Home Buying in 30273>Question Details

Chip, Home Buyer in 30273

Is it normal process, when an offer has been presented in short sales, after 3 months you don't hear anything from the buyers realtor, and the?

Asked by Chip, 30273 Sun Jul 18, 2010

seller

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James Dudley’s answer
Chip,

Be sure to ask your realtor to find out how many mortgages are on the property.

If it's more than one the process can take a very long time 6-8 Months in many cases. Also find out what bank the mortgages are with. Some banks notoriously take longer to respond to these sales.

You could also find yourself in a position where you wait for an answer only to find out the bank counteroffers at a higher price that you are not willing to pay.

Get in touch with your agent and work out a checklist of questions to ask the bank about where they are at with the process. There are many things that have to be done before a short sale is approved.

Good luck and don't stop looking for a home while you are waiting on an answer. You can always find something better and move on before the short sale is approved.
1 vote Thank Flag Link Mon Jul 19, 2010
In Georgia real estate agents can not negotiate loans. As an agent all we can do of the lender is ask for an update. It sounds like the other side is not getting answers to pass along.

You can pass that property up and seek another I would recommend if you were my client.


Mark Lackey
Atlanta Housing Source at
Solid Source Realty, Inc.
Associate Broker
EcoBroker
Mark@AtlantaHousingSource.com
404-886-8789

Services
Home Buyers & Sellers - http://www.AtlantaHousingSource.com
Property Management – http://www.SolidSourcePM.com
1 vote Thank Flag Link Mon Jul 19, 2010
I don't thin k that short sales are a plague, John. Mindset is powerful. We find what we look for, and my mindset is different than John's.

You start your question with "is it normal process...""

Normal process is really based on two actions - see lots of properties and make lots of offers.

Anything outside of that is not normal real estate investing.

Anything that limits the multitude of choices and narrows the aperture, perhaps a limit like emotional attachment, anything like that can turn the basic two step purchasing process into something way more subjective.

Chip - it's not normal for professional agents in my business to not cooperate and to not communicate. However, if it's been 3 months, give up and move on.

What are you buying in Rex?
0 votes Thank Flag Link Tue Jul 20, 2010
Dear Chip: sounds like you are getting some great advice here from the other agents who have responded. This is a very common complaint among buyers after the have made an offer on a short sale property. These properties are rarely "deals" - they sell at fair market value and if there are multiple mortgages (which is very common also) the pie is being split and negotiations can drag on for a very long time. True, agents cannot negotiate with the lenders, and in reality, there is no negotiating with them anyway - it is an asset and they have made a decision based on broker pricing opinions and a certified appraisal as to how much they will accept for the property. The numbers have to work - short sale has to be better for the bottom line than a foreclosure.
Talk to your agent about how you can move on to pursue other properties. There should be ways to use contingencies and deadlines in the contract to allow you to move on without penalty.
Good luck with your house hunt.
0 votes Thank Flag Link Tue Jul 20, 2010
Chip,

I believe in any process, communication should be key.

It is normal in a Short Sale to not have new information for months, but most agents do keep in touch
weekly or bi-weekly for status updates. Even if there aren't new updates, both buyer and seller should
be contacted and reassured that all parties are working on the sale.

Best of luck!
0 votes Thank Flag Link Mon Jul 19, 2010
Chip,

Your question is incomplete but I hear your plea for clarity on a short sale anyway.

Short sales are a plague on the real estate community. However, there are here to stay, so we need to learn to live with them.

I hope you are working with an agent who is experienced in short sales because short sales are very challenging.

As you have already found out, short sales often take a long time to settle.

Good luck.
0 votes Thank Flag Link Sun Jul 18, 2010
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