Home Buying in Ventnor City>Question Details

Tboni, Home Buyer in Ventnor City, NJ

I made an offer on a short sale a few months ago. The seller signed the contract but he is not doing anything to get his paperwork into the bank.

Asked by Tboni, Ventnor City, NJ Mon Jan 11, 2010

Basically, nothing is happening. Is there anything I can do to get my offer into the bank?

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Jeanne Feenick (908) 337-0943’s answer
Hi there Tboni, agree with prior posters, this is not a good sign. The level of cooperation on the part of the seller impacts the likelihood of success greatly. Delays in the seller responding to the bank puts the file on hold.

I'll give you the same advice I give my buyers who are interested in considering short sales - get your hat in the ring and then continue your search. It is very likely that it will take months for you to hear back from the bank. And if the seller is resisting and not cooperating, then your short sale may go no where.

Keep looking while you wait.
Jeanne Feenick
SFR Certified (Short Sales and Foreclosure Resource)
Find success at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Tue Jan 12, 2010
Tboni, are you using an attorney? Most of the deals I have done in New Jersey have purchaser's and seller's attorney. Perhaps you could have your attorney call the seller's attorney. They should also be helping out with getting things done on a short sale.
0 votes Thank Flag Link Tue Jan 12, 2010
How to you know this ? Welcome to world of drama regards to foreclosures, and short sales.

Your offer has not bee accepted then recommend move on search for another home . It could take weeks determine if bank will consider your offer.

Surprised listing agent is not more involved.

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0 votes Thank Flag Link Mon Jan 11, 2010
Then I think you need to keep your options open. The short sale package is pretty simple and they might just be buying time to stay in the house....and it's an emotional thing to go through, so I can't really blame them, but they need to uphold the commitment they made to you too.

I'm glad you have an agent....they will help you through it.

K
0 votes Thank Flag Link Mon Jan 11, 2010
Thank you all for your answers. The seller does have a realtor and I also have a realtor. My agent told me that the seller has not submitted any paperwork to the bank. He did sign a contract with us.
0 votes Thank Flag Link Mon Jan 11, 2010
You are right Robin, it's not necessarily the repsonsibility of the agent to handle the short sale. But I do think it's up to a buyer's agent to know what's going on. If the seller's agent is not handling the short sale negotiations...they should know who is.

Either way....it's seems stalled and that is only going to cost the buyer time and maybe, money.

K
0 votes Thank Flag Link Mon Jan 11, 2010
I am sure that there are some agents out there who can verify this. I don't think it necessarily the responsibility of the agent to take care of the short sale, although it would obviously be in their best interests to do so.
0 votes Thank Flag Link Mon Jan 11, 2010
If the seller have an agent, that agent is responsible in getting all the information from his/her client. Short sales can take a while to get an approval.
0 votes Thank Flag Link Mon Jan 11, 2010
Hi Tboni,

You have a problem.....and possibly a seller who just wants to buy time. It's certainly understandable, but not good for you as the buyer. Are you using a Realtor? Let them help you motivate the seller. I hope that you have not put any money into escrow on this....but either way, I would keep looking. If this works out, and you have not found anything better....that's great. But if the sellers won't get the bank what they want....this can take a very long time.

sorry....let us know how it turns out.

Karen
0 votes Thank Flag Link Mon Jan 11, 2010
Your offer is not the only important thing to the bank. They will ask for all sorts of financial information from the seller, who is their borrower. If they have any assets, whether they are in bank and/or brokerage accounts or 401k's, they will want to see that. They want to know why they have to sell as a short sale. As Cindi asked, do you know for a fact that the seller has not put in his paperwork, or are you just thinking that he didn't do it because you haven't gotten a response yet.
0 votes Thank Flag Link Mon Jan 11, 2010
Is the seller doing this himself or does he have an agent involved? Short sales can take as long as six months, depending on the lender. How do you know his paperwork has not been submitted?
0 votes Thank Flag Link Mon Jan 11, 2010
Cindi Hagley, Real Estate Pro in San Ramon, CA
MVP'08
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