I am so sorry to hear that you are having a hard time with this transaction. Short sale are already nerve racking by nature to start with.
I love all the answers bellow! I would make sure your contract is still up to date. If the agent's office is near by, I would schedule a meeting with both the agent and the Broker. Bring the contract and go over everything with both of them. It will be a good time to bring all concerns you have at that time.
I am sure they will hear you and find a solution for you. But listen to your heart. if it does not feel right, it might not be. You have to feel taking care of.
Tart the week positive!
Sticky Sticky Sticky, we as Realtors will always recommend you hire and seek advise from a real estate attorney.
I wish you all the best getting your short sale approved ;)
Also, being the buyer of a short sale is frustrating. There is usually little information, as you have found. The seller's agent may be calling the bank frequently but weeks can go by where the bank is doing nothing at all and they won't pick up the phone, return calls or answer emails (should we be so lucky as to have an email address.) For the buyer, there is little you can do but wait, and wait, and wait.
Ask how many banks are involved and who they are, if you have not already. Is there PMI? Are there other lien holders? Is it a government backed loan? Some short sales are much easier than others, but most are complicated and frustrating for all!
The other scam is a 3rd party negotiator will attempt to extract a ridiculous fee from buyer, seller or the realtors. I've seen $5k in some cases for performing about 2 hours of clerical tasks.
So if you're not being treated fairly by your new "assigned" Realtor, I would immediately call your original Realtor and have her modify your existing contract on the short sale so she will be compensated. The approval letters I've seen have the Buyer's name but do not specificy the Real Estate firm so I'm thinking the change of firms may not delay your approval.
Most importantly, you must continue to look until you get a copy of the written approval letter from all of the seller's lenders (i.e. Home Equity line must approve,too). And be well aware that the "price" listed by the Realtor may not be acceptable and you will get a "counteroffer" close to market price.
The solution of your proplem may be founf with a "heart-to-heart" with the new agent's broker. He/she should know that the level of service you are getting is not meeting your needs. Any broker worth their "salt" would resolve this issue ASAP.
Oh... this is a tough one. Have you tried speaking to the Broker to inform him/her of your frustration? You may want to start there. You have every right to be happy with your realtor.
Good luck to you...
Keller Williams Realty - The Battiste Team
I am in complete agreement with Richard, below, regarding your options. You can cancel your current contract and hire a new agent from another company or your old agent, but this will very definitely "reset" the clock on your short sale or you can speak with the broker and have him or her assign another agent to you that will better assist you in this transaction. Let the broker know your frustration and ask for someone who is qualified and familiar with short sales to help you.
There is nothing more frustrating than waiting to get approval for a short sale, and the situation can be greatly helped (or hurt) by the lack of experience of the listing or selling (buyer's) agent, so working with someone who is familiar with the process and with the banks in the short sale can go a long way to explaining the procedure to a buyer and to working with the listing agent to keep the pressure on the bank to review the file.
Grace Morioka, SRES
Area Pro Realty