online as many times as he wants to and generally the bank will give him/her an answer within 2-3 days.
With communicating online, it is so much faster than an actual short sale that has to go through all the hoops of this department and that department. I would call the listing agent and tell him that you want an
answer. I would call and be very proactive until he can give you a yes or a no.
Classic Real Estate, York, PA
Ask the listing agent to speak to the asset manager. Even as a loan officer I have had success in dealing directly with the asset manager. I had a client that came to me in July to buy a foreclosure iin the Poconos. He was 45 days into the process and 15 days away from the settlement date when I was callled. The loan was a 203k reehab loan and I knew that it would take some time and certainly more than 15 days. I told the Realtor what i wanted to do and she said that the bank would not do this. She was more of a hindrance than a help so I went directly to the asset manager. I kept in contact with the Asset Manager after filing for about three extensions and we were finally ready to settle. Then my client changed jobs just before settlement and did not qualify. The property went to auction and they refused to take his bid. It came back on the market and they refused his offer. I had continued to work on a new loan application and again called the Asset Manager. We worked through the problems and the deal closed in March of this year and my client bought it for $20,000 (or 20% less) than his first offer .I must have been told 20 times by his realtor that the bank would not do what I was requesting. I am going to the housewarming next month.
The point is that the Asset Manager needs justification for his actions. Provide them with good justification and they will work with you. They want to sell the house too!
Cornerstone Lending Inc
215 674 9059
cell 267 992 7276
Where I practice real estate, â€œno answerâ€ is considered an answer and it is NO!
A seller is â€œrequiredâ€ to respond to any offer. Courtesy and professionalism is what dictates a response.
What does the listing agent say?
As a Realtor that lists REO properties here in Arizona I have heard of it taking time, but by time I mean a week or so. Most asset managers have hundreds of homes in many different cities that they are dealing with. I would probably advise your buyer to move on, try raising thier offer again and resubmitting or contact the listing agent's broker to see if you can find out what is going on. What they are doing is not a violation in anyway except that your buyers contract probably had a deadline for response. Since they have not replied, your buyers contract is voidable. But considering that you affered 50k less than they are asking they may not even bother with it. Does the home comp out at 179k or does it comp out at 129k? So many questions I could ask in response to your question to help but really it may just be a waste your time, your buyers time and my time. Good luck with your buyers I say move on to the next one.