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Can the short sale terms be countered at any time?

I'm a buyer pending short sale for 6 months and counting.
Seller's agent has not been accurate in her responses.
Seller is still in the home, and has been selling property for last 655 days and counting.
Last status update was 3/22/13 that the deal is in final review (with the 3rd negotiator) and could take 2 weeks for short sale letter.
4/9/13 No letter. Seller's agent said the deal has been sent back to Investor for review, and they could request updated info or NEW TERMS.
At this point I'm not sure what to think. Nothing is for certain.
Could the Investor come back with another counter offer, because of other offers received or because of market changes??
I htought the current terms were agreed upon at this point.
The seller told me he doesnt want to move, could that be why this home has been on the market for 655 days and counting. Can the seller's agent finagle things so that the sellers does not have to move?? The last offer for this house, the buyers fell through.
I've heard recently there are some new programs in place to help sellers buy back their homes...If so thats great! How do I find out if thats the motive, so that I'm not strung along in this process??
As a serious buyer what can I do....Any Advice, please??? 


  • April 11 2013 - North Las Vegas
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Answers (4)

I had a contract signed 10/27/12. Went through negotiations etc. down to the wire until Feb. 7th closing. It happens. They should be called longsales
  • April 11 2013
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My Agent and my Loan officer are on speed dial. Between the 2 of them I of them they give me insight and answer my questions, but recently everyone seems stumped on why the short sale letter is taking so long. We have been in the final stages for over 6 weeks...
The bank is B of A, and there is 1 loan.
My agent has sent me more properties, and I am starting to looking again as of this week...Honestly I dont want to give up on this house, but I dont want to be strung along either. Initially in October 2012 tje agent told us this deal was a sure thing, and that it should close in 60 days. Sadly, thats not the case. THis is my first house, and its definitely a learnig experience!
Thanks a bunch for your response, its greatly appreciated.

  • April 11 2013
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Welcome to the political arena of shortsales. I went through something similar. Luckily ours went through before it had to go through a new investor.  I would think each investor does have their own terms and price because you have to resubmit the entire buyer's packet each time. Have you signed extensions? You have the option to walk when your extensions expire. There could be other properties that you are missing out on because of the shortsale.
  • April 11 2013
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First, Sorry to hear that you have been caught up in the down side of buying a short sale.  And what has your agent been telling you?

The short sale terms are not set in stone until basically closing.  Usually once the 3rd party (Lien holder/bank) agrees to the terms in writing, you are good though.  They have the right to come back and counter what you and the seller agrees to.  That is why the contracts state that all terms are subject to 3rd party approval (or at least it should depending on the customs in your market) 

As for the listing agent - they may be being completely honest with you.  The listing agent does not always control how long it takes for approval and is just relaying what the bank is telling them.  In my experience, banks might not mean to "play games" but that is what it seems cause there are so many people handling the file.  It also really depends on what bank has it, if there is a 1st and a 2nd mortgage, if there is mortgage insurance involved and what kind of loan it was (hence the investors)

The only realistic way I can see for the seller to remain in the house is if they bring their payments current.  I have not heard of a loan that allows them to refinance and keep the house if they are drastically behind. 

Are you still looking at other properties?  Ask your agent what is you "out" with this property.  If you find another property, can you withdraw your offer?  You might be able to. 

Good luck, 
  • April 11 2013
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