Zillow Advice: Buying Process - Short Sale Gone Wrong...

A short sale can be an "nightmare" ...

Tue, 07 Jul 2009 02:53:00 GMT

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

I will put a 60 day expiration ...

Tue, 07 Jul 2009 00:54:00 GMT

I will put a 60 day expiration on any offer along with a requirement that no offers be accepted after mine.

Unfortunately you are now ...

Mon, 06 Jul 2009 20:33:00 GMT

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!

As an agent that has worked ...

Mon, 06 Jul 2009 20:01:00 GMT

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.

I am in a short sale transaction ...

Wed, 01 Jul 2009 01:02:00 GMT

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.

Check to see if check has ...

Tue, 23 Jun 2009 17:34:00 GMT

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.

[content removed by moderator for being self promotional]

All you can do for now is ...

Tue, 23 Jun 2009 17:25:00 GMT

All you can do for now is wait and try to be patient.

short sales require patience... ...

Tue, 23 Jun 2009 15:54:00 GMT

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!

Great! I hope it works ...

Tue, 23 Jun 2009 15:48:00 GMT

Great! I hope it works out for you! Good luck!

It takes the bank 15-30 days ...

Tue, 23 Jun 2009 15:48:00 GMT

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.