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Ok, so my 3 offers have been dropped to one! WTH!? We are waiting on the 2nd mortgage company to accept the offer (the 1st one already did). My realtor said he thinks it's been turned over to collection...oh Lord.
So I intend on going out with my realtor on Sat. and looking at other town houses to put more offers on something. I want to increase my odds of finding a home, not decrease them.
My step-dad considered dropping our realtor because we put out offers in early to mid-January. I know short sales are time consuming, but do you guys think that maybe he's not doing his job?? I really don't hear much from him or his assistant and when I do it's a 1 line email that says we haven't heard anything yet. I am getting annoyed...maybe frustrated is more like it. I understand the process is time consuming, but it's getting old. I know, I know-then maybe I should go for forclosed homes or non-short sales, but frankly there is really nothing in my price range that I like that isn't a short sale.
So...
Does anyone have suggestions on what we should do or anything to make this process or if my realtor is just not doing his job....???
I'd recommend visiting the real estate forum part of this mb - there seem to be a lot of experts on short sales there. They can tell you the average wait time for acceptance/rejection of your offer.
Short Sales take a long time, I have been combing this board for status on peoples short sales well since I joined here. It always seems like it is one step forward, two steps back on the process of a short sale. Like 2bindenver said, if you can't wait, don't because it will be extra hard on you if it falls through right at the end. Keep your options open, you will soon realize there are better homes out there or ones with better options/amenities, may it be a bank owned REO, or maybe actually a house that a "person" is selling!
Short sales arejust a PITA, plain and simple. My brother in law put an offer in on one in the first week of January, and the bank countered, then after a few weeks decided the house needed a new appraisal, then more back and forth, then the listing agent told him the offer was accepted... only to find out this was word of mouth, and there's no paperwork to prove it. The bank is staying mum on the whole thing, as of last week.
It's beyond ridiculous, the average home today is so not worth the effort with the current inventory out there. If this ever goes through, I bet he will be past the deadline for the first time buyer's credit - December no longer seems too ridiculous.
There isn't anything to report because short sales take a long time. The fastest I have heard is 45 days from offer to close (local bank) and the longest 11 months.
What is it that you want him to do? He can't talk to the bank because the banks require a release signed by the seller in order to talk about confidential information such as their loan. All he can do is call the listing agent, who can call the bank.
Does anyone have suggestions on what we should do or anything to make this process or if my realtor is just not doing his job....???
This is the nature of the beast. Only a small fraction of all homes advertized as short sales actually close as short sales. Sometimes the owner does not qualify. The servicing bank may or may not be the owner of the underlying mortgage. If there are multiple lenders involved, it's substantially more complicated.
Neither you or your agent have control over the outcome, unless you offer an amount equal to the outstanding debt. No one ever said getting a good deal was going to be easy.
I know someone who made a short sale bid in October and she is still waiting for all the paperwork and investors to agree and be finished. They say she should have final word by next week, but she has heard that before...
Ok, so my 3 offers have been dropped to one! WTH!? We are waiting on the 2nd mortgage company to accept the offer (the 1st one already did). My realtor said he thinks it's been turned over to collection...oh Lord.
So I intend on going out with my realtor on Sat. and looking at other town houses to put more offers on something. I want to increase my odds of finding a home, not decrease them.
My step-dad considered dropping our realtor because we put out offers in early to mid-January. I know short sales are time consuming, but do you guys think that maybe he's not doing his job?? I really don't hear much from him or his assistant and when I do it's a 1 line email that says we haven't heard anything yet. I am getting annoyed...maybe frustrated is more like it. I understand the process is time consuming, but it's getting old. I know, I know-then maybe I should go for forclosed homes or non-short sales, but frankly there is really nothing in my price range that I like that isn't a short sale.
So...
Does anyone have suggestions on what we should do or anything to make this process or if my realtor is just not doing his job....???
YOur agent should be more communitive, even if it's to say nothing has changed. Did your realtor explain to you that even though the price is low that does'nt mean that is what the bank will take. Also short sales may never happen due to the fact that banks don't get paid on the mortgage insurance a owner may have been paying until the bank goes into foreclosure.
Also even in foreclosures the prices are set way low to get multiple offers, why don't you look for nondistressed properties or REO's . REO's are bank owned properties different than foreclosures. When a property is an REO the banks are more ready to get rid of them, Make sure to have an inspection since you are purchasing the property as is. Also with foreclosures and short sales any leins or unpaid taxes or mechanics leins could end up your head ache so buyer beware.
Short sales arejust a PITA, plain and simple. My brother in law put an offer in on one in the first week of January, and the bank countered, then after a few weeks decided the house needed a new appraisal, then more back and forth, then the listing agent told him the offer was accepted... only to find out this was word of mouth, and there's no paperwork to prove it. The bank is staying mum on the whole thing, as of last week.
It's beyond ridiculous, the average home today is so not worth the effort with the current inventory out there. If this ever goes through, I bet he will be past the deadline for the first time buyer's credit - December no longer seems too ridiculous.
Not quite sure how it works, but as soon as I see any sort of delaying tactic or "run-around" would withdraw the offer ASAP. No sense in being led down that road.
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