SS - contract "expired" is our buyer free to walk?

Foreclosures, Short Sales, Tax Foreclosures
1

With all the waiting for Countrywide to assign someone :banghead- I noticed our contract for the sale had an expiration of 3/18/08.

Does this mean that our “buyer” on the sale contract and can go elsewhere? :flush

What happens to the other 2 higher offers and thier expiration dates to accept sale contract? Our middle offer was to expire on 4/1/08 - and the best offer was to expire 2/29/08. :help
Do these dates mean anything since all offers also signed short sale agreement addendum - listing final approval from the mortgage companies?

We were served judicial papers 3/06/08 - 20 days to respond…there is no response, correct?

How can seller or broker delay sheriff sale to allow short sale to process? Or should we just sit and wait like my broker said? :rolleyes

Thanks again. :smile

2

If you want to delay the auction you need to get in writing from the loss mit rep handling your case that they agree to postpone. Then take that letter to the court the day of auction and give it to the clerk. They will have the property pulled from auction that day.

I don’t know the details of your deal, but generally speaking, if the buyer is not at fault for the delay of the contract and the only reason it has not been executed is because of the loss mit rep and the bank, then yes, they could go elsewhere. But I would check with an Attorney in your area just to be sure.

GooD LucK! :beer