My agent and a SS

[aneftp]

Originally Posted by middle-aged mom

Speculation on my part that it's a rental and the owners are pocketing the income and not paying their mortgage or property taxes. Regardless, the owners are not motivated to sell.

It could be years before it's foreclosed.

Agreed. Short sell finally closed down the street from me. Homeowners did some cash our refinance in 2005 so owed like 1 million on a property they originally purchased for $700 back in 2002. .

In reality the home is still worth $700-750k in 2012 prices.

But homeowners were not motivated. They took their time for showings. Never left for showings and were even telling perspective buyers during showing that there were "foundation problems" with the home to scare them aware. They put clothes inside the guest showers. They were doing everything to make the home as unattractive as possible.

Funny that they both drove late model luxury cars and wife had $20k worth of luxury designer handbags in her closet.

So short sellers do know how to game the system and drag out the process. Home finally closed 3 years after being listed for a steal at $625k.

So look up the home in the court system. If its only in year 1-2 of the process than move on. But if it's year 3-4 of the system than you may have a chance.

[jghorton]

There are a ton of houses on the market that are not short sales. You say that you like this one and are willing to wait; the owner does not seem particularly motivated; your realtor believes the bank will stretch-out the closing process and then reject the 'slightly below market price.'

I guess the question is, are you really serious about buying this or any house ... or are you just 'kicking tires?' I had a short-sale a while back that the bank was ready to close on within two weeks! -- Are you ready to buy if something like that happened with this house?

[Rakin]

When I have a client who wants to see a SS I attempt to find out from the listing agent where the seller is with the lender in the process. If they've not even started discussion with the bank about getting the SS Approved, it is almost impossible to do much with the home.

As a listing agent I doubt I'd list the home where the Homeowner is not actively working with the bank to SS the house. It's a waste of everyones time.

[Mr_Geek]

Just an update for you all. My agent got back after I said I don't mind waiting. He told me the house is now pending with 9 backup offers. My search continues.

[only1beebs]

Originally Posted by Mr_Geek

Just an update for you all. My agent got back after I said I don't mind waiting. He told me the house is now pending with 9 backup offers. My search continues.

Hopefully it didn't change to pending while he/she was stalling you. Anyways, good luck!

[lvoc]

Next time make the offer blind. Or at least that is the thing to do in markets like Las Vegas. Write the contract with a short sale addendum that requires your approval of the bank approval letter and a viewing. Than wait.

Agents have a bias against offers without viewing that I no longer share at least not on shorts. Bid three or four good prospects quickly and get serious when they get bank approval.