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 Peter Paulousky
Attorney Peter Paulousky
Trial & Litigation, Criminal Defense, Drunk Driving
2
Attorney David Beliveau
Attorney David Beliveau
Estate Planning, Business Law, Real Estate
3
Attorney Steven Boris
Attorney Steven Boris
Trial & Litigation, Personal Injury
4
Attorney Kevin Leeper
Attorney Kevin Leeper
Family Law, Immigration
5
Attorney Michael Doherty
Attorney Michael Doherty
Business Law, Trial & Litigation, Family Law
6
Attorney Michael Franklin
Attorney Michael Franklin
Divorce, Criminal Defense, Family Law
7
Attorney Eric Schutzbank
Attorney Eric Schutzbank
Divorce, Criminal Defense, Family Law
8
Attorney Howard Lewis
Attorney Howard Lewis
Divorce, Family Law
9
Attorney Christopher Shannon
Attorney Christopher Shannon
Divorce, Trial & Litigation, Criminal Defense
10
Attorney John Dugan
Attorney John Dugan
Estate Planning, Elder Law, Wills & Probate
11
Attorney Alan Fanger
Attorney Alan Fanger
Trial & Litigation, Wills & Probate
12
Attorney Margaret Cross-Beliveau
Attorney Margaret Cross-Beliveau
Estate Planning, Elder Law, Wills & Probate
13
14
Attorney David Jensen
Attorney David Jensen
Estate Planning, Real Estate
15
Attorney Edward Cannon
Attorney Edward Cannon
Business Law, Real Estate
16
Attorney Stephen Morte
Attorney Stephen Morte
Divorce, Criminal Defense, Personal Injury
17
Attorney Austin Joyce
Attorney Austin Joyce
Trial & Litigation, Personal Injury
18
Attorney Joseph Leone
Attorney Joseph Leone
Divorce, Criminal Defense, Family Law
19
Attorney Michael Akerson
Attorney Michael Akerson
Business Law, Employment Law, Trial & Litigation
20
Attorney Craig Ciechanowski
Attorney Craig Ciechanowski
Business Law, Trial & Litigation, Real Estate