Please review the 'Short Sale' disclaimer your real estate agent had you sign.
As you can see. they were not kidding. Not only will it take FOREVER and a year, but the price you see may not be the price you pay! Are you truly prepared?
A buyer who is impatient, has lime limitations, can not increase their price, and incapable of enduring unrelenting abuse and disregard is a poor candidate for a short sale purchase.
Your offer should not have been accepted OR you are simply a strawman that gets the process started. Most short sales fail because the buyer does not 'believe' what they have been told. They get impatient and withdraw their purchase offer. This is the pattern of behavior you are exhibiting. However, you will have served your purpose by getting the process started. If the listing organization is smart they will anticipate you will 'jump ship' and will be aligning backup buyers.
Those are the realities. If you want the house....hang in there. If you bail...no problem, there will be another buyer. There is noting you can do to speed up the process. NOTHING! The success or failure depends completely on the listing agent and the negotiating team. You are just a spectator until the bank responds.
Short sales are the 'Wild, Wild, West of Real Estate, where there is an illusion of rules but anything can and does happen." A highly complex, convoluted process that is not receptive to 'pestering' buyers. Don't do it. You will be advised WHEN something happens. It's like watching grass grow...doesn't happen very fast.....when you are impatient.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
No not really. The wait time really depends on the number of properties in front of yours in their pile. You are doing the right thing by working with your agent, and being patient. Short sales in general are a waiting game.
Good luck on your purchase.
Prudential Tropical Realty
I doubt you will have to wait much longer, I also doubt there is anything you can do to speed up the process other than follow up, follow up, follow up. I wish I could tell you something different.
Imagine, the nerve of these banks not wanting to allow the seller walk away from their financial obligations, promise to pay back money loaned to them the bank having money extorted from them!
I mean, the values went down after the bank loaned the seller money, why should they now be requited to pay on their loan?
My car went down in value after a year, wonder if I should try and Short Sale my car now? Wasn't my fault that it dropped in value! I should not have to still make good on my financing contract should I?
Can you imagine what our grand parents or great grand parents would think if they were to know how America is now and the mindset of the average person?
My recommendation for anyone reading this is ask if their is a second mortgage, and if there is, walk away if it is PNC because every blog I read held true...they don't negoitate reasonably.
I hope you have better luck with these jerks then our experience.
Just move on! Get off the Short Sale (i.e LONG SALE) 10 month train to nowhere and find a re-sale or foreclosure where you can negotiate seller credit to pay closing costs.
Qualified borrowers can do this example scenario:
see program #4 97% NO PMI at http://www.pro-option.com
$7k out of pocket,
NO PMI, No FHA MIP Fee of 1.75%
1st payment not due for up to almost 2 mo. after closing!
Pro Option Mortgage/ Florida
Ph: 888 662 4404
Prior Service U.S. Marine Corps