I know it stinks, just be patient. Everyone involved (even the banks) want the shot sale to be approved.
Hang in there
Usually your lawyer, your real estate agent or some other intermediary is negotiating the short sale with the bank. You need to stay on top of THAT person and make sure they are doing everything they need to do in a timely fashion. Remember, the squeaky wheel gets the grease.
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
all offers and pick the one that makes the most sense . A certified
agent might know all the right moves and paper work need, but we
cannot control the time frame. Please just give me a call if you need
an agent to help you.
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
You cannot call the bank. Well, you could but they will not discuss the short sale with you. They will only discuss the short sale with the owner and the owner's authorized (in writing) representative. The only things you can do as the buyer to assist in speeding up the short sale is to make sure if the bank requests something from you, make sure you get it to them quickly. Also, make sure your Realtor is staying in constant contact with the listing agent and that the listing agent is keeping in constant contact with the bank.
A short sale is a different kind of transaction than the normal real estate purchase. You are essentially going to wait while the Seller negotiates with their Lender(s) for approval to sell you the house at a price lower than what is owed to the Lender(s). This process can be lengthy, even stretching out to many months before you have a final answer.
You'll need two things during that time:
1. Patience. While you've submitted all your documents to your Lender for your mortgage approval, and you keep your documents current and updated, you'll grow frustrated with the lack of any communication from the Seller about the status of the short sale. This is common, both the poor communication and the Buyer's frustration. Prepare for it.
2. Maintain your credit scores. Be sure not to make any dramatic changes to your credit report that could affect your credit scores. Pay all bills on time. Don't CLOSE any accounts. Don't open any new accounts. Don't run up your outstanding balances to max your revolving debt.
Once the short sale is approved, you may find the price you offered is not acceptable to the Seller's Lender. They may come back and counter-offer your price, so you will have to reconsider at that time if you wish to pay more than your original offered price.
The three rules of real estate: Location, Location, Location.
The three rules of short sales: Patience, Patience, Patience.
I hope that helps!
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services