Posted on: 28th Jul, 2012 09:03 am
Hello,
I have had a contract for over a year pertaining to the short sale of my home.
Uppon signing of the contract my home appraised for $129,000 and I owed the bank $153,000.
A year has passed with a secured buyer willing to purchase the home but the bank never released the home for a short sale "sell".
Now, my house appraised for $225,000 and the bank wants to start the short sale process over again with the new appraisel in mind and ask the full amount that is owed.
Can I cancel the short sale process at this point, list my home with another realter and sell my home independently?
This will enable me to pay the bank in full, not have a short sale on my record and still be able to put some money into a collage tuition fund for my son.
Walt
I have had a contract for over a year pertaining to the short sale of my home.
Uppon signing of the contract my home appraised for $129,000 and I owed the bank $153,000.
A year has passed with a secured buyer willing to purchase the home but the bank never released the home for a short sale "sell".
Now, my house appraised for $225,000 and the bank wants to start the short sale process over again with the new appraisel in mind and ask the full amount that is owed.
Can I cancel the short sale process at this point, list my home with another realter and sell my home independently?
This will enable me to pay the bank in full, not have a short sale on my record and still be able to put some money into a collage tuition fund for my son.
Walt
Hi inthewind99glide,
As you owe money to the lender, I don't think he will allow you to list your home with some other realtor. Moreover, if you cancel the deal, there are chances that the lender will go for a foreclosure immediately to recover his dues in full.
Thanks
As you owe money to the lender, I don't think he will allow you to list your home with some other realtor. Moreover, if you cancel the deal, there are chances that the lender will go for a foreclosure immediately to recover his dues in full.
Thanks
Hi inthewind99glide!
Welcome to forums!
You can contact a real estate attorney and take his opinion in this regard. He will let you know whether or not you will be able to list the property with some other realtor.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can contact a real estate attorney and take his opinion in this regard. He will let you know whether or not you will be able to list the property with some other realtor.
Feel free to ask if you've further queries.
Sussane