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My husband and I are in the process of buying a short sale. The owners already approved our offer and last week we were told the bank accepted it as well. The bank however didn’t send the approval papers, just gave a verbal word. Today we had the home inspection and then after I got home, my real estate agent said the bank got the appraisal, pulled their offer, and upped a counter at 30,000 more than the original acceptance. Is this legal? My real estate agent says it is, and i’ve spoken with another broker who says that as soon as the bank accepted we were in a legal binding contract. He now says that our real estate agent is responsible for the mess up because unless they had a signed acceptance they shouldn’t have told us it was accepted by both the bank and the owners? What do we do?

How long does it take when the property is a short sale? The owner approved the offer, but what about the bank? How long does it take? I’m trying to get an estimate. Thanks
Well it makes sense that the banks should accept any offer because once it goes into foreclosure, they might even have to lower the price even more? So I don’t understand what the bank has to gain/lose..it’s on the road to foreclosure anyway!!

Location: California. We had an accepted deal from Bank A, who mid escrow sold their portfolio to Bank B. Bank B has been less than cooperative. We have missed the Close of Escrow date as they will not return “Sellers Cost” paper, which my lender needs to fund my loan. Can I pull out my money from the Title Company escrow account if they do not/will not perform and supply the needed form. ?? Bank A’s agent, my title company and my lender have all been trying to leave messages, no one is responding, I feel like I’m in purguratory, my wife wants to walk from the deal, sue everyone….it sucks.
To Lakerman: Bank B is located in Texas, I cannot visit their office, as I’m in California
Also…Bank “A” is currently in bankruptcy.
Problem solved with help of university alumni connection who happaned to work for Bank A…Bank B supplied the sellers HUD first thing this morning, my loan funded and I closed escrow this afternoon.

Cana seller back out of a short sale contract after they have sign the paper work and the bank has approved the short sale?
I am the one buying the house. I was just wondering if the people selling the house can back out. I want the house and we have a purchase contract and the bank has approved the short sale.

If you’re a preforeclosure investor, with the tightening credit markets, you have no doubt noticed how much more difficult it is these days to close short sale deals.

In the past, plenty of hard money options, along with double closings and simultaneous closings made closing short sales a breeze. However, with the credit crunch, mortgage fraud, and tighter restrictions with lenders and title companies, closing short sales isn’t as easy as it used to be.

However, there is still one very simple and easy way to close your short sale transactions without using double closings, hard money, simultaneous closings, or even the over complex land trusts.

That method is using back-to-back closings to get all of your short sale deals closed and funded on time. Back to back closings take a short sale deal and turn it into two separate and distinct transactions. The first transaction is the homeowner facing foreclosure selling to the preforeclosure investor. The second transaction is the real estate investor then selling the property to the end retail buyer.

The easy, legal way for the real estate investor to do this type of transaction is through the use of an option contract. The option contract gives the real estate investor a vested legal interest in the property through an Option Agreement. The option is subject to the approval of the short sale.

Once the short sale is approved, then preforeclosure investor must complete the second transaction. That transaction involves the investor selling the property to an end retail buyer. The preforeclosure investor can legally sell the property, because he has executed an Option Agreement. This Option Agreement, which should be recorded at the local county courthouse for where the subject property is located, gives the investor the legal right to sell and market the property.

Before attempting to use a back to back closing, the preforeclosure investor should make sure that they have all of the necessary forms and documentation to remain in compliance. Without the correct forms, addendums, and notarized signatures, the preforeclosure investor risks the transaction not closing on time, or even worse, not at all.

Short sales do not have to be a complex transaction if the investor arms himself with the proper tools and techniques. Back to back closings are the simplest and easiest way to close short sale deals in today’s ever changing and volatile real estate market. They are widely accepted by lenders, title companies, and title insurance companies throughout the United States.

We are supposed to close escrow next week, all cash transaction.

In 1913 the Turkish government killed some of my relatives and took all my family lands and real estate properties in the village of Enidjia located on the road from Edirne to Kirklareli. Thousands of Bulgarians who refused to give away their Christian Religion beleives and refused to be converted into Muslims were either killed or forced by arms to leave their home lands around Istanbul. That was the destiny of almost one milion christians in 1913 only from that part of the world. If the world had done something to stop that genocide, maybe the Armenian genocide in 1915 wouldn’t have followed, nor the ocupation of Cyprus. Nor the Kurds genocide.
Please God Can anyone help restore the human rights in Turkie. I’m searching for support in my efords for Justice.