United America Realty
E) *IMPORTANT* Banks usually will not do any repairs on short sales! Buyers can ask for reparis, but usually, what you see is what you get. Buyers should do proper inspections with licensed inspectors.
As the previous agents mentioned, patience is the key!
Also, it is a good idea to try and find out as much as possible about the seller's situation to see if there is a likelihood that the short sale will be approved. Most of the banks truly require a hardship before approving a short sale. I have seen several situations where investors are trying to dump properties and the short sales are not getting approved.
Good luck to you!
Short sales are a very complicated process. Most short sale transactions never happen because the banks take too long to respond. My team just closed a short sale where the bank took six months to respond. It's a common belief among realtors that it's a miracle if a short sale actually succeeds in closing.
To answer your questions, yes agents should be in contact with both the listing agent and the bank to see where your offer stands. However, as mentioned above the banks can take as much time as they want until they feel they have a solid offer. Yes, meaning other offers can be submitted to the bank.
My team usually informs buyers of short sales that A) Short Sale prices are usually priced very low so that the banks can get some attention on the property. In my experience, short sales have been selling for equal or higher than list price. B) that the length of the average short sale transaction that closes, including escrow, takes about 3-4 months. Banks are supposedly getting better at responding, but I haven't seen it happen yet. And C) since it takes song long for a response, buyers should be aware of their time frame. Do you need to move right now? Most likely that ain't going to happen. Also, with lengthy waiting periods, what other good deals are you missing?
Hope this helps, my team and I have closed quote a few short sales. Although we don't approve of the banks processing period, we do have the knowledge on getting them closed. Feel free to contact us any time.
Your information is correct.
But unfortunately, because your agent call with the case number and speaks with a representative doesn't mean they will be provided with meaningfil information. We do recommend calling on a reguar basis, several times weekly, becoming familiar with the names of the players involved beyond the assigned case worker, receptionist, supervisor, anyone that might be able to support your interests. The more informed you are and the more names you can drop will not hurt your situation.