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We are trying to buy a short sale in Las Vegas and we had an accepted offer August 1st. (I know that the owner accepting it means nothing.) We know that the seller has an attorney representing them and we are pretty sure they have all their paperwork in. (We did a second tour of the home after 3 months and spoke with the owners who said they hired the law firm months before putting it on the market so I assume they tried other things like loan modification. I also assume they chose short sale and they have their paperwork in.)
Ok, assuming the negotiator (NationStar) has all relevant paperwork do I have to worry that they are going to reject this thing after 4.5 months?
A few other relevant facts.
1) Sellers agent said the BPO was done in September.
2) Negotiator asked for another pre-qual. letter from us in early Nov.
3) Negotiator asked for proof of funds in early Dec.
Waiting stinks, waiting and hearing nothing about the process is worse, but I think I might go postal if we get rejected after waiting this long.
Anything can happen with a short sale. Short sales aren't for people with no or little patience. I represented a seller on a short sale last year. We had an attorney involved as well. 4 months later, I received a call from the "new owner" saying he bought it at auction and to remove it from the MLS. The bank assured us it was removed from the foreclosure/auction list, but right hands don't talk to the left hands. Anything is possible, and you never know what's going to happen.
Unfortunately, this is normal. I would say make sure you have an ongoing conversation with the listing agent, as they are your gateway to the (short selling) lenders.
Ask for weekly updates and what else needs to be done to get approval.
Otherwise, remain patient, as short sales can usually take about 6 months.
It sounds like things are progressing and that is a good sign but do you know if there are other notes or just this one? Unfortunately, a second or third note can complicate matters.
The owner told me there is only one note for about $80k. I don't think he was lying, my realtor confirmed that is on the MLS.
The short sale is being handled by the Cogburn law firm in Las Vegas and I have heard good and bad about them as far as how quickly they get things done. I was told by my realtor that the short sale is in the Equator database. That is a little frustrating because that means someone knows how far along we are in the process but they just don't want to share the info. (Nationstar is the negotiator and I have nothing good about them.)
I am optimistic, if this does fall through I don't think the Vegas market is going to get away from us but I definitely will never do another short sale.
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