House was appraised last year for 265,000. Currently in foreclosure, payoff is around 233,000 includes all fees, taxes etc. Set for auction on Oct 5th. House is empty due to family moving out of state for new job (reason they got behind on payments). House is on 3 acres and in excellent condition. Only carpet downstairs needs replacing. Has been on market with with real estate agent for 5 months. Currently has a signed contract with a buyer for 235,000 but in contingent that he sells his house. Has been over 30 days and he still has not sold his. Agent has reduced fees to 2%.
I know time is running out. Can we look for investors and if so how. and how will that affect the agent and a signed contract?
Best to get signed release from the buyer canceling the contract especially before you sell to another buyer. It can be sold without notice but he may sue or threaten you to sue and could stop the sale from happening. He may also want to put up more money to cure the default if he is serious about buying the house. I would approach and tell him the circumstances and he either has to pay to cure or back out. LOL