First Weber Group
Certiifed Distressed Property Expert
It may fall through and it may go through.
Be patient it sounds like you are close to the end.
Yes 11 months is a long time.
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate License # 01312992
It's an awfully long time. However, it seems that your agent is communicating with the listing agent who is in contact the bank which indicates to me that that the agents are doing all that they can. Moreover, if you can hang on a bit longer, after waiting this long, you might see th elight at the end o f the tunnel. I'd imagine if the bank was going to deny the sale, you'd have heard so by now. I applaud your patience and I wish you a great deal of luck.
Keller Williams Realty
Sounds to me that the negative impact of time has hit your transaction by your comment on the appraisal. If the appraisal has come up lower than your price, either you have to bring more money to the table or the bank will have to accept less.
Unwavering Commitment to Service
Let me ask you: Is the house really worth it? Really? Is it your dream home? If so, hang in there.
Otherwise, move on with your life. You've got over a year invested in this effort. On a traditional purchase, you'd have bought the home and be celebrating your 1-year anniversary in your new place. Babies born when you made your offer are now up and walking around. That's a long time, and you've been sitting dead in the water.
I know. It's kind of like playing the slot machines. The next pull may result in the payoff. And it might. And you're thinking of the 13 months of effort you've put into this.
Still, take a step back. Take a deep breath. And take a look at what's on the market now. Ask yourself: "Is this really worth it?"
Hope that helps.
Certified Distressed Property Expert
Lot of good answers.Lynn even though 13 months is a long time, looks like the listing agent has worked very hard to get this thru. Have the listing agent present the appraisal to the Lien holder. I have closed over 40 short sales. I will tell you by experience that it depends on the bank and its investors. I have had a 70% success. If it is ING for example... its not happening. ING is oe of the toughest line PNc and National city.
So i suggest you have the listing agent present the appraisal to the bank and from there it depends on the bank. Tell u what if they don't accept your offer, it may come back as a REO. You still have a chance.
At that time show this offer to the listing agent most likely you will get thru.
Get on the phone with your agent and the listing agent and find out what the issues may be, how many lenders are involved, and where the files are with each lender. It is in the best of all parties to know exactly what is going on and what is happening so both buyer and seller succeed. The longest short sale I have dealt with was 9 months, and me and my team do close to 10 a month.
At this point you should insist that if the listing agent isn't using a good 3rd party negotiator, they need to get one on board to assist. I would be happy to give your listing agent a referral to someone who can help to get this closed. The listing agent, at this point needs to get past the $10/hr "negotiators" at the bank & move on to a Senior VP or other upper level contact.
Definitely send in the appraisal report to the bank. The bank MUST sell at current Fair Market Value so you can get your loan. The original BPO report or appraisal the bank did is either wrong or outdated & the bank needs to see what is going on NOW, not 4mos. ago., with regards to NEW comps.
If the listing agent doesn't want to get a 3rd party negotiator now, just make DARN sure that the appraisal report, gets in to the bank immediately!