What is the next step i should take in regards to closing on a short sale..?

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What is the next step i should take in regards to closing on a short sale..?

My family attempted to purchase a short sale home that was a fixer upper. Our realtor kept contact with our mortgage company and told us if we wanted the house to pass inspection we would have to put some work into cleaning/fixing it up. We’ve not invested time and money (6 months) into this home and our realtor now says that he and the realtor he was working with have given up on the sale and that the home is now going to go into foreclosure.

Asked on May 12, 2009 under Real Estate Law, Vermont

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

Hmm. Well, either you need to sue to get your money back or if you truly want the house, you need to do a couple of things:

1. File a consumer complaint against the mortgage company and the two realtors: for the mortgage company, it would be the Vermont Dept of Banking, Insurance, Securites (http://www.bishca.state.vt.us/).  For the realtors, it would be Vermont Real Estate Commission.

2. Think about consulting with a real estate attorney in your state (try www.attorneypages). 

3. Try contacting your governor's office or local councilperson or alderman's office or state congressman or senator.  Sometimes this will be a sufficient push.  Explain that what the realtors did (especially the one representing you) violates all sorts of ethics violations.


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