I signed a purchase agreement back in June on a bank owned foreclosure. The previous owners signed the “seller” areas. The home was scheduled for closing in July. Sept. 26 and I still do not posess ownership yet. My realtor has called the bank every other day, and there is always some little paperwork thing they need before approval. We met the bank’s asking price. Now, I am told the home is going to auction on 10/3 if the short sale is not finalized by Friday. First, can the bank do this? Second, wouldn’t they be breaching the contract? Third, is there anything legally I can do prior to auction, or after the auction has been completed? I am set to “lose” between 30-50k on the home if I do not get it.
Just got word we got the house. Talk about cutting it close! We had until tomorrow for the bank to approve the short sale.
Congrats! You should celebrate by getting some more deals in the pipeline!!!