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Questions about a short sale through FHA?
4 months ago I put in an offer on a short sale home.
almost 2 months later my offer was approved.
about 2 weeks ago my loan app. was approved and my set closing date was today, the 27th of January.
Just last night I heard that one of the liens on the home wasn't cleared. I heard from the person in charge of titles that they were waiting on that other lien to clear.
I have a few questions.
1. what are my rights as a first time home buyer?
2. is this normal? Shouldn't the liens have cleared after my offer was approved?
3. How much longer will this take? It's already been 4 months.
I'm half packed, I took time off from work. It was supposed to close today. Why am I being dicked around?
2 Answers
- glennLv 71 decade agoFavorite Answer
With a short sale the deal can fall thru at any time- and you probably have no right to sue the person really responsible. Most buyers should avoid short sales at all cost.
The second lien holder needs to agree to some settlement (money) and that would have to come out of someones pocket. If you can wait around then the first lien holder will very likely take care of it- but it may take another month or more.
- golferwhoworksLv 71 decade ago
you have no rights in this at all. Sorry but it may be a lien that should have been released in the past or it may be current. Any lien holder can stop a sale from completion just by saying no. Short sales are the worst
