STYLETHREAD -- LET'S TALK SHOP!

how on earth does stuff like that happen? who wasn't doing thier job? i think somebody dropped the ball on this one...it wasn't just the guy selling a house he didn't techinally own anymore who was being stupid. there's got to be a whistle or bell that goes off in computers somewhere when this sort of stuff goes through a bank. anyway...is there anyway you can actually buy the house at the sheriff's sale? maybe you can still buy the house but for lots less than you were planning? maybe?

i hope everything will be okay.

okay...so i just reread your post...how on earth is the guy allowed to live there until june? not that i think that he should be homeless tomorrow, but doesn't that seem so far way? dude, it seems like the bank who owns the house now or whoever would be more interested in selling the house as fast as possible...to you! perhaps i just know nothing about how this all works, but i just don't get why you can't buy the house, but just pay the bank or go through the sheriff's sale stuff. i mean, wouldn't that save the bank/whoever a lot of time and effort?

-- Edited by relrel at 11:09, 2006-03-02

-- Edited by relrel at 11:14, 2006-03-02

hey girls..

Just stopped in to say thanks for all the comments!

Apparently, when someone puts their house up for sale, they are asked to be honest when filling out all the paperwork. The realtor will also get a copy of the deed to show that the seller does actually OWN the house. BUT the deed doesn't show if the seller has been making payments or if there are any leins on the house. None of that is discovered until the week of settlement when the title company pulls the docs needed for settlement.

I hope you guys are right about finding a better deal! We found a few things that interest us.. and are hoping to go and look at them this weekend.

We are just so turned off by this whole thing.. We dont want to look anymore. We found our house and now they are just saying we cant have it!

We have about another month in our current home. We received a verbal offer last week but havent signed anything yet. So we can request more time here if we absolutely need it.

But we can NOT wait until June for the Sheriffs sale of this house. That is just entirely too long. We are hoping to find something in the next month so that we do not have to unpack our entire house and repack it again.

Oh the stress!

relrel wrote:

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how on earth does stuff like that happen? who wasn't doing thier job? i think somebody dropped the ball on this one...it wasn't just the guy selling a house he didn't techinally own anymore who was being stupid. there's got to be a whistle or bell that goes off in computers somewhere when this sort of stuff goes through a bank. anyway...is there anyway you can actually buy the house at the sheriff's sale? maybe you can still buy the house but for lots less than you were planning? maybe? i hope everything will be okay. okay...so i just reread your post...how on earth is the guy allowed to live there until june? not that i think that he should be homeless tomorrow, but doesn't that seem so far way? dude, it seems like the bank who owns the house now or whoever would be more interested in selling the house as fast as possible...to you! perhaps i just know nothing about how this all works, but i just don't get why you can't buy the house, but just pay the bank or go through the sheriff's sale stuff. i mean, wouldn't that save the bank/whoever a lot of time and effort? -- Edited by relrel at 11:09, 2006-03-02 -- Edited by relrel at 11:14, 2006-03-02

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hey rel,

If the bank were to sell the house to us.. There is no guarantee that the bank will get the other 100K that these people owe. I think they want to hang on to the house as security that the sellers will pay or will agree to pay the remaining balance. Basically, if they sell it to us, the seller is free and clear but the bank is still out a bunch of other money that the seller should be paying them back.

So, if we were willing to pay twice what the house is actually worth - then they would sell to us right away. But obviously we arent doing that!! and the seller doesn't have anything else to give. As far as I understand, the bank is just trying to protect themselves from getting screwed.

I'm so sorry this is happening to you.  Maybe in the long run you will get something even better.