Those are the words I used this morning to explain my frustrations to our real estate agent and mortgage broker concerning the latest bit of news with the house.
Today is Feb 4. On Feb 2, we received what was called an "approval letter" from Suntrust. Relief and elation was quickly followed by a quick "wait a second..." upon reading the document. (Yes, more extreme highs and lows...and one right after the other.) There is a piece of it that is highlighted by arrows and stars that reads:
"...the approval is subject to the acceptance of short sale by the Bankruptcy Trustee or evidence of bankruptcy discharge."
The sellers declared bankruptcy in October - 3 months into this process - and it slowed things to a crawl. I thought things were picking back up and things were moving along recently, but I'm not so sure anymore. Again.
So back to why my head may explode. I asked our real estate agent what that verbiage in the letter means, and he said it means the circuit court still has to release the house from the sellers' bankruptcy proceedings. He just found out about that part of this yesterday. In the meantime, we just paid for an appraisal on a house that's still stuck in bankruptcy court. Nice, huh? I have no knowledge of the way things work in the bankruptcy process, but I've learned a lot about the short sale process...and it seems to me that the appraisal on a house that's still under bankruptcy litigation could play against us. What happens in bankruptcy court if they find out the actual value of the house (especially in this down market)?
Today, I am calling a real estate attorney to get some questions answered. Yes, I think my head may explode.
No comments:
Post a Comment