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Short Sale Gone Wrong...

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lkayda

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Put an offer on 6/1, seller approved 6/2, the seller REO said lender approved short sale on 6/8.  My REO have been trying to speak with seller REO to get letter from sellers lender,  no answer at the office or cell, what should I do?  All paperwork including deposit sent to lender..HELP
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June 23 - Miami
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David Rios, "davidsells"

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A short sale can be an "nightmare" or a "good deal".
A continuous follow up is the key. In Real Estate verbal agreements are not enforceable. That is Real Estate 101.
Call the bank (everyday) until you get things in writing.
Then try to close ASAP.

Good luck!

davidrios@kw.com
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July 06
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edtilton

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I will put a 60 day expiration on any offer along with a requirement that no offers be accepted after mine.
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July 06
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Samantha Mitchell, "SamanthaRealty28"

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Unfortunately you are now at the bank's mercy of when they will get back to you.  Right now, most banks are overrun with short sales and foreclosures.  The time line for responses can be up to 30 days and sometimes even longer.  One of my buyers is set to close on a short sale contract that we submitted back in March - almost 4 months ago.

Patience is the key for any buyer who submits an offer on a short sale.

Good luck!
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July 06
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Lila Lopez, "llopez9915"

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As an agent that has worked several short sales, I can say that there are mixed results in this process. I have closed short sales, and on other, have had to have a great deal of patience. The key is to stay in contact with all parties involved and ensure that there is constant contact with the lender holding the mortgage.

Good luck with your purchase.
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July 06
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Rachel Sartain, "Rachel Sartain"

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I am in a short sale transaction now that the seller's agent told us that the bank has 'verbally approved' the transaction. However, the buyer should always wait until seeing it in writing before getting their hopes up.
The banks verbal approval may not take into account the seller's agreement for a promisary note or contribution at closing. If the seller is unable to or refuses to do either of the above the deal will not go through and you will not recieve the written approval... you aren't buying the home.

Patience is the best thing for now. No need to spend money on inspections, appriasals, surveys, etc until you know the bank has approved all conditions of the sale.
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June 30
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mark thompson, "sammyy12"

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Check to see if check has been processed see who owns house or name on county record's  find this out at county recorders office and try to contact the owner to  see if they know whats going on. Good luck banks are hard to work with. short sales are bad best to buy a bank repo home. i am a Realtor and I wont do short sales any more to many bad experiences.

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June 23
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sunnyview

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All you can do for now is wait and try to be patient. 
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June 23
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Roberto Ribas, "azrob"

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short sales require patience... lots of patience... then, even more patience!

And, even if both agents plus the seller do everything right, there is no guarantee!

best of luck to you!
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June 23
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Audra McCollum, "audramiami"

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Great!  I hope it works out for you!  Good luck!
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June 23
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Pat Bourgo, "Pat Bourgo"

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It takes the bank 15-30 days to assign somebody at the bank to look at the file.  It takes 3-7 days to scan the documents.  Unless it is a small bank they likely didn't get approval in less than a week.  Find out the bank.  The bank can't verify the information in less than a week.  If your offer neted the bank more than 90% on thier investment it could be possible, but highly doubtfull.
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June 23
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lkayda

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You are correct I meant to say Real Estate Agent, I will follow up with my agent to get them to call the broker.
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June 23
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Audra McCollum, "audramiami"

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lkayda - 

I'm not sure what you mean by your REO and Seller REO?  REO means 'real estate owned'.  It's a term used to denote a property that has been foreclosed on already by a bank.  Not a term used when talking about a short sale.  

A property is sold either as a short sale (pre-foreclosure) or REO (foreclosure).  It looks like you might mean your "Real Estate Agent" and Seller's "Real Estate Agent"?  If this is the case and the Seller's Agent is not responding, your Agent should contact the Seller's Agent's BROKER, or, owner of his/her office to ask for an update.  

As short sales (and the banks who approve them) are notoriously slow, there may be no need to panic quite yet, but they should send you a letter detailing the approval.  Again, ask your agent to contact the other agent's Broker (call the main office number and ask to speak to the managing Broker there) and check to see if the other agent is out of town or what the story is...

Hope this was helpful.  Best of luck to you!

Audra McCollum

Interinvestments Realty, Inc. 

 

  
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June 23
 

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