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AlexMir
2013 Apr 4, 9:40am
Thanks for the respond. Not sure if it's the "better offer" case. I am told the reason for signing a new purchase agreement is because the services company has changed and I should offer a lower price. Listing agent says I am still listed as the 1st buyer, and that both offers are at the same price. I am told the reason for two offers is just to ensure that if for some reason I couldn't get the loan, they can go with the other offer right a way. Does this all makes sense? Just wondering if this is how things are done.
Today I hear that the bank has sold the original loan to RCS (with bad rep from what I read online).
Is this "RCS"?
http://www.consumeraffairs.com/finance/residential_credit_solutions.html
LOL, that reads like everything is dandy in the real estate market! ;)
EastCoastBubbleBoy
2013 Apr 4, 1:41pm
My advice would depend on whether or not RCS was simply sold the servicing rights, or of the mortgage itself has been sold to them.
If they have been sold the servicing rights only, then I would expect BOTH they and the lender who is looking to foreclose on the current occupant would need to approve the short sale. IANAL, but resubmitting the purchase offer to the servicer doesn't make sense - at least not to me. They simply collect the payments (which in this case are no-existent, since the current owner is not paying) they don't own the note.
If RCS now holds the note, then my advice would be you and/or your agent deal directly with them.
Four months seems like a lifetime, but it is not all that long - short sales in my neck of the woods can take six months or more.
Worst case, you could follow the process - if it does go to foreclosure (be mindful of when the auction would be) you may be able to buy it direct at the courthouse steps or - if it reverts to the lender, negotiate with them directly thereafter... but that's a LONG process.
Good luck.
P.S. - If you have a good real estate attorney - (s)he could shed some light on this.
Hello All, this is my first posting here. Been waiting for 4 months for bank’s approval for this shortsale. Today I hear that the bank has sold the original loan to RCS (with bad rep from what I read online). The listing agent wants me to sign another purchase agreement with a lower price, telling me that now there two offers are being sent. Is this right? Doesn’t sound right to me. What if the other offer is higher and I lose the house we like and been waiting for so long? Any hint on how I should respond – go forward without losing on the house? Thanks in advanced.