I entered into contract with the seller at the beginning of March. Since March, we have signed 3 extensions for the closing but there has been no communication from the sellers agent that anything was missing, needed, etc. Just they are working on it. BPO was finally ordered in June and we were told everything was in equator and it had been escalated to speed the process along but should be very soon that we should get the approval. In July the final foreclosure hearing went through and the auction was set for Aug. 5th. The auction was postponed (we were told pending the short sale) and a new extension for the closing was signed. A week ago Thurs. we heard from the selling agent that it now says "no longer accepting offers" but the selling agent and my agent did not know what that meant? The selling agent was going to call a week ago Friday and get back to us. Our contract was due to be up yesterday although I did sign another extension, but have not heard anything from the selling agent. My agent has tried several times to contact her. To top it off, I drove by the house today and it looks like new people living there? Could they have sold to someone else? Can they legally do that? And does anyone know what the message in equator means? Sorry for all the questions, but just hoping for some answers that I'm just not getting. Would appreciate any advice :) Thanks
Heather-There is really no way for anyone here to give you specific answers on your transaction since we don't have access to your file. Generally, short sales are extremely complex and there are so many variables that could be impacting your transaction. The Equator message may just mean your offer is under consideration. Each servicer customizes Equator to their internal process so that message could mean different things. It could even mean something different depending on who is processing the file at Wells. You may be able to find the property on Equator doing a property search and that may have more information. As for new people in the property, perhaps the seller has relatives living in the property since they had to move and didn't want to leave it vacant or it may have been sold at auction and now the new owners are living there. Your agent should be able to check the tax record to see if a change in ownership has occurred. I wish you success in finding out what is going on.
Thank you for the reply. This whole short sale has been a horror show. Finally got word from the selling agent that it was a dead deal. It took my agent going to her boss to find out what happened, after waiting for 6 months, to find out that no one notified the bank that the foreclosure auction was postponed until Oct. to allow for the short sale to go through, so the bank just closed the whole file. The selling agent has now contacted customer service and is trying to reopen the file. Only news I've heard thus far is that they requested new pay stubs from the seller but that was 2 weeks ago. Back to the waiting game. Wish I could find something else I like within my price range but for now I guess it's the wait and see.