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I just had to put this out to see if anyone has had a similar situation. 

 

I had an REO property that contracted on a cash deal at full price, closing was delayed because of a title issue. This is very common in Florida and usually means a city lein was missed and can be fixed fairly quick, this one however was a $32,000 judgement that appears to have been missed during the original foreclosure, I think because it was a civil case in process against the original owner (10 acre parcell used as a trucking company) it was not final at the time of foreclosure but still attached to the property after the case was final.

 

The bank decided not to settle..... but re-foreclose and wipe out the judgement (could take 3-4 months). my question is; since the deal was busted and the bank pulled it from the asset company who in turn pulled it from me, is it likely the property will go back to the asset co. and the original listing agent?

 

I would like to think that it would come back to me and the buyer is still willing to go forward with the contract...for what it was. conversations with the asset mgr is that could.... but is not a guarantee.

 

Has anyone had this happen that would care to share the outcome? I would appreciate the input as this is a first for me.

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I've faced similar situations and there is no guarantee it will go back to the original listing broker. The only thing you can do is follow up and if possible contact the actual bank. In similar situations the buyers were able to stay in the deal because they threatened to sue the bank. It is not possible to go into details in a public forum like this.

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