I have a first time buyer who wants to close before the end of tax season to get his first time buyer credit. We had an offer on a home which had a bad inspection and they decided to move on. No problem - so many choices - or so you would think. So, I have a buyer with a very high credit score, pre-approved with down payment & closing costs who has found another home he really wants. This should be a Realtor's dream come true in this Buyer's market. So, what's the problem. . .
After moving on from the previous home, they found one they liked even better, in a neighborhood they like and across from a park. The home is perfect and both husband and wife like it, within their price range and they are ready to show their parents. It was a short sale when we viewed it and within a week I am making an appointment for our second showing. The agent says he lost the listing and it is now in the foreclosure process--notice of sheriff's sale. We drive by to get the name of the new agent to give him a call. We ran into the neighbor who knows the sellers (they had moved on and home has been vacant). He said they are giving it back to the bank "deed in lieu". This made more sense since Michigan has a six month redemption and the original agent could continue to pursue a "short sale". I get the name of the new listing agent and give him a call.
He says he knows about the "deed in lieu" and told the asset manager and they told him to just watch it and he can't list it and they don't want a BPO (Broker Price Opinion). I had this scenerio once where the bank told an owner to list is for a short sale prior to accepting it as deed in lieu and then refused to take it after the sellers had complied with all they asked. The previous agent assured me that the sellers said they did sign it over to the bank. So, here we are in limbo. My buyers are prepared to close ASAP and love the home, the banks could have this off their books, it would be occupied and not vacant and we could take one more home off and oversaturated market.
Frustrating to say the least - what will it take?
Royal Oak Michigan Realtor selling Real Estate in Southeastern Michigan. TishHouse sells Houses - selling Oakland County Real Estate with RE/MAX Showcase Homes in Birmingham, Michigan. Helping People in a challenging market by specializing in Short Sales. See what my clients have to say about my extraordinary customer service. Follow me on Twitter.
Comments(5)