However, I don't see why your agent can't ask the seller's agent to see if the seller will speak with you.
Our offer was made 4.5 months ago. Supposedly it was submitted to the bank at that time and about a month after the offer was made we were told the BPO was ordered. About 3 weeks after that we were told it had actually been done.
I don't want to say anything negative about our agent, the sellers agent or the sellers attorney working on this because I am not in their shoes but.....well I will leave it at that...the truth is I feel like I have gotten more valuable feed back from the people on this website than from any of them. And! I have actually been the one to provide them with lots of info. due to my picking up the phone and asking around.
Anyway, the first official notice of the foreclosure auction was posted on Wed 2/20. I had given up hope when....
We get an email link from our agent. It was a link to an email sent to the sellers attorney on Mon Feb 18th from a WF Loan Adjuster Specialist. The letter stated that she had initiated the property as a short sale in their Equator system. It said that once a WF rep had connected the sellers attorney to the file the attorney would be able to see it online. That the attorney would be contacted by a HAFA rep or WF rep who is handling the file in 4-7 business days. That WF would do their best to get the file into the hands of a negotiator in a timely fashion. Finally, WF said she had contacted the foreclosure dept and asked for a postponement of 30 days from the auction date. BUT! That there was no guarantees.
All that was on Mon 2/18 at this point Fri 2/22 house is still being advertised for auction.
Now my question for all those experienced with short sales is...isn't being put into the equator system just the starting point? I am now questioning whether the BPO was ever done? What comes first, being put into the system or the BPO?
If the seller signs your agent as part of the authorization form they will be able to communicate with the bank but it sounds like something else is going on. If the BPO was completed, the bank has a valuation of the property to present to the bank and/or investor and you are nearing approval or denial or counter offer of your offer.
It might be a good idea if you all parties sit down if possible and talk.
It appears the seller is NO longer submitting the required documentation needed for Wells Fargo to complete the short sale process. The question here is WHY the seller at this late stage of the process had stopped cooperating with the bank. Wells Fargo will likely PAY the seller to move out of the house upon closing, this can run from $3,000 to $20,000. Also the seller can credit recover from a short sale in 3 years, it takes 10 years on a foreclosure.
It it apparent you really want the house, may I suggest all parties get together in a meeting and work out a solution to this sale to STOP the foreclosure date. The foreclosure date can likely be stopped, I have stopped foreclosure sale dates several times.
RE/MAX Realty Group
What you must understand is that many sellers just simply do not want to deal with the headache of a short sale, or since they are already underwater they are drained from the financial situation, however, with the right people working on the short sale, you can get the foreclosure date pushed back. I know an agent out here in New Jersey that dealt with a woman that had a property about to go to auction in two days...she then called the agent and the agent and the attorney working on the short sale got the date pushed back and finally the home sold as a short sale.
I am wondering whether the listing agent has fully explained to the seller how a short sale vs. a foreclosure will affect the seller. I agree with Robert, it does not sound like experienced individuals are handling this file.
Yes, you can get permission for your agent to speak to the lender through an, "Authorization to Release Information," however, this is not something that will happen right away and usually takes anywhere from 48-72 hours for it to show up on the lenders side. On top of that, you will have to get the seller to agree to this and sign more documents. I would contact your agent and have them speak to the listing agent and as Donna said, have a third party who can expedite the contract.
Best of Luck,
Century 21 Tenace
The seller could give you permission but the bank probably would not speak with you. There is many a time that they don't even want to speak to the agent. Short sales are very difficult and most buyers become very frustrated and the agents become just as frustrated.If the seller is not cooperating with the bank then you have a problem. Only the seller can furnish all the necessary documents to prove that there is a hardship. The listing agent can assist the seller to expedite matters but if all these things are being done and you are not getting anywhere with the bank, it will be difficult. You could see if the listing agent or seller has contacted someone in authority over the negotiator but the bank is so large that it is difficult to find the right person. I have found that the seller can be helpful if they make the calls and provide the necessary information as quickly as possible.t is difficult because the bank does not care and there is no motivation for them as there would be for a regular seller that wants to sell his home.maybe your agent can convince the listing agent to contact a company to pursue expiditing your contract. Good Luck!
We are dying to just contact the seller and ask him to give our agent authority to speak directly to the bank/lender/investor on our behalf. Is anything like that ever done? We are looking for an opening to negotiate with them. Our offer was low, giving us room to move up. If the seller doesn't want to deal with this anymore because the bank wants more $$$ from him... Why can't we step in and cover some of those costs??
As far as the foreclosure goes...I gather best case it could take 4-6mo till it shows up on an REO list. Worst case
I would not contact the Seller directly. They are represented by their own agent. You need to work through your agent on this.