Not sure the best way forward on this. Had listed my two rental properties with a realtor for short sale (to avoid having to file BK). After doing much research decided this was not best route for us. Recently told realtor wanted to cancel listing on one, she was okay with that. The other has an agreed upon contract, at a 40k loss. It is supposed to close at end of April. Nothing has been done to move this forward. I did the SS app online (CitiMortgage), faxed pay stubs. That's it. Am worried about cooperating with bank, supplying all the financial info they want, don't want to give them ammunition I don't realize I have.
I want to cancel the contract, but know that is going to open me up for a lawsuit. I know, I am filing Bk, but I was told they could wait to bring suit for up to 15 years. Can I just list them as potential creditors, or do I have to wait for them to bring suit? I can't wait very long, and she knows we are planning on filing bk. It seems I could just wait out this contract, surely I can't be the one person in America to get a 40k loss short sale thru on the first go round. Once the closing date has come and gone, I could then refuse to renegotiate, and be off the hook, right? Then cancel the listing agreement? Or by not supplying the info to bank in a timely manner am I, I don't know, obstructing the sale?
I told her I wanted to cancel the short sale. Says she needs to talk to her broker about what they are going to do (like bring suit for breach of contract). Understands my situation, says they are their to look out for my best interest. THEN she says "what if I could get a cash buyer to pay your payoff and our commission?" What? What? How can she possibly be wanting to sue me on one hand if I cancel contract for SS, then say it will be okay if I let her sell to a cash buyer for full price. Actually way over full price, cause she listed it about 13k under what we owe to begin with. What is going on? I am so confused! It sounded like she had a buyer waiting in the wings willing to pay $40k more than the house is worth. Any one else have a clue what is going on?
I guess I need to speak to a real estate attorney, probably in another town (this is a large local family agency with real estate attorneys in the family).
I want to cancel the contract, but know that is going to open me up for a lawsuit. I know, I am filing Bk, but I was told they could wait to bring suit for up to 15 years. Can I just list them as potential creditors, or do I have to wait for them to bring suit? I can't wait very long, and she knows we are planning on filing bk. It seems I could just wait out this contract, surely I can't be the one person in America to get a 40k loss short sale thru on the first go round. Once the closing date has come and gone, I could then refuse to renegotiate, and be off the hook, right? Then cancel the listing agreement? Or by not supplying the info to bank in a timely manner am I, I don't know, obstructing the sale?
I told her I wanted to cancel the short sale. Says she needs to talk to her broker about what they are going to do (like bring suit for breach of contract). Understands my situation, says they are their to look out for my best interest. THEN she says "what if I could get a cash buyer to pay your payoff and our commission?" What? What? How can she possibly be wanting to sue me on one hand if I cancel contract for SS, then say it will be okay if I let her sell to a cash buyer for full price. Actually way over full price, cause she listed it about 13k under what we owe to begin with. What is going on? I am so confused! It sounded like she had a buyer waiting in the wings willing to pay $40k more than the house is worth. Any one else have a clue what is going on?
I guess I need to speak to a real estate attorney, probably in another town (this is a large local family agency with real estate attorneys in the family).
not worth anyone's time or effort.
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