Home Buying in Brooklyn>Question Details

slick14life, Home Buyer in Brooklyn, NY

Is there anything a potential buyer can do to help speed up a short sale such as calling the bank that is in charge?

Asked by slick14life, Brooklyn, NY Sun Aug 26, 2012

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12
Calling the bank is about as useful as yelling outside. You will not find the person to speak to, the banks work at their pace and not yours. You are not the owner and therefor they won't deal with you and you can't push them. Everyone will tell you a short sale is long, frustrating and has a lot of no answers. You decided to go that route and you just have to wait it out to see if it will go through, sometimes they don't.
1 vote Thank Flag Link Sun Aug 26, 2012
Continue to follow up with your agent; and request your agent to maintain constant contact with the negotiator that's in charge of the file.
1 vote Thank Flag Link Sun Aug 26, 2012
Chose the right agent from the start! Submit your docs asap! Follow-up with your agent!
0 votes Thank Flag Link Sun Sep 2, 2012
Nope, there is absolutely nothing a buyer can do to speed up a short-sale. If you call the bank directly that might actually slow things down. Answer: be patient or go buy a non short-sale.
0 votes Thank Flag Link Mon Aug 27, 2012
Unfortunately, No not really. I negotiate my Short Sale Listings myself, I dont send them to a 3r party negotiator. I deal directly with the banks. The buyer calling and saying "Hurry up! just wouldnt help. Even if the negotiator wanted to help and politely listened to your input, it is out of their control. They have o gather approvals and/ or counters from investors, Mortgage insurance company and internal quality control folk.

I know it stinks, just be patient. Everyone involved (even the banks) want the shot sale to be approved.
Hang in there
0 votes Thank Flag Link Mon Aug 27, 2012
Just make sure all your paperwork is up to date. The banks sometimes drag their feet. Be patient.
0 votes Thank Flag Link Mon Aug 27, 2012
Dear slick14 life:

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.

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sun Aug 26, 2012
Their is nothing short about a short sale, the bank will review
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.



Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
0 votes Thank Flag Link Sun Aug 26, 2012
Unfortunately no, therefore ask your agent, and or attorney for periodic updates.
0 votes Thank Flag Link Sun Aug 26, 2012
Hi slick14life,

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.

Good luck.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Sun Aug 26, 2012
No you are not allowed to call the bank. Only the owner or designated representative can be involved in the process. This is usually to process o f short sales you are at the mercy of the banks.

Claudia Norman
347-733-6433
0 votes Thank Flag Link Sun Aug 26, 2012
Good morning slick14life,

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!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
0 votes Thank Flag Link Sun Aug 26, 2012
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