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Foreclosure Forum |
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Sellers unable to close
We are purchasing our friends home. They purchased a new home over a year ago. The home we are buying has been empty the entire time. We decided to buy the home. Sold our home, made an offer on my friends home which is about $9,000 under their pay off of the 1st and 2nd. Had the home appraised and our offer is in the Market Value of the home. If they sold via a Realtor they still would have been short the $9,000 after realtor commissions. The home we sold closed in May. We moved in our friends home in May. Our friends have not been able to make the Mortgage payments since Feb. by the time we moved in, the home was in default. No problem we were to close by the end of May. Our friends planned on getting a loan to pay off the balance to the 2nd and to cover their closing cost. Well no go. They had hit a patch of bad luck with their business and health and with the mortgage in default not able to obtain a loan. Our friends have never asked for rent from us since it was a matter of time to get the money to close. Still no money, no closing on the deal. Our friends are now in the process of getting the 2nd mortgage lien to be transferred to their current property. It takes the better part of 30 working days to complete (according the the bank). In the meantime last week a Notice of Trustee Sale has been delivered to us. The auction date is set for Nov. 21, 2003. It appears that we will close on Sept. 1st according to escrow (they've been in contact with the 2nd mortgage holder who is doing the transfer). Which will be long before the auction. Follow Ups:
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