In "short" Short Sales are anything but SHORT. Even if there is only one loan-one lender, that loan may have been sold to 5 different investors and the bank negotiator has to get them all to agree to the same terms. The fall through rate for short sales is very high. If there are two or more liens the fall through rate increases dramatically - the average rate we are often given is over 70%.
There are no guarantees with short sales. Even if you give a full price offer. The lenders will do an appraisal or broker price opinion. More often we are seeing the lenders counter with higher prices. At the same time the foreclosure process may be going on on a parallel path.
Then you need to consider the Seller's motivation. Are they cooperating or taking as long as possible for their own reasons.
If you have any time contraints of when you have to be moved by, then you are probably not a good candidate for a short sale.
As far as escalation and hounding...every lender-title company- attorney negotiator is different. There is a fine line between keeping the pressure on and annoying the one you need, to the point of putting your file on the bottom of the pile. Walking the fine line is an art form and hopefully your Realtor is experienced at it.
I truely understand your frustration, I have had an offer in on one since February of this year. The file has been shut and started over 3 times....some for extremely illogical reasons. I really do understand your frustration. This is why I counsel clients, go through a lot of questions about what they can and are willing to put up with before showing short sales.
In summary as most have pointed out...if this is the house you REALLY REALLY want...wait it out and you might get it. If not and you are at a point in the contract that you can exit and get your escrow back...it might be time to consider that option. Good luck which ever you decide. I feel an informed client makes the best decisions regarding their real estate needs.
Broker Associate, GRI, SFR, CDM, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761
Pappas Realty & Management Co.
The other option is to walk away (providing your contract allows that, and most do after 3 months)....else be patient and wait even longer!
the Sellers Realtor has a great impact on how quickly the short sale can proceed.
The Sellers Realtor understanding of the procedures, and which "on Line" site such as Equator to use for the short sale process.
Best of Luck
There is every reason to believe those involved on the buying side of this short sale may be terribly misinformed regarding the nature of a short sale. Badgering the listing agent accomplishes NOTHING except the need to get a few back up offer in place.
As a buyer for a short sale you have volunteered to play for the team that loses 70% of the time! It has nothing to do with the sellers willingness to sell, the buyers willingness to buy but with the patience of the buyer and the shenanigans the bank/investor/insurance co will pull during the process. In the overwhelming number of failures, the buyer frustrates themselves by demanding and badgering a process that can not hear them. Buyers of this type, often bail out of the process after making life miserable for those who had advised, as the buyer, you are the least significant player in the process and you must patiently wait for the process to move forward, in silence and with mind numbing slowness.
Short Sales are only suitable for a small segment of the home buying population. This 'Wild, Wild, West of Real Estate," where there is an illusion of rules, should be avoided by most buyers.
Short Sales can take a long time. On your part, you have to make sure everything asked of you,you present in a timely manner. You have to be very patient. Get all your stuff in order, so that when everything is ready to go, you can close quick.
You may be over a year from closing...IF EVER!
Then get ready for another BPO and the price to go even higher right before closing...IF it ever closes.
Move on, find a good deal on a re-sale or foreclosure, negotiate seller credit to pay your closing costs and close now, so you can Homestead the property and while rates for qualified buyers are in the 2% range!