I have an un-ratified contract to purchase a home at a too good to be true price. My agent told me that the listing agent said the sellers agree to the terms, and would sign by the end of the week, but that the seller need to negotiate with the bank because they owe more on the property than the selling price. The listing status has been changed to under contract. From what Iíve read this is a short sale, but my agent tells me itís not a short sale and doesn't expect it to be. Is there any way for the seller to make an agreement with the bank to pay less and ratify the contract without this becoming a short sale?
Furthermore, the sole owner died in December 2012. Her name is listed on the contract we submitted as the seller (no trust), and according to the tax records she is the only owner. Is that going to be a problem? Iíve been told her sons are handling the sale, but their names have not been mentioned yet.