Home Buying in 20152>Question Details

Knick33, Home Buyer in 20152

Is there anything I can do to speed up a Short Sale transaction?

Asked by Knick33, 20152 Mon Sep 29, 2008

I put an offer in for a short sale a 2 months ago. I included my pre-approval from a mortgage broker and offered 30k below the asking price. After not hearing back in almost 2 months I decided to try and jump start the process by having my agent up the offer to full price and suppling a approval letter directly from Bank of America. The selling agent notified us that prior to the new offer, we were already at the top of the list for the house based on the previous offer. Now we should be in even better position.

Question for you pros out there. Is there anything else I can do to move this process along? The owner has moved out of the house and my agent said that there is little I can do to get the bank to move. I was warned by my agent that Short Sales were tough but this is really nerve racking. Any tips would be great!

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Answers

5
Short Sales are tough on both sides of the spectrum. I know from the listing agent side, my team recently negotiated a short sale within 30 days. We were able to this is because we used a professional negotiating company, which is basically a lawfirm that has the experience and the time to really push the banks to move. You might ask if the home you've submitted an offer for is being negotiated professionally or inhouse. Good Luck on a fast purchase from her on out!
0 votes Thank Flag Link Fri Apr 17, 2009
Thanks for all the comments. The only positive I have is that I am not in rush. I'm really conservative so I sold my home in June and currently rent an apartment month to month so I can be a little more resilient than most other buyers. I'll just have my agent stay on top of the selling agent.

As for REO properties, I have been very disappointed in the DC area. It appears that the trend is if you get foreclosed, it's your job to destroy a beautiful home. Kitchen cabinets removed, counters damaged, floors destroyed, etc.

Thanks again for all the valuable information.
0 votes Thank Flag Link Tue Sep 30, 2008
The sales price is a made up number, kinda like spinning a wheel and round and round we go. So coming up to full price means nothing. Even if you think that the home is competively priced for the neighborhood.. I am thinking it is priced lower which is why you would wait two months. In the meantime the pre-approval that was sent in two months ago was based on the rules two months ago.. I try to stay current (no horn tootin here) I believe the down changes to 3.5% minimum effective 10-08-2008. Unless of course they are so busy with bail or not to bail this never went thru but my point is; If you are ready to buy with todays market I would find a house that is not a short sale and buy it. The best deals are 1-3 days on the market and they go fast.
0 votes Thank Flag Link Mon Sep 29, 2008
There is really nothing you can do other than make sure the bank has everything they require for the short sale packet. Then wait. Keep in mind; sometimes properties get foreclosed upon while they are waiting to approve the short sale.
0 votes Thank Flag Link Mon Sep 29, 2008
That is what I hear from anyone doing short sales - they just drag out indefinitely. I try to stay away from them for this exact reason. I tend to guide my buyers towards REO's since these are bank owned properties and the banks are not in business to sell houses. As a result, then tend to be more motivated to get the deal done. With short sales, the other negative is that the bank is moving forward with the foreclosure process at the same time! This is quite risky because they may foreclose on the property before you ever have a chance to close. These two departments are working independently of each other. Since you are involved with a short sale, I hope this doesn't happen to you and I do wish you luck and hope that everything comes together for you soon! Keep me posted, I'd like to hear about your outcome.
0 votes Thank Flag Link Mon Sep 29, 2008
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