Home Buying in 07302>Question Details

Tc718, Home Buyer in Jersey City, NJ

Do I need to be under contract to get bank approval on a short sale?

Asked by Tc718, Jersey City, NJ Tue Jun 22, 2010

Im looking to buy a short sale on a condo. I made an offer which the seller accepted. My real estate company said my attorney must approve the contract before it can be submitted for bank approval. They basically told my lawyer it's illegal to seek bank approval without a contract. My lawyer disagrees saying, we don't need to do anything, let's just ask them straight up if my offer is approved before approving any contract. He feels it's best we wait for bank approval so I do not waste time or money. Who is right here? My real estate company won't ask for bank approval without the contract and my lawyer won't approve the contract without bank approval.

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Answers

64
Not true you can get pre approved with a bank without a contract, and an actual loan approval once you are under contract, I recommend the lenders network, if any company can get you a loan they can. Brilliant real estate minds with a ton of lending contacts.
0 votes Thank Flag Link Thu Jul 18, 2013
In the meantime....So what are you doing? Maybe in MN you don't need an attorney to approve a contract, but in No Jersey you do. By now you must have some idea that your offer is being processed by seller's lender. The seller's attorney will be pushing that thru and keeping the side informed. If thati s not happening, you are in limbo. Your offer is not being considered by bank. Sounds like you have an inexperienced attorney, maybe.
0 votes Thank Flag Link Wed Jul 28, 2010
What is the attorney for?
You need to submit an offer and earnest money (where I am) to have a contract and then the sellers accept or decline for a SS and then it goes to the lenders. For an REO it goes directly to the lender as they own the home. Not the case on a SS- the homeowners are the owners.
Web Reference: http://topbrainerdagent.com
0 votes Thank Flag Link Wed Jul 28, 2010
How serious are you? The seller wants to know that there is a contract in order to proceed with his life. If you don't even try yo make it a contract with your attorney and the seller's attorney, it is not much more than a verbal offer, which is basically worthless. Seller will keep trying to find buyer who will go to contract because there is nothing on the table that says otherwise. And, what would the seller's bank be approving? A verbal offer? It doesn't work that way. Let your attorney ask the bank. They will say, put it in writing, make it a contract. If your attorney is correct, let him try it. What's holding him back?
0 votes Thank Flag Link Tue Jul 13, 2010
I'm not sure why you have an attorney involved if you have an experienced real estate agent. However, in Maryland the buyer presents an offer to the seller on a state-approved contract form. The seller approves the contract and then the contract is sent to the short sale department at the bank. For a short sale, you cannot talk about price acceptance without the assumption that it is ready to go to settlement if the bank approves it. The bank wants to examine the entire contract to see if the terms are acceptable.
0 votes Thank Flag Link Thu Jul 8, 2010
You must have a contract in writing to get a Short Sale approved. There are No lenders that will even look at a Short Sale Package without a written contract. This contract can be retracked by you at anytime.
0 votes Thank Flag Link Thu Jul 8, 2010
Yes and No.
Yes, in a conventional, or reactive short sale, in order for the bank to approve or deny a short sale application, the bank would need to know the terms in which were being offered under the contract, however if the homeowner has been following the path, as provided under the HAFA (Home Affordable Foreclosure Alternative) program, No. Under the HAFA short sale program or, Pro-Active short sale, the lender, after receiving an application with supporting documentation from the borrower or homeowner, will provide to the homeowner an SSA (Short Sale Agreement) which spells out in detail, the terms, including an acceptable price, that will be accepted under the HAFA program. The lender has 30 days from the date of receiving a HAFA short sale application to respond to the homeowner regarding their eligibility to participate in the HAFA program, during which time, the bank will conduct their due diligence regarding the application. This process is designed to make the short sale process a more streamlined and timeline defined method of short selling your home.
0 votes Thank Flag Link Thu Jul 8, 2010
Real estate laws differ in each state, but I deal a lot with short sales. Lenders will not consider anything unless it is in wrirting. Most lenders have automated systems and the documents are uploaded into their computer system for a negotiator to review. Only when the lender receives a fully executed contract - signed by both the buyers and sellers (homeowners in a short sale) will they consider a short sale. One of the addendums we attach to any short sale contract states that the lender has 30 days (or however many days agreed to by the buyer and seller) to approve the deal. Otherwise, the buyer can cancel contract. That allows buyers the option of either staying with the contract or moving on to another property.

Don't be surprised if the short sale approval takes months. Lenders have an enormous volume to deal with, and we and you are at the mercy of their time schedule.

Hope this helps.

Linda Atkinson, PA, GRI
Certified Short Sale/Foreclosure Resource
Coldwell Banker Sunstar Realty
Port Charlotte, FL
941-661-4294
0 votes Thank Flag Link Thu Jul 8, 2010
In my experience, the Bank will not respond to a verbal offer. A written offer needs to be submitted.
0 votes Thank Flag Link Thu Jul 8, 2010
We are not bankers or attorneys; I can only tell you my experience in dealing with short sale properties. In every situation, the bank has required a signed contract between buyer and seller as well as all of the documents the seller must submit to substantiate applying for a short sale in the first place BEFORE they will consider a short sale.
0 votes Thank Flag Link Wed Jul 7, 2010
While we do not practice law as real estate brokers or agents, we do work with short sale contracts. In our experience the banks will not discuss hypothetical situations. You must submit a contract offer in order to begin the short sale process. The largest lender, Bank of America who bought out Countrywide has gone to an online platform for the short sale process. So now you don't even speak to a representative in the short sale department, it is all automated. This is another reason why you must have a contract offer in order to initiate a short sale.
0 votes Thank Flag Link Wed Jul 7, 2010
Not sure exactly how it works in New Jersey, but in California there would be no need to have an attorney review or approve the contract before submitting the short sale offer to the bank. The banks will often modify the terms of the short sale purchase prior to approval, so attorney approval would likely be premature in any case.
0 votes Thank Flag Link Sat Jul 3, 2010
In most instances bank can't approve anything unless it is in a contract therefore formal instrument showing the terms and conditions you are requesting for bank approval.

Lynn911.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Jul 3, 2010
Hello, I have personally done many short sales and worked with the banks directlty. I can definitely tell you that you need to be in contract in order for a bank to take your offer and decide if they want to counter offer. Banks do not spend their time taking offers from any buyer who's interested. If the bank is going to review the short sale package and do an appraisal or BPO then they want to make sure your a serious buyer and not wasting their time.

You should make sure your attorney you have is experienced with doing short sales because it can make your transaction very difficult as things progress. Good luck!
Web Reference: http://www.RhondaHolt.com
0 votes Thank Flag Link Fri Jul 2, 2010
In general most banks do require a valid offer to be pre-negotiated with the buyer and the property owner before they will begin the approval process. This can vary by specific loan type and lender and some allow pre-approval for the seller at a specific value. Since that isn't the case here, I think your only option is to follow the advice of your attorney. Our contracts in MD do not require attorney approval so that's something new for me. But if you are dealing with a real estate attorney I'd go with his recommendation. And, if we are talking a minimal amount of money for the review I'd say go for it.

As an add on, I'd be asking some serious questions of the seller's agent as well. Is their a proven financial hardship for the seller? Is their one mortgage company or two involved. And lot's more. In the case of a short sale it is important for you as the buyer to qualify your seller!
0 votes Thank Flag Link Thu Jul 1, 2010
You don't need a contract to get permission for a short sale. Many banks won't answer as quickly without a contract.
0 votes Thank Flag Link Thu Jul 1, 2010
In a short sale, the seller is asking the bank to "eat" the difference between the sale price and the mortgage amount owed by the seller. The seller still owns the property and the buyer may have an offer accepted by the seller, but without bank approval, the offer acceptance is meaningless. The buyer will do the inpection (at buyer's expense) before signing the contract and give their deposit check to their attorney and sign the contract if acceptable.
This contract with the check goes to the seller's attorney who submits a short sale package to the seller's bank with the reason for the short sale with supporting documentation of the "hardship case of the seller". If the seller's bank agrees with the hardship, they will order their own appraisal of the property and appoint a case worker who will decide whether or not to approve the contract from the buyer. Since the bank will be spending their money for the appraisal and the case worker, they will not touch the buyer's offer until it is completely ready to be signed by the selling attorney and has all the information needed to approve the transaction.
The bottom line is that that the buyer needs to have the contract signed and sent with the deposit check sent to the seller's attorney as if everything is "ready to go" like normal, except that it has to go through this cumbersome process of approval by the seller's bank.
0 votes Thank Flag Link Wed Jun 30, 2010
If the seller accepted the price and terms of your offer subject to short sale approval by the seller's lender, then you've done everything you need to do. The seller's agent must, by law, present any and all offers accepted by the seller to their lender. If it was stipulated in your agreement that final approval is contingent upon your attorney's appoval and no time frame was included then this can occur at any time. Absent any language in your contract that it is subject to your attorney's approval, the listing agent has no authority to holdup the agreement from the seller's lender for short sale approval, in my opinion.
0 votes Thank Flag Link Wed Jun 30, 2010
All lenders have requirements specific to their policy regarding Short Sales. One thing you haven't mentioned, is who created the purchase offer for you. Under most circumstances, the lender will require an agent authorization from the Seller for the Realtor of his choice, to be assigned to the Short Sale. Once this is in place with the lender... the authorized Realtor is empowered to submit all offers received for that specific property, to the lender, from any prospective Buyer.
The offer submitted must be fully executed... that is... initialed and signed by both the Buyer and Seller... and include a fully executed Short Sale Contingency Addendum. The lender will only then, consider the offer. They will not deal with an offer that is not fully executed prior to submitting it to them.
Legals specific to each state... are just that... they change from State to State. Perhaps this is why you were told to have your lawyer approve the contract in your state. In New Mexico, for instance... this is not necessary. Realtors write offers and submit them without requirement of lawyer approval of the contract to be submitted. The bottom line with a short sale... is that the lender is the decision maker and institutes the policy for the short sale. I would suggest that if you wish to purchase this property through the short sale process... that you comply with the lender's wishes. Perhaps your lawyer can resolve the legal issue he has with a signed contract, directly with the lender? If he cannot resolve this... perhaps you might want to consider another lawyer. Your offer will not be considered by the lender until you meet their criteria for consideration, as they have it established... to the letter. With regard to this... In a short sale...literally, the lender "rules".
0 votes Thank Flag Link Wed Jun 30, 2010
TC718, each state real estate process can be different. In MN A short sale contract submitted to the bank does not need Attorney sign-off. Although we do recommend that the bank contracts that your signing be reviewed by your attorney as some of them are solely looking out of the bank. Often times if you want to negotiate an item in the bank contract addendums then your offer is done.

From a typical short sale - once the seller signs the contract your executed contract is then sent to the bank for approval this can be a long process. Which was partly why the HAFA process was adopted. However many homes still do not qualify for the HAFA process. For more information on the process see my reference site.
0 votes Thank Flag Link Wed Jun 30, 2010
Banks will not even review the possibility of a short sale with out a contract being presented to them form the seller.
0 votes Thank Flag Link Wed Jun 30, 2010
Jersey City,
The laws may be different in different states. Here you must first make a written offer. Then the bank excepts your offer in writng. Then the contract will go to the attorney and the bank you choose to loan you the money bank. I hope this helps!
Thank you,
Beth Weaber
0 votes Thank Flag Link Wed Jun 30, 2010
Deal is dead! Bank wants 219k. (sellers lawyer told my lawyer) My offer was 195k. Why didn't the realtor just say so? Waste of time and energy.

They still owe 280K. Who's gonna pay the 61k difference?
0 votes Thank Flag Link Mon Jun 28, 2010
1B. FROM YOUR REAL ESTATE AGENT
 Listing Agreement
 Detailed Listing History (MLS Printout)
 Sales / Purchase Contract (Signed Offer)
 3 Comparable Active Listings/3 Comparable Sales/Pictures of the Property & Neighborhood
 HUD (Estimated Closing Statement)

These are the requirements off of Chase's website. The only thing that involves me is the 3rd item, which I already have!
0 votes Thank Flag Link Mon Jun 28, 2010
I do have a contract of sale signed by me and the seller. The whole issue is it's is not "attorney approved"

Thanks
0 votes Thank Flag Link Mon Jun 28, 2010
Typically, the answer is yes. Hipe that helps!
0 votes Thank Flag Link Sun Jun 27, 2010
My understanding is the bank will NOT negotiate without a contract of sale; at least here in New York...
They will only talk if there is a contract of sale with a serious buyer ready, willing and able to buy. The shortcoming of course is that you have to time this wisely and get your loan. When the bank says yes, they only give you 30 days or less to get bank approved. If you start your application early, maybe it's better.... but I've been in a situation where the buyer got approved and the bank had still not decided... you could run out of time on your commitment.. Play it by ear but sign those contracts first... Good Luck....
0 votes Thank Flag Link Sat Jun 26, 2010
TC,

I'd ask : how much expereince does your attonrey has with short sales.?

In my expereince, before a seller can proceed with short sale "offer" buyyer and sller nust have an agreed market value price facilitated by real estate agents and their estimated market value of the property.

Haviing said that not all Realtors estaimtions are agreed upon by banks.

Most recently I had an agreed upon price b/t B/S to which the bank declined. Today the property is listed at a bank owned rate for LESS than the price I had secured . .. go figure!

Sincerely,
Francesca Pariozio, ePro, SRES
732.606.2931
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Sat Jun 26, 2010
Short sales are not what they sound as you have found from many feed backs. Perhaps the easiest way for you to understand one is to get a copy of the banks requirements they provide to the seller of the home. It pretty much spells out exactly what they want to make a complete offer proposal for them to consider and possibly approve.

I have seen different variations but most check lists start with the listing contract, copy of the active listing via the MLS, a hardship letter (have it include a statement for the realtor to be authorized to communicate with the bank), and when an offer is to be presented it is to be complete with a pre approval from a reputible lender and a title company settlement sheet (kind of reverse transaction process) to show exactly or within pennies of the sellers bottom line.

Why is that important you may ask or already know. The bank wants to see it truly is the seller getting nothing and that another bank is not getting a pay off as well and they are getting shorted to provide free and clear title to the new owner as a result of the other banks position in the chain of title as well.

The banks are working with us, at least I am having pretty good communications with them as well as their attorney representitives lately (last year was not easy) as they are able to get bail out money, so they really are getting as shorted as we see in black and white. I don't have all the specifics on what the government is doing with and for them as it is not relavent to my job, to get a transaction to the closing table.

I hope this helps as I see a lot of chat back below but did not really see the procedure to hit the target of the question as needed. It is a bit more work for a transaction, that's for sure, but a buyer can get a really good deal, a seller can get to his next goal with not as much matters to their credit as a full blown completed foreclosure may do, but more so the goal is to turn a bad loan into a new paying loan so our economy can recover more quickly. It reduces the foreclosure market obviously which in turn also should (I says should, or you would expect) help return our economy to a better condition more quickly.

Good question, Tc718, but remember, if you do go with looking for the answer from the bank, the paper work as they request needs to be complete for them to hustle to an answer of yes, no, or a counter proposal. Make sure who ever you have involved has the punch list and does what is on it or you could be waiting a very long time, so prepare for that as well if they do not have the above mentioned protocol in mind and you at heart. We are here to help my friend!

Daniel
0 votes Thank Flag Link Sat Jun 26, 2010
The sellers bank will not approve a short sale without a fully executed purchase and sales agreement agreed to and signed by the seller and buyer. Without the purchase agreement, there is nothing to approve. A contract contains imprtant things such as price, closing dates and if there are any contingincies. The bank will look at those 3 items to judge whther they will approve or not approve the short sale.

I have never heard of an attorney telling their client not to sign a purchase agreement like that. A short sale in itself is a gamble and not guaranteed, but without the buyer spending soem time and money, they have no chance of getting an approval on their offer.

I have a blog with short sale tips and suggestions. HOW TO GET A SHORT SALE APPROVED
0 votes Thank Flag Link Sat Jun 26, 2010
Hey Ron,

My offer was not the first offer according to the realtor. There was another offer in attorney review. She said if I wanted to make an offer, she will have to the let the other party know....that another person is submitting an offer and if they want to they can adjust it.

So basically we both put in a FINAL/BEST offer and mine won. Buyer/seller signed and now we are stuck over the attorney review/bank approval issue.

Thanks
0 votes Thank Flag Link Thu Jun 24, 2010
Do me a favor and move on you need a new lawyer and a new realtor. The realtor is pulling you chain if you were the first offer put in on the property and he/she is working for you on both ends the realtor has the ability to submit you offer work only your offer and any other offer that comes in is a back up offer. Please stop listening to this person he or she is an idiot. Your deal is going no where fast like I responded to you from my first response most realtors and lawyers have no idea what they are doin with short sales. I am a straigtht shooter I have no reason to lie to you and am not asking for you business just giving you the right advice because I do short sales all the time. Please get away from this property and this realtor interview others if your still interseted in short sales before you choose who to use.

Ron SImone Jr.
All Towne Realty
Realtor/Associate
732-978-0991 Cell
732-453-2930 Private
RSJ58@aol.com
NJAR Circle of Excellence: Bronze Producer 2005 Silver Producer 2006-2009



Top 1% in sales of over 8,000 Union,Hudson,Bergen,Essex, & Middlesex County agents in 2006 & 2009

"A referral of your friends & family is the finest compliment I could ever receive"
0 votes Thank Flag Link Thu Jun 24, 2010
I was just given advice to get a new lawyer. That my lawyer doesn't seem to know much about short sales. That I would need to get a fully executed contract to secure any deal. This really sucks :(
0 votes Thank Flag Link Thu Jun 24, 2010
The realtor told me because it's not out of attoreny review they will continue to accept offers, even though they said they would submit my offer. So I'm assuming if no better offer comes in mine would eventually be submitted with or without attorney review.
0 votes Thank Flag Link Thu Jun 24, 2010
It all depends on the realtor technically it is supposed to be the highest offer is the one that is presented to the bank. It also depends onwhat stage you are some realtors will submit the highest offer others will submitt all offers and let the bank decide and last other realtors will not want to take the extra steps to work on new offfers as they come in they will just work with the inital offer and if that onne does not die or getts accepted they will use that one. So yes you may or may not be bumped out but if thhey do submit other offers you do have the oppurtunity to come up and match or beat the best offer.
0 votes Thank Flag Link Wed Jun 23, 2010
To your 2nd question it depends on what stage you are in, but once your out attorney review you should be ok. Once you have started the process you should be safe. I have experienced others buyers don't want to compete with an existing bid.

James Berman http://www.THENJREALTORGUY.com
0 votes Thank Flag Link Wed Jun 23, 2010
The bank will not issue an approval without the Buyer being pre-approved with a lending institution
0 votes Thank Flag Link Wed Jun 23, 2010
Hey guys, I have one more question. Can my offer be bumped at anytime during the short sale process? If a last minute higher bid comes in, I can technically lose the property? At that point only if the new bidder has some problem completing the deal, only then it would be possible for me to win?
0 votes Thank Flag Link Wed Jun 23, 2010
Thank you all for your answers. I asked the broker yesterday who the lender was she told me it was Chase. So I called them up and explained the situation to them. They told me you do not need attorney approval to get approval on the short sale from Chase. So should I tell my realtor this? Now it appears more like a realtor policy rather than a bank policy. Of course if it was a bank policy I would basicallly do whatever they needed.

Thanks
0 votes Thank Flag Link Wed Jun 23, 2010
Hi TC again.
You can hold off on inspection until your offer has been accepted by the bank. Just keep in mind that should you get this far, in most scenario's you will not be able to adjust the price if you want some $$ for repairs, so take that into considering when you make your offer. As for appraisal, you will not, and I recommend you do not, start the mortgage application process until you have an approval letter of the short sale.

As to your question about switching companies, as long as you do not have a signed buyer agency contract with the agent you placed the offer with, then this is ok... however, some agencies may give you some push back. But you are entitled to work with whomever you feel comfortable. Should you decide to switch, you can write up a formal letter and say that you are withdrawing your offer with x of xyz realty because of the conflict of interest in representing both parties.

Any property on the MLS regardless of under which brokerage it is listed, can be sold by any brokerage and realtor.

It sounds like you are stressed by this transaction, this is one of the largest investments you'll ever make. You should take into account all of the answers provided here, and seek some counseling from your piers and attorney and decide if you want to move forward under the circumstances.

Lastly, you should really speak with someone at least over the phone or in person to address all of your questions, as details can get lost in emails and written responses...

Best,
Karina Anillo
RE/MAX Gold Coast Realty
0 votes Thank Flag Link Tue Jun 22, 2010
There are many parts to a sale, especially a short sale!!!!! And each bank has different qualifiers to accept a short sale situation. But here are some basics, the seller has not paid the mortgage for X time, the sale price is less then what the seller owes, the bank has done the appraisal and set their time vs price range of accepted sale prices. These are three main factors that I have experienced for the past 13 years. The main issue with short sales is that not all homes meet this criteria. That said if the sale price does not cover the remaining mortgage and fees and the sellers has not meet all the conditions for the bank to accept a lower sale price then it is between you and the seller to figure out how the difference will be made up.
The law as I know it and your question.
Your Realtor or it's firm can not discuss the issue with the lender until the seller gives permission that is notarized by the seller.
Your lawyer is correct, by keeping it in attorney review he keeps your liability to ZERO, once he knows all parties are the same page it should move forward smooth as it can.

James Berman
http://www.THENJREALTORGUY.com
0 votes Thank Flag Link Tue Jun 22, 2010
Ok if its olny one agent ...then run for the hills I been doing short sales for years they were big in the early 80's and just came back into play recently because of the market a few years ago. Trust me I do a lot of business in Hoboken, Jersey City area and I have had so many realtors tell me there brokers tell them no to do short sales or notto take them and you have to understand most of your realtors are part time agents who have other jobs or are just lazy. 20% of your realtors make 80% percent of the business remeber that and i dont talk down to any realtor or any company I just speak the truth. I don't know what you do for a living but anyone can be a realtor just have to have a high school diploma be a citizen and take a class for 72 hrs pass a school test and state test.. It is the personal service, the marketing and advertising, and the knowledge you are highering in a realtor. My suggestion is find something else you like and deal with someone who has knowledge in what you are looking for and does not have to bee me just is a big decision and a big step for a buyer.


Ron SImone Jr.
All Towne Realty
Realtor/Associate
732-978-0991 Cell
732-453-2930 Private
RSJ58@aol.com
NJAR Circle of Excellence: Bronze Producer 2005 Silver Producer 2006-2009



Top 1% in sales of over 8,000 Union & Middlesex County agents in 2006 & 2009

"A referral of your friends & family is the finest compliment I could ever receive"
0 votes Thank Flag Link Tue Jun 22, 2010
Ron,

Technically it's only one agent, acting as a "dual agent" I only found the property by contacting the listing agent and submitting the offer through them. Although I feel they have been less than helpful.
0 votes Thank Flag Link Tue Jun 22, 2010
What about the inspection/appraisal? Does that absolutely need to be done before bank approval or can we wait till after? Im still confused about the contract. If buyer and seller signed and agreed, why can't that be submitted as the broker has the copy.
0 votes Thank Flag Link Tue Jun 22, 2010
It will be on more than one website because a lot of realtors have IDX which allows realtors to advertise other realtors properties. My advice to you is to move on to something else. I can almost guarentee both agents have no idea what they are doing. Even if the contract some how gets over to the bank it will probably sit in limbo for months and nothing will come out of it but frustration. I suggest you find another realtor to work with that knows the questions to ask the listing agent to see if they have worked short sales before and find a property that is listed by a realtor who know how to actually do a short sale.

Ron SImone Jr.
All Towne Realty
Realtor/Associate
732-978-0991 Cell
732-453-2930 Private
RSJ58@aol.com
NJAR Circle of Excellence: Bronze Producer 2005 Silver Producer 2006-2009



Top 1% in sales of over 8,000 Union & Middlesex County agents in 2006 & 2009

"A referral of your friends & family is the finest compliment I could ever receive"
0 votes Thank Flag Link Tue Jun 22, 2010
Tc718,

Every bank works differently so that is why there are so many answers out there. The key really is finding out who holds the mortgage(s). Knowing that would obviously be a huge help in letting you know where you stand.

As far as price, it's not always possible to have the bank approve the listing price before the home is listed, in fact it's quite rare. Typically, a Broker Price Opinion (BPO), that determines what the home is worth for the bank, is not order by the bank until after the short sale packet is received. Even in the rare cases when the BPO is ordered before an offer is submitted to the bank the bank won't say what they think the home is worth even if asked.

The bank is trying to get the most they can so they usually won't order the BPO until they know they have an offer and they won't disclose what they think the home is worth because they don't want to undermine themselves if the BPO is incorrect.

I hope this helps. Please do not hesitate to contact me with any additional questions.

Andres Garcia
Sales Associate, CDPE
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
Direct: 201 795-5200 x340
Andres@MileSquareRealty.com
http://www.MileSquareRealty.com
MileSquareRealty.com on Facebook
0 votes Thank Flag Link Tue Jun 22, 2010
To summarize:

I signed the contract. Seller signed the contract. Why can't that contract be submitted to the bank for approval?
0 votes Thank Flag Link Tue Jun 22, 2010
If I'm not satisifed with the way the listing agent/company is handling it, can I work with another agent/company. I noticed this property is on several sites. Coldwell/Weichert/Trulia etc. For example if I'm dealing with a Coldwell agent now can I switch to a Weichert agent, as I see the condo on both sites.

Thanks
0 votes Thank Flag Link Tue Jun 22, 2010
In California we do have to have an offer accepted by the seller and that offer is submitted to the bank. We do not have to open escrow, however as time has progressed it seems to be better for the buyer that escrow is opened because then we only put one offer to the bank and then the bank can accept or counter that offer before they look to new offers. It just seems to be the better way, at least her in California.

Good Luck;
Diana Margala 909-560-0145
Web Reference: http://www.dianam.com
0 votes Thank Flag Link Tue Jun 22, 2010
If the seller's atorney does not know the bank infor yet it is not a big deal. If the listing agent does not bank information then that is a probelm. The lawyer will not know the bank information until an offer is written and the bank requests a HUD sheet in order to see what they will be netting on your offer, so it is not a big deal if there are not offers on the property yet that the seller's lawyer does not know the lender's info
0 votes Thank Flag Link Tue Jun 22, 2010
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