Home Buying in Cincinnati>Question Details

Gaigesmom627, Home Buyer in Amelia, OH

I have been waiting to hear an answer on a short sale for 90 days. Does a tentative close date mean were getting closer?

Asked by Gaigesmom627, Amelia, OH Fri Jun 8, 2012

The bank is BOA and there is only one loan on the house. They have already had they appraisal two months ago and they just made me give them an updated bank statement since we are paying cash for the house. My real estate agent just made a tentative closing date. Does that mean that we are getting close to hearing something?

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8
We get to close on Aug 10, 2012
0 votes Thank Flag Link Mon Jun 25, 2012
I do not trust the Bank.
I do not trust the Listing Agent.
They do not have your best interests at heart.
You should have gotten your own Agent. Too late!

You can at least talk to your Escrow Officer; they work for the two Principles.
Ask them what if the Bank has accepted.
Ask them when the Escrow is due to close.
While you're at it, ask them for a copy of your HUD1.
You'll find out how CLOSE you are.

Good luck and may God bless
0 votes Thank Flag Link Fri Jun 22, 2012
Hopefully you are getting closer
I agree with James, I would not have used the listing agent to represent you as well.
In a short salemostl of the shots are called by the seller's mortgage company
When they are ready to work on your file, they will. That's when you will begin to receive communication from them.
Until that happens, it is just a waiting game
Good Luck!
0 votes Thank Flag Link Fri Jun 22, 2012
I wouldn't have used the listing Realtor....but that's another story. Short sales are hard, and even good listing Realtors can seem like they don't know what they are doing because of the bank giving them the run-around. The rules are fast and loose on short sales so it's hard to know what is going on at any given time. This is just the nature of doing a short-sale. Your Realtor should have told you up front what you were getting into. Anyway, good luck.
0 votes Thank Flag Link Thu Jun 21, 2012
Our real estate agent is also the listing agent and I do not think she has a clue to what she is doing.We are paying cash and submitted three bank statements already. She just had us sign a third hud paper. She sounds like she doesn't know what shes doing and keeps saying shes not making any money off of this sale. I just hope her inexperience is not going to ruin this for us. We LOVE this house. We know what the house was appraised for and she has submitted the bank statements and hud so hopefully were getting close to an answer.
0 votes Thank Flag Link Thu Jun 21, 2012
How can your agent schedule a closing date when the bank hasn't accepted the short sale? Even then, you are (30) days from closing. Closer, yes.....than you were. Love to hear how this turns out.
0 votes Thank Flag Link Thu Jun 21, 2012
I agree with Bill Ecker
1st, you have to get an accepted contract from the bank
Once you get this, you should be able to follow a standard closing pattern
Without this document, signed by the selling bank or lender, you have no control over the process

Good Luck !
Steve
Stephen Shields, SRS
Sibcy Cline Realtors, Eastgate Office
792 Eastgate South Dr, #800 Cincinnati , OH 45245

Cell: (513) 236-3881 E-Fax: 513-985-3545 Office: 513-752-4000
E-mail: sshields@sibcycline.com
0 votes Thank Flag Link Mon Jun 11, 2012
Gaigesmom,

Closing dates for "short sales" are normally generated by the lender not the agents. So unless this information came directly from the lender, it will likely not be accurate.

Short sales are tricky business and require time and patience on part of the parties involved. If there is an attorney championing this transaction, they would likely be able to provide you with the most accurate information.

Once you have received a written contract acceptance with the lender requiring your signature you can begin to anticipate that you are getting close. But for now, it appears that the lender is going through their process gathering information and processing your file.....at a time when the lender has internal approval, things normally happen quickly but until then try to remain patient and be ready when the time arrives.

Good luck,

Bill
0 votes Thank Flag Link Fri Jun 8, 2012
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