Legal Question in Real Estate Law in Ohio

House Sale

We have signed paperwork from the seller of a house we are wanting to buy. We close in one week (May 9th). Seller now says that house is going to short sale. How can this happen if we have signed paperwork?


Asked on 5/03/08, 11:26 am

1 Answer from Attorneys
Robert Rosplock Rosplock & Perez

Re: House Sale

If the mortgage holder will not be paid in full as a result of your contract, it has no obligation to release its mortgage, effectively stopping your purchase. A short sale means the lender is being asked to accept less than what is owed and allow a sale to proceed. It is possible your contract is the "short sale". You need to find out.

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Answered on 5/05/08, 8:19 am


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