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We put in an offer in early July. Signed a contract a few days later with a mid August closing. Working on 2nd extensions now, but the sellers never call back! (Nor our attorney, realtor, etc) WTF?! Can't get a reesponse as to an approximate closing date. What is the holdup? Is this normal? Any thoughts on typical short sale delays? Last contact they said they still want to work with us and its still listed contingent.
because honestly in a short sale situation, it's between the sellers and the bank...you are an after thought. They have to work out whether or not the bank will allow the seller to sell at a price less than what they owe. There is nothing you can do as it's all happening between the seller and their bank. good luck.
Some people think they can get short sales approved and forget that a huge home equity loan they took out IS NOT forgiven. Our former realtor told us about a situation on a short sale last week.
Closing date was supposed to be today (Friday Sept 3rd). Well last week, the sellers found out that although bank of america had approved a short sale many weeks ago, they would still have to repay their 125K home equity loan they took out in 2005 for who knows what? Duh...of course the bank was approving a short sale for the primary amount because they know they won't waive the home equity loan.
These are typical situations why short sales take forever. Lots of red tape, misinformed clients. Bank A who owns first loan bickering with Bank B who owns second loan.
So when the realtors originally told us everything was ready to roll and they had approval for the amount , were they just talking out of their behinds? Why would they set such a short closing date (originally), if we were willing to wait(which we were)? I don't get that. And we were told (verbally of course) the second loan holder was walking away altogether. I just don't get it. Thankfully, we are still in our original home and able to wait it out.
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