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my buyer agent just told me that the listing agent told her that the bank sent the email saying they will send the written approval in 3 days.. but still worried.
Can I ask for repair credit on Short sale? I just got a written approval from bank,.It has been more than 2 weeks!, but the property has mold and not in good condition.
Can I ask for repair credit on Short sale? I just got a written approval from bank,.It has been more than 2 weeks!, but the property has mold and not in good condition.
You can ask, but don't count on getting it. 2 weeks from what? From your original offer? That's very quick for a short sale.
OK, when does your your inspection contingency period start? Is it from receipt of written approval? Be sure to watch your contingencies for submitting notices like repair requests and/or cancellation.
Most short sales are advertised "as-is" since the bank will not want to pay for repairs and further increase their loss on the mortgage.
We have been in the "process" of a short sale sine July. We just heard back from the Seller's Agent that the bank is offering us the property for 15% above where we offered, about 15% below market price. They also want to close in late May? We would do it, but want to close within 30 days or sooner, are fearful the bank will pull the offer last minute, don't love the new price. We are not financing it, which we think would give us some leverage. We are trying to figure out how much we can negotiate without extending the process.
I am in the same boat. After more than 2 week's waiting, we got the lender's verbal counter offer about two weeks ago. We accepted it, signed the binding contract, did finicing, did the inspection. According to the binding contact, we are going to close the next week. But we have not received the banks' written approval yet. The listing agent said that it would come in a couple of days, but I highly doubt it since she said it was today! Keep finger crossed!.
I will never do short sale again in my life time! It is such a painstaking process and I hate it a LOOOOT!!!
I am in the same boat. After more than 2 week's waiting, we got the lender's verbal counter offer about two weeks ago. We accepted it, signed the binding contract, did finicing, did the inspection. According to the binding contact, we are going to close the next week. But we have not received the banks' written approval yet. The listing agent said that it would come in a couple of days, but I highly doubt it since she said it was today! Keep finger crossed!.
I will never do short sale again in my life time! It is such a painstaking process and I hate it a LOOOOT!!!
How can the contract be binding if you only have the bank's verbal counter? Did you have any contingency on getting written approval in your contract?
In our contracts we use a short sale addendum that says nothing happens (inspections, financing, etc) until the buyer receives written acceptance from the bank.
you are right. I was worried about it when we signed the contract. But my agent said that the regions bank (the seller's lender" requires everything and will review everything before giving the written offer. so....
I don't know if our agent lied to me. God!
Quote:
Originally Posted by rjrcm
How can the contract be binding if you only have the bank's verbal counter? Did you have any contingency on getting written approval in your contract?
In our contracts we use a short sale addendum that says nothing happens (inspections, financing, etc) until the buyer receives written acceptance from the bank.
you are right. I was worried about it when we signed the contract. But my agent said that the regions bank (the seller's lender" requires everything and will review everything before giving the written offer. so....
I don't know if our agent lied to me. God!
Your agent is right, the bank will want to see the contract, and it must be signed by buyer and seller. It just seems unusual to start inspections etc before getting the written bank approval. It depends on what your contract requires. I suggest talking it over with your agent.
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Short Sale-Negotiating
