[rebel_cat]

Ugh, what a nightmare situation this is! I'm hoping someone may have a bit of advice. Sorry if I am ranty!

I was perusing the MLS for inexpensive homes in my cash price range when I came across a small, older condo listed at $19,000 with a few price reductions (a short sale). I was not working with a Realtor at the time, so I sent an email inquiry to the listing agent. I received a callback from a buyers' agent at their firm who promptly showed me the condo. I loved it, to death even, and said I wanted to offer on it immediately.

My agent told me that the 19k list price was not going to fly with the bank. She believed the bank would counter at 25k during negotiations. The property, which has been on the market for several months, had a previous list of 25k. An offer came in at list and was countered by the bank at 32k, which is far out of line based on the comps. Apparently, there were no model match comps at the time and the bank's negotiator based her decision on a recent sale for a unit twice the size. The previous buyer walked and my unit came back on the market at 32k. No offers for months after a series of reductions. My agent said hardly anyone even called about the property after it was reduced to 19k!

I thought 20k was a good starting point (since then, three model match units have sold in the community for 25k, 25k and 20k and there are two more under contract with list prices of 22k and 19,800). The seller accepted and I opened escrow. This is where the problems started.

The bank, Bank of America, initially kicked my offer out of Equator, multiple times. The problem was that they still had the previous buyer's name mixed up with mine and since things didn't match up, they would just reject it. After weeks (!) and a lot of back and forth, it was straightened out and they got my offer into Equator. I sat back and waited, knowing the process takes a long time.

My next update from my agent was several weeks later. Now there is a problem because the bank was trying to enroll the seller into a few different short sale programs. That kept kicking the file back. Some time and a phone call from the seller fixed the issue and my agent stated the seller was now in the "cooperative short sale program". My agent thought this would speed things up.

Most recently, I've learned the file has been sitting in a black hole because the bank was confused over whether this was HAFA or co-op or something else entirely. More phone calls, more setting the bank straight. Nothing new as far as this moving forward. I've since looked into what a co-op short sale is and I can't see how this is one if we already have a contract. My agent says the Equator file on the bank's side is "amazingly empty".

I am now over three months into this process with no indication that the file is moving forward. I'm running out of time to move out of my current home. I will not walk; I am in love with this unit and want to see this through. As the buyer, I have no idea if there is anything I can do to move this along. I don't know that my agent is doing all she can either. Help!

[airics]

Shortsales can take a long time especially with bank of America...3 months is nothing. Expect 6 more! Where were the condos? Alexander and mlk?

[eventusstultorummagister]

Originally Posted by airics

Where were the condos? Alexander and mlk?

Sunrise Mt., Downtown or E. Henderson

[rebel_cat]

Nope, none of the above. I'm actually in Sunrise Manor now. It's not *that* bad, but where I'm going is a step up. It's a very quiet complex off Rainbow/95 in 89107. The surrounding area is a bit sketchy, but the complex itself is pretty and conveniently located vs. where I am.

[eventusstultorummagister]

Shadybrook?

Why? No offense but the place is repugnant.

[rebel_cat]

None taken! I like it; it doesn't have that sameness that I'm so tired of. I've looked at a lot different communities, many more expensive and in "better" neighborhoods that just seemed cookie cutter. Different strokes, I guess. I like more character than the newer areas offer.