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Ok I may start to sound like a broken record, but this short sale crap seems like its NEVER ending. We got verbal from the sellers bank a little over a week ago. I know that they're backed up, etc..but really how long does it take them to get the paper work to the seller to sign off on everything? Are they delivering this by pony express or what? Our realtor spoke to the selling agent yesteday and said they have not gotten the paper work yet. Do we need to start pushing the selling agt again to get on the bank or what? Plus with interest rates starting to creep up.....well....you know where i'm going with this.
Going on month 4 and I guess you can say we're beyond anxious and over this entire process. Yes we're getting a great deal on the house, but would we ever do this again? HELL NO! I do have a feeling that the short sale process is going to definatley better as time goes on, but we just had to go through the "ENTIRE" process before it is simplified.
Sometimes the file is transferred to the closing department for an approval letter to be faxed - Wells once mailed it to the homeowner - who never opened it - another bill they thought.
Ask your agent to ask their agent to confirm receipt of the approval letter. Then get your ducks in a row as fast as you can, so you can close.
Denver:
Thx for the info. Yes we did speak to our agent who did talk to the selling agent yesterday. They have not yet recieved it. I know it's been a little over a week now, and well you can say four months and still waiting, we're very anxious to get this sale complete. We're hoping that the sellers who even though got a verbal agreement haven't forgot to keep on pursuing the bank to get the written agreement. I guess you can say that we're tired of the holding pattern and we just want to move on with our lives.
Sounds like the exact same situation we're in. Got a verbal approval last week, and an email from the loss mitigator that our offer has been accepted on Monday. Still have no paperwork, but the email from the loss mitigator on Monday said they want to close this month! Can't get the appraisal ordered from the bank until we have the paperwork (FHA)!
AHH..just another update. Two weeks have come and gone... no word yet from the seller if the paper work has been sent to them from their bank. Of course their wonderful carefree lazy realtor is out of the country until this weekend and the office staff doesn't have a clue what is going on. Which leads us back to Monday...or the realtor's Monday which is Tuesday.
My wife and I are a little lets use the word "nervous" because of the lack of communication between the seller/selling agent. You can add on frustration as well... all 6 homes that we looked at the same time we put an offer in on this short sale and yes the 6 homes were short sales as well have closed. I guess we had to have picked the one that takes forever. We also don't want to hear the lecture...Verbal agreement means nothing...WE KNOW THAT NOW! LOL
We're reaching out and asking for some other realtor's advice or buyers what they would do. We're not ready to walk away quite yet and we have just celebrated our 4 month anniversary on putting the offer on this home :-) We'd appreciate any feedback or info that others out there have experienced.
We are reaching out to realtors/buyers that have worked short sales and let us know if this "2 week orl longer" time frame from hearing from bank to seller to us is normal?
I hope not, our short sale finally got written approval on the 2nd mortgage and that is what the first mortgage was hopefully waiting for. The funny thing is, today is our four month anniversary of offering on this short sale as well. Trust me, I feel your pain...
That's not happened to me... I don't know about anyone else. But any of the short sales I have done, if there was a verbal from the bank to the negotiator within 24 hrs an email was received with the paperwork showing the terms of the acceptance. Email accounts can be accessed from anywhere...so I'm not sure what the problem is if it actually was sent out. Is this a sales associate or the broker that you are dealing with? Did you call the broker of the company, not just office staff?
If I were dealing with this I would be...annoyed... to say the least.
At this point though, since the weekend is here you might as well put in the extra days for the agent to get back.
sorry you are dealing with this.
That's not happened to me... I don't know about anyone else. But any of the short sales I have done, if there was a verbal from the bank to the negotiator within 24 hrs an email was received with the paperwork showing the terms of the acceptance. Email accounts can be accessed from anywhere...so I'm not sure what the problem is if it actually was sent out. Is this a sales associate or the broker that you are dealing with? Did you call the broker of the company, not just office staff?
If I were dealing with this I would be...annoyed... to say the least.
At this point though, since the weekend is here you might as well put in the extra days for the agent to get back.
sorry you are dealing with this.
The agent is a sales associate. Our agent spoke to the selling agent last Wend and since then he found out he was out of town this week. He has also reached out to the office staff to confirm if the seller has recieved any paper work. He spoke to someone that said she would call the sellers...that was yesterday and hasn't heard since. Should we be concerned quite yet? Or when we hit 3 weeks...don't panic just spaz out? lol
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Can't get the appraisal ordered from the bank until we have the paperwork (FHA)!
