I know this is frustrating. This is a common issue for buyers when submitting offers on Short Sales. It is so unlike a regular transaction or even a foreclosure. Actually, your offer is the lowest priority for the bank, when they finally get around to receiving your offer.
The real delays are the negotiations that take place with the seller and any other possible secure lenders. The bank and the seller have to reach an agreement of how much they will be charged between your short offer and the amount the seller owes the bank on the mortgage. If your offer is within market, the seller's negotiator and the loss mitigation officer are going back and forth while you wait.
Sometimes it takes months for the bank to even assign a loss miigation negotiator to the case after the offer comes in.
While the deal can be good on a short sale, the wait, wait, wait is part of the transaction.
Yes, you can ask the listing agent and the title company that has registered the short sale to at least confirm that the offer was received by the bank. Hopefully, they sent it certified, return receipt mail.
If you would like to see a good webinar on how the entire short sale process works, see the link on my website at: http://www.arizonahomesland.com/forsellersorlandlords.html
Jeff Masich, RealtorÂ®
Arizona Homes and Land
HomeSmart Real Estate
I really sympathize with your situation. It is EXTREMELY frustrating to be on the buyer-side of a short sale, waiting for answers and never receiving the answers you want.
The short answer to your question is 'No'. There is no possibility of you being able to check on the purchase of your short sale, unless the home-owner has specifically given their lender permission to talk to you (or your agent). I have personally been able to do that on behalf of my buyer (it was a very unusual circumstance), but in general it is highly unlikely that the owner would do that. Usually, additional parties contacting lenders does no good at all. The banks have a process to follow, and sometimes these go smoothly, other times they do not.
If you really like this house, I'd advise you to hang in there. 2 months is really not uncommon in a short sale transaction. We do like to see some movement by this point (paperwork received, negotiator assigned, BPO ordered and so on), but it doesn't always happen that way. Sometimes everything seems to go very fast, only to find a huge speed-bump near the end. Other times, nothing happens for eternity, the buyer drops out and the short sale agreement comes back the next day.
Unless you have seen something you like better, you might want to grit your teeth and remember what a great deal you're getting. I know it's hard, but in the current market, the winners are those who are ready for the unexpected and prepared to be patient. If you move on to another property you could find yourself out of the frying pan and into the fire, I'm afraid. Give it another month, ask your agent what deadlines s/he would like to see met, and revisit it then. Thinking about it all the time is natural but probably counter-productive.
Good luck with the purchase, let me know if you have any other questions, I would be happy to assist.
RE/MAX Casa Grande Yost Realty
First things first.. if you don't want to wait up to 6 months to complete the transaction, stay way from short sales... second you can get a great deal in a short sale but the rules are different.
1. multiple offers can and may be submitted to the lender and if your not the best one you will be out.
2. not all real estate agents do short sales the same or are prolific at it. These are relatively new types of transactions and they do take some practice.
3. they take time. Most short sales take a fair amount of time. If you can't wait don't do one.
4. the shorted lender may not approve the price or terms.. Seller may not accept lenders conditions of terms.
The reason why these homes are priced so well is because they have to be at a great value to keep the buyer committed.
The Bergamini Group has an 89% close rate from the listing side.
The ball is in their court.. you can cancel at anytime if the short sale addendum was used correctly.
Unfortunately you can't. Only the seller and the persons authorized on their account can do that. It sounds like the listing agent had no business listing a short sale, so how about suggesting to the listing agent that they use a qualified short sale negotiator to negotiate the sale for them.