Foreclosure in Shady Side>Question Details

Debra Bliel, Home Buyer in Plant City, FL

I put a contract on a short sale home on March 6, 2009. closing has been pushed back til june 30th, again.

Asked by Debra Bliel, Plant City, FL Mon Jun 15, 2009

BOP was done the week after i placed my contract. sellers and their lender agreed on my bid but i dont understand what the hold up is. the sellers agent is saying that she cant get in contact with the sellers lender. BS!! what should I do?? I really want this home!! paying cash for this home!!

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Tony Card’s answer
From my experiance with selling Short Sales in California, it usually takes anywhere from 10 to 21 days to have the file assigned to a short sale negotiator. Nothing happens until this has taken place. Once this happens, the BPO is ordered by the lender. Once the BPO comes in, then they decide whether to accept your offer. Things may be done diffrent in Florida, but this is the normal process here in California. The fact that they say they can't get in touch with the loender may simply mean that they are unable to get the negotiator assigned. My best advice is hang in there and be patient. Short sales can be a long, drawn out process, but worth the time if you get what you want at the price you want to pay.
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0 votes Thank Flag Link Mon Jun 15, 2009
Hi Debra!

Short sales can be very frustrating. They are just as frustrating for real estate professionals because we want to make our clients happy. However in the case of short sales, it is out of our control. The banks march to their own beat! If the BPO is completed, they are probably doing the desk review (comparison analysis) at this point. It is possible that there is a backlog and your file is sitting waiting to be reviewed. Or maybe it has been approved and its waiting for final approval on someone's desk. Unfortunately, most banks are not in a rush to get the files closed. If you really want this house, I suggest you hang on a little longer.... Especially if you are the only offer the bank is reviewing!

Rochelle Johnson, The Consumer Realtor
Coldwell Banker Residential Brokerage
Annapolis, MD 21401
301-646-9888 (cell)
410-224-2200 (office)
0 votes Thank Flag Link Mon Jun 15, 2009
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