Well, it was TRUE.
Here is the stats. Only 75% of first offers on a short sale close. Why? Becuase they were made by buyers like you who 'Didn't believe" and developed happy feet.
The good news is, when you bolt, the second buyer, who is hoping you do something silly, will swoop in and grab the house and have invested 1/5 the time you have invested.
Hey, if you do develop a case of 'happy feet' and need to start looking again..that's OK. You have served an important prupose already. You must do what's best for yourself and those important to you.
In a short sale, there are NO gaurantees, not even a good chance. There is always the unspoken, "What were you thinking after everything you were told!"
Be aware, in these highly complex short sale transactions, YOU are the only one who is offering any $$$$. Be prepared to suppliement your offer in other ways, to get this deal done. The abuse is not over yet. your agent can adise what can happen based on the lenders involved, the service company, the investment group, the PMI company, the attorney, association and current owner's tax liability situation. Other than that. looks like smooth sailing ahead.
There is no way to offer any assurance. I had a short sale that posseses an ember of hope for over five years..and crashed and burned even though the buyer openly stated they were willing and able to contribute more! These short sales and the parties involved, DEFY logic. The house remains vacant and is a physical resemblence of an overgrown cave in the Amazon. FIVE YEARS.
Badgering the listing agent, the negotiator or asserting your great distress will not alter the outcome one iota. You will need to wait. Occaisionally, check the pulse of the othere players (agents) to make sure they are still in the real estate business, and when something happens you will be the 13th to know.
Best of success,
Annette Lawrencee, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Serious people call.
Serious people require reliable, accurate data
In retrospect, I am happy with the purchase using short sale (we got a great price), but I would advise against short sale with 2 or more lenders, unless you are not in a hurry and really love the house! Hope this helps!
Just some advise is to keep bugging, "the squeaky wheel always gets the grease".
Short Sales can be very frustrating! Ask your agent to get a weekly update for you from the listing agent. The listing agent should be checking with the negotiator on a weekly basis and be able to give you some idea of where your transaction stands.
We are able to follow up with each listing agent that we have submitted offers on, for our buyers. We have closed several short sales for our client buyers.
It is a possibility, that the lender could ask for a new BPO and the price increase, as the market prices are increasing. The longer it takes to obtain the Short Sale Approval Letter, the more likely the price will go up, until you get the Short Sale Approval Letter agreeing to the terms and price.
Hope this helps is some small way.
Don and Vicki Dysert
Authority Real Estate
Hemet, CA, 92543
License Numbers # 01727829 and 01727827
Expert Real Estate Services
Have your Realtor ask the Listing Agent for a status update. The Listing Agent can contact the Short Sale Negotiator (at the lender) for the status update. You should have some type of answer by now - especially if it's been 3 months since you accepted the second lender's counter offer. If they won't give you an answer, threaten to cancel contract.