Even if your realtor calls the listing agent daily, and the listing agent follows up with the loan negotiator daily, it will not expedite the process. A loan negotiator on a short sale has this additional greeting for his voice mail box "Follow up calls checking on statuses will not be returned as they only delay the process." Can you imagine having a case load of 300 files, and having to field 300 follow up calls a day?
When submitting an offer on a short sale or foreclosure, you may only have one shot at it, so make it your best and highest offer. Keep it simple. Send a complete package. And hope for the best.
Agreed with your assessment of not having pictures for the house - even with short sales and REOs, the Realtors should still do their best to market the homes - their duties. But their loss is your gain. Congrats!
Sometimes, a property could receive several offers....but potential buyers back out or withdraw their offers, one by one, because of the extra-long time it takes to get an offer accepted. Glad that this one is ending in your favor.
And now, the fun begins! Have a good one!
I think I got a good deal. nice size 10 year old home, good location, good school district and most important quick freeway access
the banks inital asking price was 447,900.
The 347,000 listing was after they reduce the price after three months on the market
It's a nice place. I think they did not get more offers because they only had one photo with the listing.
So I got it in the high 2's.
Ok when I said the bank countered all they wanted was to not be responsible for the 1 year warranty and the hazard title. They did not ask for any price adjustment I agreed. As the property was listed at 347,900 and my offer was almost 15% below asking. Last I heard I had the only offer on the table as the property has been on the market since February. And it's close to five weeks Iâ€™ve been waiting. Starting to go a little crazy wondering.
And Eric's right: You have to be persistent. Very persistent.
First Team Real Estate Short Sales Dep
Dealing with any bank is a complicated prospect. Any agent working short sales and/or foreclosures can tell you that it all depends on who you get assigned to at the bank. One transaction goes smoothly and the next is like pulling teeth with the same bank. You just never know. I'm sure your agent is working diligently on your behalf.
Good luck and best wishes!