Foreclosure in Springboro>Question Details

Jeff, Both Buyer and Seller in 45342

ok, it only took me 78 days to sell our home thru our realtor. i hear that is pretty impressive in this

Asked by Jeff, 45342 Wed Feb 6, 2008

current market. i was happy, now we have gone thru soo many homes and my wife has found the home of her dreams on a short sale. our realtor is trying to get the selling agent to keep on his game, but it seems he is moody about her calling him and giving him advise. its seems one day we have made 10 steps foward in this process and then a week later we are back at square one with this guy. so i guess my questions for you professionals are? who determines the amount settled for ? they already have it due up for sheriffs auction march 3rd. does this help them knowing its about to go to the auction block? the house is 2 years old and in perfect condition, what inspections should i get? PLEASE HELP ME ANSWER MY WIFES QUESTIONS!!

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Are there two agents involved, the buyer's agent and a seller's agent? Let's hope the seller's agent knows what to do to get a short sell through. There is a great deal of work on his and the seller's part as they approach the mortgage company for a short sell. Couple that with work overload for the mortgage company and you have a tough situation. Be encouraged that mortgage companies do no want to go through foreclosure and the resulting sheriff sale and you do have until March 3. It may take as long as 6 weeks for the whole process. It sound like you have had good luck in selling your house so I hope your luck continues and you get your dream home.
Web Reference: http://www.marystarkey.com
1 vote Thank Flag Link Wed Feb 6, 2008
Jeff,

The bank is the one who says yes/no the the deal... the seller still is the one to "sell" the home but the bank has to approve the loss. Has the listing agent done short sale business before? If he is experienced then having your agent call is most likely no helping and could hamper the process, just human nature. We do a good deal of short business and when the other agent constantly calls it just slows us down and gets irritating. The whole process may take 60 days to get the bank approval, just hold on there... as long as the listing agent knows what they are doing you should be OK.

On the sheriff sale date... that could be a good or bad thing. The bank knows they have until then to decide so sometimes the "drag their feet"... There is a cost to them to reschedule if they put it off so they may wait until the last min. and then expect you to close quickly... I would have my financing as complete as possible in prep. of that possibility.

I hope this helps please feel free to send any other questions you or your agent may have on short sales in general to Mark@MarkRyanGroup.com
1 vote Thank Flag Link Wed Feb 6, 2008
Unfortunately it can take the bank as many as 120 days to make their decision, and there isn't anything the agent can do to hurry them along. Every short sale expert I have heard has said the key is explaining to the buyer they have to have patience. Good luck!

And it is the bank who decides what to take, as far as the price goes. You should have all the inspections your agent suggests. In my area that would be an engineer inspection and a termite inspection. Sometimes there are water tests. Your area may be different.
0 votes Thank Flag Link Wed Feb 6, 2008
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