The lenders won’t sign paperwork for short sale.

Steve (Guest) on Monday, October 01 2012, 07:29 PM
I’m in the process of buying a home in Wayland on a short sale. The asking price had already been approved by the seller’s lenders, I offered it, and the lenders accepted. Now it’s been over 3 weeks and we can’t seem to get the lenders to return the signed paperwork so we can set yet another closing date. The house will go into foreclosure in about 2 weeks. What can we do?
1 response Add Yours
       
  •  
    Replied by Attorney Howard Goldman on Thursday, October 04 2012, 07:19 AM · Hide · #1
    Lender delays in processing and approving short sales is the rule and no longer the exception. The lenders also require that their purchase and sale form agreement be used and they accept few, if any, requested buyer changes to provide a balanced and fair agreement. And if the lender does not countersign the purchase agreement, the prospective buyer has no recourse. The one sided purchase agreements, even if signed by the lenders, offer little if any remuneration in the event that the sale does not occur. Finally, a buyer must be very careful to have counsel closely review the underlying title because sellers looking to conduct a short sale have amassed excessive debt and liens on their properties, all of which must be discharged prior or at closing with closing proceeds, to ensure a good and marketable title. Buyer beware in short sales!
Your Response

Top Massachusetts Attorneys Ready To Answer Your Questions

1
Attorney Stephen Morte
Attorney Stephen Morte
Divorce, Criminal Defense, Personal Injury
2
Attorney Austin Joyce
Attorney Austin Joyce
Trial & Litigation, Personal Injury
3
Attorney Joseph Leone
Attorney Joseph Leone
Divorce, Criminal Defense, Family Law
4
Attorney Michael Akerson
Attorney Michael Akerson
Business Law, Employment Law, Trial & Litigation
5
Attorney Craig Ciechanowski
Attorney Craig Ciechanowski
Business Law, Trial & Litigation, Real Estate
6
Attorney Jack Merrill
Attorney Jack Merrill
Employment Law
7
Attorney Bruce Watson
Attorney Bruce Watson
Divorce, Criminal Defense
8
Attorney Chesley Oriel
Attorney Chesley Oriel
Business Law, Real Estate
9
Attorney Kenneth Simmons
Attorney Kenneth Simmons
Estate Planning, Elder Law
10
Attorney Liam Floyd
Attorney Liam Floyd
Trial & Litigation, Personal Injury
11
Attorney Tracy Fischer
Attorney Tracy Fischer
Divorce, Family Law, Mediation
12
Attorney Damian Riddle
Attorney Damian Riddle
Criminal Defense, Family Law, Drunk Driving
13
Attorney David Rubin
Attorney David Rubin
Divorce, Personal Injury
14
Attorney Bill Keller
Attorney Bill Keller
Real Estate, Personal Injury
15
Attorney Ann Trehub
Attorney Ann Trehub
Personal Injury
16
Attorney Howard Goldman
Attorney Howard Goldman
Business Law, Trial & Litigation, Real Estate
17
Attorney Amy Beth Baron
Attorney Amy Beth Baron
Divorce, Family Law, Mediation
18
Attorney Cameron Pease
Attorney Cameron Pease
Business Law, Trial & Litigation, Real Estate
19
Attorney Larry Krasnow
Attorney Larry Krasnow
Trial & Litigation, Personal Injury, Elder Law
20
Attorney Steven Houde
Attorney Steven Houde
Personal Injury