Philadelphia Weekly

REAL ESTATE

Cancel sale if home is headed for foreclosure?

REThink Real Estate

By Inman News Feed

Add Comment | Comments: 0 | Posted Apr. 5, 2012

Check with your mortgage broker and the attorney to see how certain they are the transaction could actually close on time. Given that you've come this far on this property, I would avoid jumping to the conclusion that your attorney's comment means you should undo the deal unless and until you receive information to the effect that the seller's mortgage delinquency will change the timeline or the price you've already agreed to.

If or when you do receive such information, though, that's an entirely different story, and you should aggressively consult with your real estate agent and your attorney about how you should proceed in terms of canceling the transaction.

Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions." Tara is also the Consumer Ambassador and Educator for real estate listings search site Trulia.com. Ask her a real estate question online or visit her website, www.rethinkrealestate.com.