Reply
Contributor
swimfiend
Posts: 48
Registered: ‎08-19-2012
0

Short Sale Proof Question

Sorry about more of my neurotic short sale questions.

So my broker says that only the listing agent has the power to talk to the bank on behalf of the seller. And that as my agent she can only talk to the listing agent. Is that true?

 

None of this leaves me with any information about what's going on if she never hears from the listing agent. I have a contract with the seler but I don't have any proof that the short sale has even been submitted to the bank. I don't know why an agent would do that but my paranoid mind is going full speed.

 

Is there any other proof that this process is actually happening that I can actually request as the buyer? The one time I emailed the listing agent I got a one sentence answer back. 

 

I have the title report and the biggest loan seems to have come from World Savings Bank. Are their loans still a nightmare? Wells Fargo owns all their loans now right? 

 

I feel like I want to talk to a lawyer at this point and see if they can get anything to move faster. Maybe I'm jumping the gun and should just relax. I've only had the contract for 7 months, since August. Thanks!

Gold Regular Contributor
sheriff
Posts: 2,342
Registered: ‎06-01-2012
0

Re: Short Sale Proof Question

Now you know why people don't want to deal with short sales.  I don't think there is anything you can do to make the bank responsive.  Beginning 6/1/13, if it is a fannie mae of freddie mac insured mortgage they have to respond in 60 days, but now they don't care.

Silver Regular Contributor
sfsfr
Posts: 693
Registered: ‎04-15-2012
0

Re: Short Sale Proof Question

[ Edited ]

It sounds like you don't have a listing agent who is cut out for getting the deal done, and there is nothing much you can do about changing the listing agent, short of contacting the seller directly. Without a listing agent who is aggressive and knows how to work the banks, you're facing an even slower and more difficult process. You are going to need even more patience and you should prepare yourself for it not working out at all.

 

I don't think a lawyer will help you, the seller's contract is contingent on bank approval, and the bank hasn't approved yet. Maybe it will scare them into action, but I doubt that tactic will be effective. Most sellers would flee at the first sign of a lawyer. I know I would.

Platinum Regular Contributor
tjh
Posts: 4,943
Registered: ‎01-09-2010
0

Re: Short Sale Proof Question

[ Edited ]

Several short sales that we looked at and, even a few we attempted to bid on, last summer, are still pending.

 

That's part of what made the purchase of this house so attractive and increased our willingness to pay more than asking price when we realized that multiple offers were coming in.  Ours was a clean sale.

 

We were able to close in just over thirty days.  And that short period of time was enough of an emotional roller coaster. I can only imagine what happens when it stretches out to 90 or 180 days and you don't even know if your offer is accepted.

 

 The sellers moved out of state right after accepting our offer.  While here for inspections, we got to closely examine and review every detail and see exactly what the place would look like when we took occupancy.  Well, except for the refrigerator.  That ended up disappearing a few days before we closed.  The sellers had their agent let a friend in to take it.  It was not part of the contract but we had hoped to retain it for the savings.  In the end, we ended up having a brand new Samsung delivered that cost as much as a cheap used car.  And, WE LOVE IT!

 

In retrospect, I'd only consider a short sale if I was willing to wait it out and stay at my current residence for the duration; it had everything I ever wanted in a properly and; my offer of a steep discount to the local market was accepted.  Otherwise, it's just not worth it.

Contributor
swimfiend
Posts: 48
Registered: ‎08-19-2012
0

Re: Short Sale Proof Question

It's got 2 of those 3 factors and maybe even 3 of those 3 when I get the counter back from the bank. Right now my listing price offer is pretty spectacularly priced. It's the only house I want, it has everything I need and more. My only issues are my insecurity and impatience. :smileyhappy:

Contributor
swimfiend
Posts: 48
Registered: ‎08-19-2012
0

Re: Short Sale Proof Question

Yes I believe that the listing agent is doing nothing. I wish there was a way to make him get moving. I hear you on the lawyer part. I will keep encouraging my agent to impress upon the listing agent that he should do his job.

Platinum Super Contributor
buyinghouse
Posts: 5,879
Registered: ‎04-23-2011
0

Re: Short Sale Proof Question


swimfiend wrote:

Yes I believe that the listing agent is doing nothing. I wish there was a way to make him get moving. I hear you on the lawyer part. I will keep encouraging my agent to impress upon the listing agent that he should do his job.


   There's nothing you can do but wait. Both seller and buyer have a representative in the name of a "Reltor". Both of them respond to the yes or no of their bosses. And both of them bosses can't contact each other without creating a breach of contract.

  You need to rely and believe in your agent and his experience in being communicative and honest with representing  you. There's nothing else he can do but waiting. These are not times to be pushy. Impatience is something common and natural in us, the first time home buyers, but again, you can't think of contacting the seller because that's why you hired a Realtor.

 

Contributor
swimfiend
Posts: 48
Registered: ‎08-19-2012
0

Re: Short Sale Proof Question

Thank you for this reminder. I am not accustomed to waiting this long for a transaction to go through. Even when I was buying a complicated commercial property in NYC I had more transparency than I do now. I will go back to my life and be surprised when something happens. :smileyhappy:

Silver Trusted Contributor
SamShuehRealtor
Posts: 930
Registered: ‎10-27-2008

Re: Short Sale Proof Question

[ Edited ]

Your realtor can be presisitent to bug the listing agent. When I take a listing I contact the lender negotiator and call his supervisor reguarlily asking what it takes. 

 

Is this one mortgage, two mortgages? Have you obtained a prelim title see what other debts are? Your agent can order one.

 

The lenders typically are very up front. Often hinting they have the option to sell to other investors for cash who will close quick. I will tell them I can do even more and faster.   If they are really interested in your offer they will counter more than highest sold and advise you they will get back to you such time frame even the offer is at approved price. I think this is where you are. If there are more than one loan involved the 2nd will ask you to foot what they owe.

 

Whether you offer spectaculy higher has no meaning unless it is enough to cover the total debt. Often the market condition has changed they want more and go back to investor countering also.  The proof is the feedback from Resnet, Equator.  Typically just a 1 sentence. 

Unless there is a letter of approval with COE deadline specified you can continue waiting.

 

 

Contributor
swimfiend
Posts: 48
Registered: ‎08-19-2012
0

Re: Short Sale Proof Question

I have the prelim title report and there are two lenders. Is it true that you don't know how much is currently owed based on the report, but it shows the loan amounts right?

 

I wish I knew how much was owed, I might be able to come close. I don't need this to be a super cheap bargain. Of course I don't want to overpay either. 

 

I haven't even got any kind of notice that the bank has the offer, nor have they countered. 

 

Playing the waiting game.......