Profile picture for Maxipooh69

I am having a minor fit and want to know if it justified. I have an offer in on a short sale. Yes,

  • July 30 2012 - Chicago
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Answers (12)

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Profile picture for VinceMilitoRE
If the listing parties are not responding you are likely dealing with people who aren't well versed in short sales. Even when there is little to report I can update buyers that, "the bank is still reviewing the file". The truth is there is nothing short about a short sale and it's only been about 1 month. If solid pros are on the list side the chances of it getting done are very good. If they are not really experienced enough or, God forbid, the agent is the negotiator with the bank then you can be faced with a long disappointing experience.

When dealing with short sales it's important to work with a qualified buyers agent who will then also qualify the sell side of the deal. Everyone involved matters and is the difference between the deals that get done and the ones that make you never want to try and buy a short sale again. Good luck!

  • July 30 2012
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To all those other buyers like the well formatted questioner MaxiPooh69, you have to expect a decent amount of frustration during a short sale. Enough to make you want to imitate a badgering Donald Trump.

It is definitely true that you need to assure the realtor you are dealing with has short sale experience, especially the seller's agent, and that your buyer's agent knows how to verify this. Without this component, you might as well put your offer in the shredder instead of submitting it. The grinder sound will be more pleasurable than months of zero communication.

However, even if you found yourself a great buyer's agent and a reputable listing agent, there is still a medium chance you will be like those couples who got divorced despite being in love for so many years. It just happens! There are so many variables that area necessary to pull off a successful short sale and many of them are beyond the agent's control.

The banks are the puppetmaster, and despite their obvious shortcomings, and they are probably borderline criminal, would you make it easy for somebody to get out paying you a $100,000 or more, regardless of who their spokesperson was?
  • April 09 2013
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Profile picture for Maxipooh69
Update:  It's been 305 days since starting my short sale.  We finally have a closing date!  Thanks to everyone for their advice and support.  I still say some of the agents involved were not dilligent in their efforts but if there is ever a next time I know what to do......."You're Fired!"
  • April 09 2013
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waiting is normal when it comes to short sales - the BANK is in charge - they take your offer and they  ----wait - and hope for a better one to come along. they wait till they are satassied either with a good offer or till enough time has passed they they realize that they have to just take the highest offer they have on the table.
  • July 31 2012
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Profile picture for howardft
Short sales can be quite frustrating. Talk to your agent to see where you're at in the waiting process. If time takes too long and you're in a hurry and you're not in absolute love with the house, I would recommend looking around at more homes. 
  • July 30 2012
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Profile picture for Ofe Polack
Maxipooh69, it is not up to you do decide what documents you submit with your offe, you must submit whatever documents are requested by the lender.  The HUd is an integral part of the offer, it shows the sellers how much money they will net.  Get yourself a buyer agent who is knowledgeabloe about the short sale process, not all agents are.
  • July 30 2012
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Dear Seller,

  Please do not get upset. Short Sales are long winded. If you are living in the house just go on as usual. The process takes time and the Bank's control it. They often change negotiators and one has to restart the paper work etc. Bank's also ask for incredible amount of information, personal details, bank statemnets, mortgage commitments etc. It is more difficult for the buyer. Accept the offer. Even if it is low, don't worry. The bank will at the conclusion of the deal counter it according to the appraisals they get. It will all work out. Your agent is not to blame.
  • July 30 2012
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You absolutely need to continue to look at property because there is no guarrantee that the deal will be approved. Your agent is just lazy. Just about all short sales are in the foreclosure process. That means nothing.The 'process' can take 2-5 months. Your lazy agent should have asked the other agent BEFORE you wrote the offer how far along has the 'process' proceeded. You can still ask and that can give you some idea as to how mch longer it might take.

  • July 30 2012
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When a bank gets a request for agreement to a short sale, they require a complete "Hardship Package". Every bank has slightly different requirements as to what is in that package but it is usually easy for any experienced agent to access that information.

I have completed numerous short sales. In every case, a HUD-1 was required to be in the package. How else can the bank analyze how great their loss will be?
I

I would hope that you have an agent to represent you who is experienced with short sales. This is an essential in my opinion!
  • July 30 2012
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Profile picture for Matt Laricy
Well this sounds like a lot of short sale deals. If your under contract and you have earnest money in, you are probably tied up for 90days and cant get out. So it wouldnt benefit to look at other places. Now, if your not under for 90days, it may be worth checking out other places.

As to a slick tactic or stall process, its possible. Short sales are a tricky game and I dont see many of them go through. There are a lot of agents that claim they are sure things, but in truth there is no sure thing in a short sale. I see about 25% of them go through.
  • July 30 2012
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Profile picture for Maxipooh69

I put in an offer at the end of June.  It is awaiting bank approval.  I was able to look online and find that the property is in pre-foreclosure.  My realtor has sent the seller's realtor two emails over the last two weeks and have not received any type of response.  I have submitted my paperwork except for the HUD-1 statement (which I don't see why they would need that since the bank has not responded with an acceptance or counter offer) but I did submit a pre-qaulufication (with credit check).  I think it's a slick game being played, stall tactic perhaps?  I can't say for sure since I can't get any information. 

My realtor doesn't think we should look at anymore houses until the 90 day period on the short sale is exhausted.  I just don't know what to do??????

  • July 30 2012
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Profile picture for wetdawgs
Oh dear, we didn't get to benefit from all the details of your fit.   Click on "post reply" to tell us more.
  • July 30 2012
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