So we found a house that we like and put an offer for it. The seller accepted our offer and signed the contract (a regular transaction). Now, three days before the closing day we find out the house is a short sale. We have paid for the house inspection and appraisal already and have waited on the house for 45 days. Based on the contract if the seller or buyer defaults, the default party is liable for all the damages (We are ready to close on the closing day). I want to get this property. I wanted to know what is the best course of action and how long would a short sale transaction take to complete and if I do decide to take them to court and sue them for damages, then what things can I sue them for? Also, in the time leading to the closing day, the listing agent was never cooperating with my agent by not answering my agents calls and email until my agent called his broker.
1 Answer from Attorneys
If the seller's lender for this property has already approved this short sale, the
purchase transaction probably shouldn/t take any longer than what would likely be required for a regular sale in that particular area (in my opinion)..However if such is not the case and the seller has not received such approval from the lender, then all bets are off, so to speak, and there's likely no way to predict what kind of delay(s) might occur in the situation described (in my opinion).
As for a lawsuit for your damages resulting from the seller's possible breach
of the purchase contract, you should consult with a local attorney in the area who handles litigation involving real estate contract matters.
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