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Some of you know my story already. A quick recap...I'm waiting on a short sale. I offered 20% less than the asking price. I'm willing to go within 10% of asking price. The bank had an appraisal done a week ago last thursday. My buyers agent spoke with the listing agent a few days ago and he said it could take another week or two for an answer (yay, nay, or counter) from the bank. My dh and I are interested in other homes but really like this one.
Next, I call my buyers agent way too much. I think I'm starting to get on her last nerve (can't tell, maybe I'm paranoid). I think I know who the listing agent is for the short sale but I've never spoken with him.
My question...if I call him and ask him for the name of the bank, is he allowed to tell me? If so, would he? I have no doubt that he would call my agent as soon as hears anything but I would like to contact the bank just the same. I'm not sure how far I would get with that but at least it would distract me from bugging my agent, to go bug the listing agent.
Take a deep breath. Did your buyer's agent not inform you that short sales take longer (sometimes a lot longer) than the average deal, and that the banks, who frequently take a while anyway, are swamped right now with short sales and foreclosures and haven't had the chance to get up to speed with personnel, etc.?
You're torturing not only your agent, and yourself, but are now proposing to start torturing the listing agent? (Trust me, you will NOT get anywhere trying to call the bank - that's what they have the listing agent for, to deal with everything of that sort for them, through the buyer's agent.)
I recommend a nice glass of wine, a margarita, a good massage, whatever relaxes you. This is one of those things, like making wine or breeding horses, that teaches patience. (I took up both of those things because I was one of those people who was inclined to try to push the river due to angst and impatience, so while I do sympathize, I do know that sometimes you do just have to go with the flow as best you can.)
Folk here keep telling me that. I keep getting more impatient as the days go by.
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Did your buyer's agent not inform you that short sales take longer (sometimes a lot longer) than the average deal, and that the banks, who frequently take a while anyway, are swamped right now with short sales and foreclosures and haven't had the chance to get up to speed with personnel, etc.?
Yes, I am aware of that.
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You're torturing not only your agent, and yourself, but are now proposing to start torturing the listing agent? (Trust me, you will NOT get anywhere trying to call the bank - that's what they have the listing agent for, to deal with everything of that sort for them, through the buyer's agent.)
I really don't want to toture her. She's a very nice woman and is so patient with me. At this point, I've limited myself to calling her every 2 days or so, which I realize is too much. I don't think one call to the listing agent will qualify as torture though. Not if he gives me the information I want at least. I realize the banks are swamped. This home only has me on the table according to the agents. The home has been on the market for 430 days now.
What would happen if I called the bank? Would they hang up on me?
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I recommend a nice glass of wine, a margarita, a good massage, whatever relaxes you.
I am having some wine right now. Fortunately, for my husband and agent, I'm going out of town next week. I'm also not going out to look at homes this weekend to give my agent a break.
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This is one of those things, like making wine or breeding horses, that teaches patience. (I took up both of those things because I was one of those people who was inclined to try to push the river due to angst and impatience, so while I do sympathize, I do know that sometimes you do just have to go with the flow as best you can.)
Indeed. I am being pretty pushy and you give good advice. OTOH, my agent believes that banks dragging their feet on short sales in just stupid. It's bad practice. I know they're busy. Aren't we all? I'm swamped at work as well and they keep laying it on. So it goes.
Do most buyers just wait? That seems to be the case. I don't run across many (any) stories of buyers taking an active role when it comes to short sales but if anyone has a story or a link, please pass it along.
Oh, hey, banks do all sorts of stupid things these days. Isn't that sort of one of the reasons we got into this mess in the first place? Now, they're trying to be as cautious as they should have been in the first place, and perhaps, understandably, going overboard, and that, added to the simple bulk of foreclosures and short sales they're having to deal with leads to these problems. The pendulum is swinging, and sooner or later things will even out, but right now, the best we can do is just try to not let it drive us crazy. You can, of course, try to call the bank, but, yes, they will very likely refuse to speak to you. If you can find the right person to call, which, while it can be very frustrating, might at least serve to keep you busy!
Oh, hey, banks do all sorts of stupid things these days. Isn't that sort of one of the reasons we got into this mess in the first place? Now, they're trying to be as cautious as they should have been in the first place, and perhaps, understandably, going overboard, and that, added to the simple bulk of foreclosures and short sales they're having to deal with leads to these problems.
In my world (biotech) there is no waiting. When various groups need this or that information about whatever drug, they want it yesterday and we deliver. Period. We have to keep our customers happy. There's no way our industry would survive with such crappy practices. And you're right, if what I'm seeing IRT short sales is common practice for banks, than it's no wonder they're under water.
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The pendulum is swinging, and sooner or later things will even out, but right now, the best we can do is just try to not let it drive us crazy. You can, of course, try to call the bank, but, yes, they will very likely refuse to speak to you. If you can find the right person to call, which, while it can be very frustrating, might at least serve to keep you busy!
lol Yes, at this point I need a new project. The banks lol. Maybe what I'll do on Monday is call the county and try and get some information on the deed to track down this bank. If that fails, I'll bug the listing agent. If I'm really lucky, maybe the bank is local! Though I'm not counting on it.
The bank won't talk to you because they don't have a release to discuss this information with you. So all that will happen is you will waste your time tracking down the information and they will say "we don't have authorization to speak with you." Why in the world would you want to waste your time for that?
Listing agents don't like to talk to buyers agents clients. Because of agency issues, representation and confidentiality, it makes them uncomfortable.
Seriously, you need to relax and just wait it out if you want the house that bad. This is the reason why many short sales fail. Buyer's are just unwilling to wait it out.
The bank won't talk to you because they don't have a release to discuss this information with you. So all that will happen is you will waste your time tracking down the information and they will say "we don't have authorization to speak with you." Why in the world would you want to waste your time for that?
Authorization for what? (if you don't mind me asking) I'm unfamiliar with laws and real estate so I have no idea what's involved. I know that they did the appraisal due to my offer. I would ask them if they have come to a decision or when, specifically, they would come to a decision. I might also ask about the process as well, if the person is friendly enough, simply out of curiousity.
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Listing agents don't like to talk to buyers agents clients. Because of agency issues, representation and confidentiality, it makes them uncomfortable.
In this the case for both between and within agencies? Both agents work for different agencies. What kind of confidentiality issues would arise?
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Seriously, you need to relax and just wait it out if you want the house that bad. This is the reason why many short sales fail. Buyer's are just unwilling to wait it out.
That's not surprising. I've read stories of buyers waiting 6 months only to hear a NO. That's just ridiculous. I'm not going to wait that long. If I find another home tomorrow, I'll make an offer.
It's definately hard for me to be a side-line player...going through my agent, to another agent, to the bank. Geeze. My dh doesn't think I should be calling the bank either.
The lender will not discuss the loan or the offer or the progress on the short sale with anyone except the borrower, without authorization from the borrower. You will need their names, the property address, the loan numbers and their social security number along with their signature on an authorization form.
You need to decide if you will be able to wait or not. If not, get out now. Otherwise, forget about calling every two days. Not worth the time. Try once a week until the decision is made.
I closed more than 30 short sales in 2008. You need patience.
The lender will not discuss the loan or the offer or the progress on the short sale with anyone except the borrower, without authorization from the borrower. You will need their names, the property address, the loan numbers and their social security number along with their signature on an authorization form.
Yea, I'm watching some youtube vids right now that is discussing just that. "short sales from a lender's view" Well, right now the guy is talking about needing such info when the short sale process begins.
So, I couldn't give them the address, the date of the appraisal, and ask when a decision would be down the pipe line?
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You need to decide if you will be able to wait or not. If not, get out now. Otherwise, forget about calling every two days. Not worth the time. Try once a week until the decision is made.
Well, if I find another home, I'll go for it and that will be that. I wish I could call once a week but I don't have SS #'s and the like. Is it illegal for them to give out that kind of information?
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I closed more than 30 short sales in 2008. You need patience.
Oh good. I'm glad you've come to this thread. In your experience, does the bank often to an appraisal after an offer is submitted? If so, how long, on average, was their response? Did you notice a difference in time frames that correlate to # of days on the market and/or # of offers on the home?
I meant stop calling your agent. You'll never get the sellers ss# to talk to the bank.
There are no hard and fast rules. Maybe you will hear something 10 days (business days) from the date they got the appraisal. Sometimes they decline the file and mail a notice to the owner. Sometimes they put the file through management review and approve it. Sometimes they ask for highest and best...
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