Posted on: 27th Jan, 2010 07:06 pm
we were buying a house directly from the owners for almost 5 yrs then out of the blue called and told us that the house was sold to bank now the bank wants to have an appraisal done to determine value of home. is that necessary and would that affect our mortgage amount?[/center]
Hi Guest,
"we were buying a house directly from the owners for almost 5 yrs then out of the blue called and told us that the house was sold to bank now the bank wants to have an appraisal done to determine value of home."
I'm not sure why the house was sold to the bank. Did you have any kind of agreement with the seller of the house? If there was a legally valid agreement between you and the seller, how could he sell it to the bank? It would be a violation of the agreement. Did the seller default on any existing mortgage, as a result of which the lender foreclosed on the property?
"we were buying a house directly from the owners for almost 5 yrs then out of the blue called and told us that the house was sold to bank now the bank wants to have an appraisal done to determine value of home."
I'm not sure why the house was sold to the bank. Did you have any kind of agreement with the seller of the house? If there was a legally valid agreement between you and the seller, how could he sell it to the bank? It would be a violation of the agreement. Did the seller default on any existing mortgage, as a result of which the lender foreclosed on the property?
we signed the contract with the owners thru a lawyer and they said they owed about $5000. we pay yearly 2712 on the house they didn't state why they sold it they just called and told us and that the original mo. pmts would stay the same along with the mortgage amt. we are still waiting to sign papers with the bank.
it sure seems to me that the previous owners didn't just "sell" the home to their bank, but that it was probably foreclosed and that's how the bank came to own it. if your deal still stands, even though the bank is now the owner, then you'll simply have to comply with the terms until such time as it's paid in full and you can take ownership and possession.
