Can I close on an approved short sale without the seller’s cooperating?
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Can I close on an approved short sale without the seller’s cooperating?
I have signed short sale contract for property. The lender approved the short sale last month. I had an inspection and appraisal done shortly after loan approval. Today I hear from my agent that the sellers refuse to sign real estate disclosure documents. Reason unknown. I don’t know what to do neither my agent. I have already invested $1,000. What should I do?
Asked on October 5, 2011 under Real Estate Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Has the seller signed a contract for sale? You indicate that the seller has...if so, you can bring a lawsuit to force him or her to carry through on the contract (which is called seeking "specific performance" of the contract). Contracts are enforceable; if there is a signed contract, the other side may only avoid performance if 1) there is some reason under the contract to not perform (e.g. the deal had to close by Sept. 30 in the contract, but you didn't get everything taken care of until Oct. 2); 2) the contract becomes impossible for some reason (e.g. the seller discovers he or she does not have good title; or the home is foreclosed on; or there's some court order preventing the sale); or 3) there was some significant fraud, misrepresenation, or mistake in forming the contract. Otherwise, a signed contract should be enforceable...you should consult with a real estate attorney about this. Good luck.
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