So for those that don't remember, about 4 months ago I posted that I put in an offer (and it was accepted) on a house. Now this was not just any house, it was a top of the line house (in 1966). It had thick red shag carpet (that was fairly well kept) and Red and gold wallpaper. Huge house, lots of potential, low price.
Things went down hill after that. Turns out the "owner" of the house was (and still is to my knowledge) in a coma. His girlfriend had power of attorney, but she was fairly inaccessible. After our real estate agent walked them through what they need to do to let the bank know there was an offer on the house, turned out they couldn't approach the bank because they didn't have that particular paper signed and the girlfriend was on a beach in Mexico somewhere and was wholly unreachable.
We continued to follow up about twice weekly to see if any progress had been made (dude came out of the coma, girl returned a phone call or fax, Etc.).
Today my agent informed me that the bank has foreclosed on the property and they are selling it at auction in April... Nothing more we can do unless we want to go bid on the house and can have the cash for it 24hrs afterwords (not likely).
Bugger
Things went down hill after that. Turns out the "owner" of the house was (and still is to my knowledge) in a coma. His girlfriend had power of attorney, but she was fairly inaccessible. After our real estate agent walked them through what they need to do to let the bank know there was an offer on the house, turned out they couldn't approach the bank because they didn't have that particular paper signed and the girlfriend was on a beach in Mexico somewhere and was wholly unreachable.
We continued to follow up about twice weekly to see if any progress had been made (dude came out of the coma, girl returned a phone call or fax, Etc.).
Today my agent informed me that the bank has foreclosed on the property and they are selling it at auction in April... Nothing more we can do unless we want to go bid on the house and can have the cash for it 24hrs afterwords (not likely).
Bugger
