Comments on: Who’s the seller? Homeowner or bank on a short sale? http://prescott-area-foreclosures.com/wordpress/whos-the-seller-homeowner-or-bank-on-a-short-sale/ Foreclosure, REO, and short sales in Prescott, Prescott Valley, Chino Valley, and Dewey-Humboldt Wed, 25 Apr 2012 16:30:46 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Patrick Schutte, Certified Foreclosure Specialist http://prescott-area-foreclosures.com/wordpress/whos-the-seller-homeowner-or-bank-on-a-short-sale/comment-page-1/#comment-937 Patrick Schutte, Certified Foreclosure Specialist Mon, 13 Dec 2010 13:50:24 +0000 http://prescott-area-foreclosures.com/wordpress/?p=954#comment-937 DeeAnn...what state are you in? In AZ, you cannot sue for specific perfomance on failed real estate deals...the buyer can walk away during the insection period and the seller can cancel the sale at any time it seems with no recourse....sellers get the earnest money as compensation if the buyer pulls out after the inspection period. DeeAnn…what state are you in?

In AZ, you cannot sue for specific perfomance on failed real estate deals…the buyer can walk away during the insection period and the seller can cancel the sale at any time it seems with no recourse….sellers get the earnest money as compensation if the buyer pulls out after the inspection period.

]]> By: DeeAnn Collins http://prescott-area-foreclosures.com/wordpress/whos-the-seller-homeowner-or-bank-on-a-short-sale/comment-page-1/#comment-903 DeeAnn Collins Mon, 13 Dec 2010 05:05:03 +0000 http://prescott-area-foreclosures.com/wordpress/?p=954#comment-903 I just signed an offer on my home ( short sale) with my realtor. When reviewing the documents it stated that we agreed to pay Buyers closing costs up to 3% ( FHA loan), apprasial, and our realtors fees. I am not in general RE however I have sold new homes for over 30 years and a Seller to me is the person on the deed of Trust however my realtor is telling me that it is B of A. and as your letter stated regarding this question the Seller ( lender would need to approve the fees. We requested our realtor to write an addendum to the purchase stating that the lender B of A pay all fees and a forgiveness of debt, well she argued with us and said that the short sale addendum stated that the Seller ( lender) would pay the fees and if they didn't agree we had no deal. I didn't see it her way, I see litigation, that if the Buyer wanted to pursue the transaction if we did not pay closing costs and Realtor Fees they could sue us for specific performance. So, with all this said and reviewing your short sale addendum where does it state the Lender agress to pay the fees? I would really appreciate your reply, DeeAnn Collins I just signed an offer on my home ( short sale) with my realtor. When reviewing the documents it stated that we agreed to pay Buyers closing costs up to 3% ( FHA loan), apprasial, and our realtors fees. I am not in general RE however I have sold new homes for over 30 years and a Seller to me is the person on the deed of Trust however my realtor is telling me that it is B of A. and as your letter stated regarding this question the Seller ( lender would need to approve the fees. We requested our realtor to write an addendum to the purchase stating that the lender B of A pay all fees and a forgiveness of debt, well she argued with us and said that the short sale addendum stated that the Seller ( lender) would pay the fees and if they didn’t agree we had no deal. I didn’t see it her way, I see litigation, that if the Buyer wanted to pursue the transaction if we did not pay closing costs and Realtor Fees they could sue us for specific performance. So, with all this said and reviewing your short sale addendum where does it state the Lender agress to pay the fees?
I would really appreciate your reply,
DeeAnn Collins

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