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Old 03-27-2008, 09:29 PM
 
2 posts, read 5,884 times
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does anyone know what to do if the selling agent of a short sale continuously states he does not know the status of the paperwork from the bank? Its been about 4 weeks since paperwork has been turned in.

can the seller agent contact the bank? tell the sellers of the circumsance?
any advice is appreciated.
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Old 03-27-2008, 10:45 PM
 
Location: Just south of Denver since 1989
11,606 posts, read 32,101,361 times
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The last one I did took 4 months. Who is the sellers lender?
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Old 03-27-2008, 10:50 PM
 
Location: Pinal County, Arizona
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Quote:
Originally Posted by irondesk2008 View Post
does anyone know what to do if the selling agent of a short sale continuously states he does not know the status of the paperwork from the bank? Its been about 4 weeks since paperwork has been turned in.

can the seller agent contact the bank? tell the sellers of the circumsance?
any advice is appreciated.

6 to 8 weeks (and longer) are not uncommon.

And, the sellers agent is often kept in the dark in these types of transactions -
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Old 03-27-2008, 11:29 PM
 
Location: Barrington
61,219 posts, read 41,999,482 times
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Sounds to me like the seller's agent is telling the truth. The foreclosure departments are busy as beavers.
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Old 03-28-2008, 12:57 AM
 
Location: Columbia, SC
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I've spent 30 minutes to an hour on hold without ever getting to real person that could help. I'll just put it on speaker phone and go about my business while I wait so I don't waste time holding the receiver to my ear. Yes, it can take a long time or worse depending on who the lender is.
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Old 03-28-2008, 07:12 AM
 
Location: Palm Coast, Fl
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The seller's agent can call the bank and the bank will discuss it with the IF the seller has given written permission for the bank to do so. That does NOT mean they will be able to actually get through to someone who will know what is going on but the seller AND the agent should be working daily to keep on top of it.
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Old 03-28-2008, 09:33 AM
 
610 posts, read 2,585,574 times
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I am the listing agent on several short sales and/or bank owned properties and I depend on the attorney for updates because the lender is more willing to talk to the legal side than the listing agent. I try to give updates when I can but 8-10 weeks is normal for a response. This is why it is SO important to note a property is a short sale so buyer's agents can prepare their clients about the amount of time involved. Some lenders are reducing their loan officer staff and adding to their loss mitigation departments because that is where their activity is at the moment. There are certain lenders who are better to deal with and some that I want to poke my eyeballs out when I learn that is who is on the other end. All in all short sales are not easy but one would think they would become easier with the way the market is going.

On another note to agents: Are you finding that people who work for these lenders come and go easily? I have three short sale deals going now where the person working for the lender has either quit or been fired and the file just sits on someone's desk for weeks before someone takes it over. I am starting at square one all too often because they either lost the file after the person quit/was fired or just forgot about it. It is ridiculous!
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Old 03-29-2008, 10:39 PM
 
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Default re:

I appreciate all the feedback and I have a better grasp of the shortsale procedures.

thank-you
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Old 03-30-2008, 07:17 AM
 
27,027 posts, read 43,664,667 times
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I had a call from the seller that he had reached the department who handles my offer, and the offer was declined 2 days before and that was emailed to the sellers agent. The agent didn't call the seller to let him know as she has forgot more often in the past. The seller is doing everything him self as of 2 weeks ago since agent doesn't respond to calls. We went back and the agent hasn't respond to my calls and emails since 5 weeks ago. But this seller hard work to get the right person at the mortgage lender on the phone, works perfectly and now he knos exactly what is going on. The lender stated that our previous offer from months ago (10K higher) will be considered if we will offer it again. Which we don't since the market value went down by 10K according the property taxes value and many more homes foreclosed and/or were sold. A comparable home in the same community was sold for 4K higher than my lower offer, but the home is 2 years later build and has more upgrades, so my offer is even on the high side IMO. I had send the comps. to the realtor but she hasn't submitted (5 weeks ago) it, because seller had asked for all papers and has submitted the new offer him self to the bank.
So if you are a buyer of a short sale you can't do much since the sellers side had to work things out, but if you are desperate and a short sale can help you from going into foreclosure, I advise you to not sit back and wait but call your agent everyday or go at it your self. I have been reading on this forum over and over that lenders won't work with sellers. In the newspaper and Suzie Orman are over and over stating " sellers it is you financial position, you have to make calls and try to work something out, don't wait for others to help you, this is one of the last chances of getting help".
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Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
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