Home Buying in 65656>Question Details

Bearcat273, Home Buyer in 65656

Been trying to buy a short sale property since August. Closing date keeps getting pushed back. Anything we can do?

Asked by Bearcat273, 65656 Mon Nov 28, 2011

Sellers have excepted my contract and I have paid my $1000.00 to lock it in. Every time we get close to closing, they push it back. Sellers agent says banks have approved, but will not show us paper on it.

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We bought our house on a short sale. What a nightmare! Short sale doe not mean fast. And we had the same run around for months. No one could give us a straight answer. If it is a house you really want just be patient. But remember there are a lot of homes and always be looking. The last time that they had changed the closing date with no idea when it would be I had told them they had a week to either close or I was going to back out. It got done. We have the house we really wanted. Good Luck to you!
0 votes Thank Flag Link Tue Oct 29, 2013
Dear Bearcat,
Unfortunately Banks don't play by the same rules as Realtors do on a non-short sale property. If you have patience and can wait for the answer you may get a great deal. This is one of the characteristics of a short sale--lots of waiting and few answers! Ask your realtor to escalate the offer if your not getting satisfaction. By escalating it the current person working for the lender may be able to get a supervisor involved and facilitate a quicker closing. New guidelines have recently been put out by the larger banking institutions in an attempt to facilitate these situations. Hang in there!!
0 votes Thank Flag Link Mon Jan 30, 2012
My last 3 short sales, using professional short sale legal firms to assist and to keep everything on track, took 8 months to get bank approval in writing. then another month to close. Even if they had bank approval to sell prior to receiving your offer, the bank still has to agree to your particular offer OR COME BACK TO YOU TO NEGOTIATE THE PRICE (this is a short sale, the bank does not have to agree to the price point the seller agreed to). Typically they will do a BPO (broker price opinion) first, then they will look at your offer and determine if they will accept it or they will negotiate the price with you, then they then they have to determine if the title is clear (I've had that delay closing by another month), while they are clearing title, you should be doing your inspections, then you will hopefully get to closing. Here, we dont' put down our earnest money typically until after we have bank approval in writing (which is after they negotiate price with you)
Web Reference: http://www.yourstlhome.com
0 votes Thank Flag Link Tue Nov 29, 2011
Have you asked your buyer's agent what they know?
Web Reference: http://www.ozarksagent.com
0 votes Thank Flag Link Mon Nov 28, 2011
You should instruct your attorney to make a request for the executed paperwork. If you don't have an attorney, some banks/servicers will not pay as close attention to your transaction as they might otherwise. You can always call the board of licensing in your state and see if there is some pressure you can add that way.
0 votes Thank Flag Link Mon Nov 28, 2011
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