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Waiting in J…, Home Buyer in Jacksonville, FL

I am buying a short sale house. PNC is the seller’s lender.

Asked by Waiting in Jacksonville FL, Jacksonville, FL Wed Jan 16, 2013

I am buying a short sale house. PNC is the seller’s lender.
I have been waiting four months since our offer was accepted by the seller. Now we are waiting for PNC to approve the sale price.
The file is still in the hands of the PNC investor waiting for approval
How much longer can I expect to wait for approval? Is there anything I can do as the buyer to speed up the process other than bug and pester an individual at PNC?

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Answers

8
Waiting,
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?
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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.
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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.
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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.
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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
727.420.4041
http://RealEstateMadeEZ.us
1 vote Thank Flag Link Wed Jan 16, 2013
I think this is a poor perspective. The fact that short sales fail is not the buyers fault. The banks are allowed to get away with this nonsense because no one stands up to them. You're better off finding another property. If you wait, you will have your increased expenses as well as changes in interest rates to deal with. It is impossible to be patient when you're losing money while someone else sips a latte. If you bail, there will be another buyer... maybe... someday...and with the new tax rules about debt forgiveness, maybe not.
Flag Wed Jun 12, 2013
Dear Waiting,

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.

Tracy Hoyt
Realtor
Prudential Tropical Realty
1 vote Thank Flag Link Wed Jan 16, 2013
Short sales can take a very long time for the bank to approve. The seller also has to cooperate and sometimes they drag their feet. It is very frustrating and requires great patience. Are you using a realtor? If so, have them call the listing agent and see if they can find out what the hold up is and if there is anything that can be done on your side to help. Banks are very unflexible and stringent. They want what they want and there is no reasoning with them if, for example, you cannot find documentation and so on. Plus they have different departments in charge of each step, they will not even begin to look at step B until step A is complete. And, when they do get back to you, it may be with a counter offer and not an approval, you just never know.

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.
1 vote Thank Flag Link Wed Jan 16, 2013
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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?

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0 votes Thank Flag Link Sat Jun 15, 2013
Do yourself a favor: cut your own throat rather than waiting for PNC to do it for you.Thay are slower than molasses in January in Nome, Alaska. Glaciers travel faster. Given that other banks seem able to do it faster, PNC is evidently either inefficient or unprofessional or both.
0 votes Thank Flag Link Wed Jun 12, 2013
I had a contract on a short sale house since January 2013 in Missouri. Greentree held the main mortgage and approved our offer finally two weeks ago. However, PNC, the second mortgage killed the deal this week. They will not accept the minimum amount from the first mortgage. They would rather try to recover more of their money through collection or other means, rather than accept a the minimum offer from the first Mortgage. Their reasoning was they only can go after the homeowner taxes if they agree to the short sale, and the loan had a large balance. Unfortunately it will force the sellers into bankruptcy, and so their credit will be severely damaged; PNC will get nothing when this happens; and we not only invested money in upgrading for house to sell, now have to take it off the market because there isn't another home like it on the market.

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.
0 votes Thank Flag Link Thu Apr 4, 2013
Utilize an attorney - Ponte Vedra Title is great!
0 votes Thank Flag Link Wed Jan 23, 2013
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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

EXAMPLE:
200k purchase
$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!



Steve McRory
Pro Option Mortgage/ Florida
steve@pro-option.com
http://WWW.PRO-OPTION.COM
Ph: 888 662 4404


Prior Service U.S. Marine Corps
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0 votes Thank Flag Link Wed Jan 16, 2013
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