Im just about at my end and decided to do a little research since Im not getting answers from the sellers agent or my agent
Quick readers digest of what has transpired, we are the prospective buyers of a short sale in the Dallas area
Looked at the house in early MAY, house price had been recently reduced and had mutiple offers, we made a over asking offer on a friday, monday we learned sellers accepted our offer and that the home was in fact a short sale
After much discussion between myself and my wife we decided to go for it, there is a shortage of houses with the ammenities and size we are looking for and this one fit every need, there is also a vacant lot behind it that we immediately got on contract contingent on the purchase of the home in front, this will work out great, we will have twice the land at an acceptable price
By late June there had been no news on the house, no acceptance, nothing so we began to complain to the agents and got what we thought was good news, the bank was still reviewing the paperwork but we should have the approval shortly, we in the mean time turned down multiple offers on our house due to them wanting to move much quicker than we could move out.
In late July we got bad news, the house has not only two mortgages, the primary being BOA and a secondary from fidelity to finance the pool in the back yard but also an IRS tax lien for 40k, the title company was forethcoming and provided our agent with that info, they immediately contacted the irs and got a settlement verbaly approved but it was determined that the irs stuff couldnt be settled on paper until the bank had accepted our offer.
The first week of August I had finally had my fill and began looking at houses again, after three days of not seeing anything close to what I wanted I told my agent to tell the selling agent if we can not move this along we will be canceling the contract, the agents response was that if we backed out the house would most likely foreclose please stay in the deal, again I said I dont care, move it along or Im out
We were copied on a reply from bank of america promising the letter by late that week, being august 3rd
Again, no letter, just more promises
We recieved a email again yesterday saying it would be by the first few days of next week (august 13-14ish)
We were also informed that the sellers have moved out this past week, so the house is vacant and they are offering a residential lease agreement in the amount of $0 a month for us to take possession, I stipulated that I wanted that if they moved out so I could make sure the pool was maintained and house was not allowed to deteriorate during a period of being vacant, we do not plan on moving anything into the house, just keep utilities on, pool clean and possibly have the house make readied for our move in when we get a closing date
Here are my questions
what are the chances of us actually getting a letter at this point? How long from the time I get the letter to an actual closing date? How long will it take to clear the IRS stuff? My insurance company said that their insurance will cover structure as long as we do not move in and stay there more than we stay at home, is this correct?
We have yet to do a property inspection, survey or anything but with the age of the home Im doubting any real issues will arrise from those
any questions on what I have described feel free to ask and Ill answer to the best of my knowledge