Home Buying in La Quinta>Question Details

pmmiller10, Home Buyer in Rancho Mirage, CA

Made an offer on a short sale and waiting for asset manager to respond. Any way to find out who the asset manager is and help it along?

Asked by pmmiller10, Rancho Mirage, CA Wed Apr 25, 2012

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This is one of the most frustrating aspects of short sale. It is a waiting game. In my experience, there is not a lot one can do the 'speed along' an asset manager. They typically have desks filled with these so you are often waiting for them to complete their interior process.

Your agent could and should attempt to check in regularly in an effort to keep you up to date.
0 votes Thank Flag Link Sun Apr 29, 2012
Your agent can request the seller to authorize her to contact the bank for updates. The squeaky wheel gets the grease in short sales and it is my experience (from either end of the transaction) that the agents that are on top of the transaction get it closed quickly. At the very least, request that your agent gives you a weekly update from their contact with the listing agent.
0 votes Thank Flag Link Sun Apr 29, 2012
thank you! appreciate the comment.
Flag Sun Apr 29, 2012
Thank you all for your responses. I am prepared to wait. I really wanted to get a better understanding and confirm that my agent is doing the right thing. I am working with him from a distance but he seems on top of it now that I have a clear picture.
0 votes Thank Flag Link Wed Apr 25, 2012
The bank that is in charge of the short sale will not give you the time of day. You have no relationship with the short sale bank. If that bank gave you any information, including confirming that the seller has a loan at that bank, they would be breeching their client’s expectations of confidentiality.

Let the agents do the job they are getting paid to do and don’t think that you can make the situation better by meddling.
0 votes Thank Flag Link Wed Apr 25, 2012
Its true there is nothing short about a Short Sale, but they are getting better. If it has been over 6 weeks with no progress, it may benefit you and your agent to escalate the file. I found with Banks such as Chase, Bank of America and Everhome as well as if the loan is insured by Freddie or Fannie, that you can Google their customer complaint contact numbers. You can then call and they will open up a case that is followed through out the Short Sale process. This has helped me several times in the past, especially if your agent isn't getting any consistent communication back from the negotiator. It allows someone to over see that things are moving along and most importantly keeping the agent in the loop. I hope it works out, good luck.
0 votes Thank Flag Link Wed Apr 25, 2012
Nope. It's the listing agent Realtor's job, (or their transaction coordinator, or their short sale negotiator,) to follow up with the seller's mortgage holder but really, no amount of hounding makes a difference in my experience. Buyers do not have any direct access to the people making the decision for the seller's side. You'll have to be patient.

Of course, you can keep looking in the mean time and something better could come along. Bank's loss, your gain. Until you have confirmed acceptance of their acceptance of your offer, you are free to move on to another property if you so choose.
0 votes Thank Flag Link Wed Apr 25, 2012
Typically asset managers are associated with REOs not short sales. If it is a Wells Fargo or Bank of America lien holder they do their short sales through the computer on a system called Equator and don't even communicate verbally.
Like mentioned before it can take months if you are the first buyer in. If you are not the first round buyer it could take less time. I have had an offer through short sale be accepted within days. Also like mentioned the lien holders will only discuss the process with people who have authorization.
I would make sure that you have received a fully executed purchase contract and are the only buyer with an offer in on the property. Short sales need extreme patience.
Good Luck with your offer.
0 votes Thank Flag Link Wed Apr 25, 2012
Do you have an Agent? Your Agent has to be in contact with the Listing Agent. Buyers' agent nor Buyer communicates with the Lender/negotiators for the Lenders. Do not ever make an offer on a Short Sale if you, the Buyer, are not fully prepared for what's in store with that particular property and that particular Lender and that particular List Agent. Good luck!
0 votes Thank Flag Link Wed Apr 25, 2012
No, the seller signs a 3rd party authorization that allows their real estate agent to act on their behalf. The short sale negotiator will not speak with anyone not authorized on the file. Keep in mind that there is nothing short about a short sale and they do take time. The bank collects documents from the seller, values the property, and then has to get investor approval for the short sale. The banks have streamlined the process, but it still can take several months to get an answer. It's best for buyers to communicate with their real estate agent and let them handle the negotiations. The best advice we give our buyers who want to buy a short sale is to be patient.
0 votes Thank Flag Link Wed Apr 25, 2012
Not really, and it wouldn't do any good anyway:

The Asset Manager will not disclose any information that you are not a registered party to;
You are not on the Loan, you are not the homeowner; they will not talk to you

It is very hard for a Realtor to get on the approved list, an outsider doesn't stand a chance.

Why aren't you talking to your Buyer's Agent; or are you just not believing them?

It can take months, (literally) to get an answer; didn't your Agent tell you that you have to be patient. Not being patient won't help at all.
0 votes Thank Flag Link Wed Apr 25, 2012
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