Goldendeer, Home Buyer in Mountain View, CA

How can I find out if seller agent truly submitted my offer to the lender?

Asked by Goldendeer, Mountain View, CA Sun Aug 26, 2012

I am waiting for a lender approval of buying a short sale since March 2012, but I didn’t hear anything from lender Chase. The seller agent didn’t answer the phone and email most time. We only received call back a few time during 5 months. He keeps saying “No updated information” and he already submitted our offer to the lender. Later we found out the contract that was signed by seller on July. We feel something really strange. Also recently he “accidently” list the property again. My questions are:
• How can I find out if seller agent truly submitted my offer to the lender?
• Is there any confirmation letter/note from lender after seller agent submits my offer?
• What should we request from him for the proof of the submission?
• Can I and my agent directly contact the lender and seller?
We had been so patient waiting for progress. I am so loyal and I had missed lot of other opportunities during this waiting period. We feel very frustrated with this seller agent.

Help the community by answering this question:

Answers

2
Christy Brock’s answer
Unfortunately there is nothing that you can do. Neither you nor your agent can contact the Seller's Lender directly. You can express your concerns regarding the timeline and ask to see some correspondence between the Seller's Lender and the Listing Agent but the Listing Agent is not obligated to show you anything. If you have real concerns then you should move on and look for another house. If you find something that works and goes through before you receive word from Chase, then purchase another home. Short sales can take a really long time sometimes.
0 votes Thank Flag Link Sun Aug 26, 2012
First -- no, you can't contact the lender and the seller. You are not authorized to talk with the lender directly, and any attempt may confuse the issues and delay the process.

Do you have ALL pages of your accepted offer including the Short Sale Addendum? Then check to see how many days you agreed to wait --- the standard was 45 days from the time your offer was accepted by the sellers. If shorter than 45 days, and that date has expired, did you submit an extension?

When you said the listing agent "accidentally" listed the property...is it now again "pending subject to lender approval"?

Please don't think the listing agent isn't doing his job. Chase is notoriously slow. Anything less than 3 months wait is short of a miracle. We had one that went on for 6 months. It's the luck of the draw as to whom you get as a set-up specialist (process the paperwork) and whom you have as the negotiator (the one who actually works with the investors to determine how much the investors are willing to accept in price, terms and conditions).

Ask your agent to continue communicating with the listing agent and find out if a BPO (broker's price opinion) was already done because that's a sign that the file is moving forward.

You should know what to expect in a short sale...if not, your agent should have prepared you as to what to expect. Please take time to read this http://activerain.com/blogsview/2432596/is-your-buyer-thinki…
0 votes Thank Flag Link Sun Aug 26, 2012
No....you can submit a form extending your short sale addendum for a certain number of days so that your offer doesn't expire. If you are in first position in terms of being accepted, the seller can still accept other offers, but they will be in back-up position, regardless of whether their offer is cash and/or higher. Your agent should be able to explain this to you as well. Good luck.
Flag Sun Aug 26, 2012
Thank you so much for your reply. Do you mean I have to submit my offer every 45 days for extension if we didn't get lender response?
Once the seller signed up, can seller sale to other buyer?
The seller agent try to find a cash buyer and hold me as back up.
Flag Sun Aug 26, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer