these days the banks can do anything they damn please, often in violation of laws or regulatiions

The dates you put in your offer (contract) and hopefully accepted by the seller are dates set between the buyer and seller. Tha bank is not a party to the transaction even though they hold mpost of the cards.

You tge buyere are under no obligatioj to move forward if a dats set for anseer fromn the bank is not met. As Joan said, to lkeep everything Kosher, you shoudl execute an addendum to extend the time.

Another way is to not put a date in the Short Sale Addendum, that way you don't have to worry about it at all. The banks could care less about your deadlines and only care about theirs. They are quick to charge you a per diem if you don't close by ther deadline.

Short sales can take a long time, especially if the listing agent is not on top of things and does not wanbt to be a squeaky wheel.

If you like the property and it is a goid deal, hang in there. The problem is that some agents paly this offewr game and will send every offer they get to the bank. Once they have an accepted offer, they should not send the bank any more, even if they ask, The agent works for the seller, not the bank. Let the bank accet the deal that was sent or counter it and that buyer should have first right of refusal.

Jay Gedanklen
Broker Associate, REALTOR
SELLSTATE Next Generation Realty
858-605-5839
jay@saveyoucash.com

If you want to extend your offer, get your agent to write an addendum. The bank will consider your offer valid, unless you say it is not, but to be legal...write the addendum with a time extension. Too easy and protects everyone.
Good luck,
Joan Wilson (Realtor, SRES, Ecobroker)


California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
JoanWilson@prusd.com
License # 01341483

It is my Goal to Increase the Success and Profitability of Those I Serve

Did you submit a Short Sale Addendum??? This addendum states the time period for which your offer is still valid. I always submit one and typically allow the seller a 90 day period in which they need to provide the short sale approval / demand payoff from the current lien holders. You can always hang in there beyond the stated time period but it sets an expectation with the seller and listing side of the transaction.

The Short Sale Addendum can also be used to specify that the contingency periods are to begin one day following the delivery of bank short sale approval to the buyer. This is critical because you want to be clear as to the time you will have to obtain full loan approval and perform all inspections on the property.

Also have your agent ask for the estimated HUD that was submitted to the bank with your offer (some listing agents won't provide... but doesn't hurt to ask!). This will detail the expenses they are attempting to get covered out of the proceeds of the sale before the approving lender gets the net. You need to make sure they are asking for everything you asked for in the purchase offer (home warranty, transfer fees, back taxes, back HOA dues, seller's title insurance, etc). Otherwise, if you really want the property you may have to come out of pocket for some of these items.

I hope that helps... Best of luck!
Tara

Tara Steinke
San Diego Real Estate Specialist
Residential Sales and Appraisal
619-384-6014
SDRealtor.Tara@gmail.com

The banks have the same attitude as the government. They can do whatever they want since they have the control. They don't care about contracts unless it benefits the bank. On the other side of the question, you can choose to continue waiting or cancel your offer. Short sales take a tremendous amount of patience. The short sale is the easiest way for the bank to preserve the most amount of their money, but once in a bank's short sale process, it is like time stops.

Banks generally don't pay too much attention to dates set in contracts - unless it is the other party that is in breach. The best advice I can give you is to keep shopping while the bank deliberates. Let your agent and the listing agent keep the pressure on the bank to stay remotely close to their contract deadlines and keep your options open in the meantime. Also - don't think anything of the bank not meeting their deadlines - it is unusual for them to be on time with anything when dealing with short sales/reo.

Best,

Cleve

619.822.4000

Edit: If this is a way out of the contract, do you think that there is any chance it will put pressure on the bank to answer by the stated date in fear of losing this good offer? Do they pay any attention to the dates?