Short Sale Seller didn't come to the closing - Illinois

[Rahul D.]

Hello Everyone,

I had an approved short-sale and the closing was last Thursday (6/29). Apparently, the seller did not show up at the closing title company and stopped answering his Attorney and his Realtor's calls that day. Seller's Attorney eventually got back to us and said that the seller is saying that he has changed his mind about the sale. What is really surprising me is that I met the seller about 3 weeks back, when I had to go to his house to get an Addendum signed by him, approving the sale at the appraised value instead of the actual purchase price; at that time he had not shown any signs of not moving forward with the sale, and had signed the new purchase price Addendum without any issues. 

Subject property is located in DuPage County, Illinois, and I'm still very interested in acquiring it. I've talked to my Attorney about this, but he doesn't seem very helpful because it's not his expertise and he cannot take this case any further. Having said that, I'm seeking advise from someone here who's either a Short sale Attorney or has experienced dealing with similar situation. Thanks in advance for your advise and cooperation. 

Best,

Rahul.

[Mike Cumbie]

Hi @Rahul D.,

Sorry to hear about your issue. For the most part I will agree with the others. Some people just want to stall as long as possible and remain in their house. Once they have missed a few payments they can hold off a foreclosure by going through a short sale. So they buy the extra time it takes to show it, market it and it gets them some extra months. Once you get to the day before closing, stop all communication and stay in the house. The bank then restarts the foreclosure process and an extra 6 months pass rent free. I would bet that in a few months when the foreclosure is imminent you will be getting a call from him: "I wanted to know if you were still interested....."

You may be able to try a small claims deal for the money you spent on due diligence, but it sounds like a blood - stone analogy. You will never collect even if you win.

Good Luck!