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purchasing a short sale

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Icon Mini Profile tltgrneyes





Joined: 19 Jul 2010

Posts: 1

1.00 Dollars($)
Post Posted: Mon Jul 19, 2010 11:15 pm    Post subject: purchasing a short sale
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what rights do a prospective buyer for a short sale purchase have and what can you do if you were in escrow for a short sale and the lending company went out of buisness and they had to transfer your file to another lender which you had to start the whole process all over again. They went up in price which you agreed on but still not approved yet and its been 12months. I was just wondering since it was a transfer do I have any rights. I know that by doing a short sale they dont have to approve it but since it was a transfer do I have any rights.
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10030
Location: Alaska
919.49 Dollars($)
Post Posted: Mon Jul 19, 2010 11:36 pm    Post subject:
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Hi tltgrneyes!

Welcome to forums!

What kind of rights are you speaking about? As far as I can understand, you haven't purchased the property till now. The lending company is sorting out the deal in order to sell it off to you and has also increased the payments. Unless you buy the property, you won't have any rights to it.

Feel free to ask if you've further queries.

Sussane
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