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04-16-2003, 12:27 PM
| | | | seller are facing foreclosure
What is the name of your state? Tennessee I have a contract on a home and the sellers agent contacted me and said I must close on the home in 12 days because the sellers bank wants to foreclose. Can they do that? |
04-16-2003, 12:43 PM
| | Senior Member | | Join Date: Feb 2003 Location: Oregon
Posts: 1,687
| | | Re: seller are facing foreclosure
Quote: Originally posted by monica1231
What is the name of your state? Tennessee I have a contract on a home and the sellers agent contacted me and said I must close on the home in 12 days because the sellers bank wants to foreclose. Can they do that? |
***Of course! But does the seller's bank know there is a sale pending?***
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04-16-2003, 01:02 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | | Writer, contact the lender and negotiate with them. The lender will want to see a written loan commitment from you to be sure your deal is solid. |
04-16-2003, 01:18 PM
| | | | The sellers bank does know that we are pending. |
04-16-2003, 01:46 PM
| | Senior Member | | Join Date: Feb 2003 Location: Oregon
Posts: 1,687
| | Quote: Originally posted by monica1231
The sellers bank does know that we are pending. |
The realtors should be negotiating with the bank to extend the transaction. It can be done, it just depends on what the bank requires.
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04-16-2003, 02:39 PM
| | | | My lender has contacted them to ask for an extention,after all it is due to the fact that the home needs erpairs before we can close. |
04-16-2003, 02:47 PM
| | Senior Member | | Join Date: Feb 2003 Location: Oregon
Posts: 1,687
| | Quote: Originally posted by monica1231
My lender has contacted them to ask for an extention,after all it is due to the fact that the home needs erpairs before we can close. |
**Ok but just so you know, the seller's bank may require someone to pay their per diem to get the extension. The seller's bank doesn't want the house, they want their money and since the seller is in default, his interest is accruing on a daily basis***
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Many receive advice, few profit by it......Publilius Syrus |
04-18-2003, 02:29 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | | Writer, what is the status? |
04-18-2003, 10:17 AM
| | | | We have been granted an extension but have come to beleive it was all a scare tactic to hurry up and close the deal. After we stated that we were going to pull out on the deal if no extension was given they agreed to one.Thanks for the advice. |
04-18-2003, 10:31 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote: Originally posted by monica1231
We have been granted an extension but have come to beleive it was all a scare tactic to hurry up and close the deal. After we stated that we were going to pull out on the deal if no extension was given they agreed to one.Thanks for the advice. | **A: make sure you get something in writing from the lender. | |
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