texastaz516
Junior Member
What is the name of your state (only U.S. law)? Texas - Our neighbors who have the land adjoining ours were being foreclosed on. When we found this out, we decided to make an offer to the mortgage company to buy the property. The neighbors had a real estate agent of theirs get with our real estate agent to draw up an offer for a short sale to send to the mortgage company (Aurora Mortgage Brokers in Colorado). Our agent sent the offer in. The foreclosure auction was due to happen on the courthouse steps on Oct 5th. We sent in the offer on Oct 2nd. The offer was enough to have the auction stopped. In fact, the title company went ahead and cashed the earnest money check we submitted with the offer. Our agent let us know that we would need to wait and see if they came back with a counter offer, or if they accepted what we sent in. (We had offered what was owed on the existing loan). We made weekly calls to our agent, but no new news yet. Shortly before Thanksgiving, we were told that our neighbors had gone ahead and filed bankruptcy. Our agent said that this would freeze the "offer" process and we would likely have to wait until the bankruptcy was completed through the courts before being able to move forward with the process, and that very likely nothing else would happen with it until after the holidays. Last weekend we noticed a woman walking around the empty property, and questioned her. She stated that she was a real estate agent hired by Fannie Mae to prepare the property as a foreclosure listing. We explained that we already had a pending offer with the original mortgage company (Aurora), and that the earnest money had already been cashed for the short sale offer. She said she didn't know anything about that, and the Aurora had sold the loan to Fannie Mae. She also told us we would probably have to start the process all over again. Is this even legal? Can a mortgage company sell a loan if they have a pending offer on the property?
