Hi,
So I was in the middle of purchasing a house , a lot of back and forth at the beginning in terms of agreeing with the seller, about the price and closing arrangements, very tough guy to deal with... fast forward... offer was approved ... sent everything to the lender and two weeks before closing I get a call from my attorney that he house went into foreclosure, that's no all, but that the seller had filed bankruptcy back in June and did not included the house as part of his assest (he was a loan officer and have sevaral other houses)...so he basically has not permission to sell the house .... now, according to my lender and lawyer will have to wait for an ok from BK 13 approval to sell the house, and that's is not 100% sure. That process my take 6 to 8 weeks.
I'm so frustrated ... I had everything all packed, I gave my landlord the notice that I was moving and I'm now homeless, literally with a house full of boxes not knowing what to do. What should I do ???
So my realtor wants me to be patient and save the deal and this is the letter that she wants to send to the seller:
I have a request to try and save this deal, I know my client is very interested on saving the deal but she is currently homeless currently paying storage unit, as she had vacate her apartment, her daughter has no school because she was suppose to start but now she doesn't know what to do, so with this I am asking the following either
A. extension of closing as we have commitment letter ( Chris please send it to Richard)
B. My client has the right to continue to search while we wait for BK 13 approval for home sale without placing her escrow in any risk
C. If seller does not obtain required documentation to sell said property he will then have to give my client an extra $4000 for the time and expenses which she has inquired through this time.
D. If he is not willing to do C then we can try and reduce purchase price to an amount my client request which they can come into agreement.
What to do you think? This is such a mess
Any help will be appreciated.
Thanks
Luz
So I was in the middle of purchasing a house , a lot of back and forth at the beginning in terms of agreeing with the seller, about the price and closing arrangements, very tough guy to deal with... fast forward... offer was approved ... sent everything to the lender and two weeks before closing I get a call from my attorney that he house went into foreclosure, that's no all, but that the seller had filed bankruptcy back in June and did not included the house as part of his assest (he was a loan officer and have sevaral other houses)...so he basically has not permission to sell the house .... now, according to my lender and lawyer will have to wait for an ok from BK 13 approval to sell the house, and that's is not 100% sure. That process my take 6 to 8 weeks.
I'm so frustrated ... I had everything all packed, I gave my landlord the notice that I was moving and I'm now homeless, literally with a house full of boxes not knowing what to do. What should I do ???
So my realtor wants me to be patient and save the deal and this is the letter that she wants to send to the seller:
I have a request to try and save this deal, I know my client is very interested on saving the deal but she is currently homeless currently paying storage unit, as she had vacate her apartment, her daughter has no school because she was suppose to start but now she doesn't know what to do, so with this I am asking the following either
A. extension of closing as we have commitment letter ( Chris please send it to Richard)
B. My client has the right to continue to search while we wait for BK 13 approval for home sale without placing her escrow in any risk
C. If seller does not obtain required documentation to sell said property he will then have to give my client an extra $4000 for the time and expenses which she has inquired through this time.
D. If he is not willing to do C then we can try and reduce purchase price to an amount my client request which they can come into agreement.
What to do you think? This is such a mess
Any help will be appreciated.
Thanks
Luz
