2007-07-30 15:00:20 · answer #1 · answered by harvicks my man 4 · 0⤊ 0⤋
Welcome to the world of 'saving money on a foreclosure'. Yes, they can and WILL sell to a higher bidder if one comes across the door. Until BOTH parties have signed the offer to purchase, you have NO agreement. How badly do you want this house ? If it's a 'must have', raise your offer to the bank.
And no, you don't get any refund for having 'an engineer report', since the purpose of the report was for your benefit. If they elect to sell to someone else, you are advised to start looking for another property.
Those of us who are professional real estate brokers realize just how the banks operate. There is a reason you don't have signed paperwork. That property is still on the market for a better offer.
2007-07-30 15:13:19 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
If you don't have a contract signed by both you and the bank, then you don't have a binding contract.
I would think that the bank is not responsible for any fees that you incurred for the engineering report and certainly won't be responsible for your rent.
If the bank doesn't accept your offer, you will be refunded your earnest money.
Seek the advice of a real estate attorney ASAP.
2007-07-30 14:57:17 · answer #3 · answered by Mortgagemom 3 · 0⤊ 0⤋
Why might you employ an identical lawyer because of the fact the broker? in spite of the fact that if it somewhat is yoru known lawyer, you will possibly desire to have had somebody else look on the settlement. in the adventure that your lawyer did not capture which you probably did not have a contingency on having the ability to get carry of financing, he's a dolt. And, no, you could not sell a house you do not very own, you have not got criminal authority to accomplish that. the broker supplies you an easement to apply his sources for a boat touchdown, yet it particularly is a drop interior the bucket while in comparison with the different issues you have. you're working down the rapids and not making use of a paddle.
2016-10-13 04:01:18 · answer #4 · answered by furne 4 · 0⤊ 0⤋