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Old 04-13-2010, 03:14 PM
 
2 posts, read 4,526 times
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*We our first time buyers and the home is a short sale in Corona Ca. Our agent (Keller Williams) advised us to mirror our offer from the previous buyers (that pulled out) so that the negotiator at Aurora Bank will pick up from where the last buyer was at in the process. We felt we should start from new and ask for the seller to pay the closing cost. Our agents advise to us is to mirror the offer and not lose/risk the time invested with the negotiator at Aurora bank. We enter into contract on Feb 2010 mirror the offer. We are waiting for the counter offer to be approved. We have loan approval expiring in 60 days. The first and second is with Aurora Bank. At one point we were told that they had verbal agreement and we should be going into escrow at the end of March 2010. Today our agent told us that the Aurora is assigning a "new negotiator". She has also asked that we put our EMD into escrow for good faith to secure our position and an amendment will be drawn up to state that our EMD will be prior to written agreement, all contingencies and timelines will remain as previously agreed. And the funds are not to be touched for any NRCC's & RCC's until SPOA. *Are we doing the right thing? She said the process can take up 60 more days!! We have been waiting for 7months for a house to become available in this neighborhood. The seller bought the house for $900 and our offer is $495.*
Any thoughts on this?????
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Old 04-13-2010, 03:23 PM
 
Location: Las Flores, Orange County, CA
26,338 posts, read 93,440,962 times
Reputation: 17827
You might want to post this on the real estate forum or even one of the redfin forums.
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Old 04-13-2010, 03:26 PM
 
Location: Coastal San Diego
5,024 posts, read 7,527,914 times
Reputation: 4054
You need to post your question here --> Piggington's Econo-Almanac | San Diego Housing Bubble News and Analysis

The Piggington forums have lots of SoCal real estate pro's to answer complicated 'short sale' questions.
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Old 04-13-2010, 06:38 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,226,721 times
Reputation: 6468
A short sale is a contract between buyer and seller that requires bank approval. If you have a signed contract between you and the current owner in escrow before April 30, you will qualify for the current government incentives so long as it closes by June 30th. If you think you can hit those timelines, you should probably give it a whirl.

It sounds to me like your agent is offering you good advice. Any change from the previously approved short sale means that the bank has to get a new HUD-1 from an escrow company and that can take way too much more time, plus subject your offer to a new set of eyes.

Good luck to you!
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