Koru00, Home Buyer in Millville, NJ

My fiancé put a cash offer on a house that was a short sale but taken off the market because it was starting to turn into a foreclosure..

Asked by Koru00, Millville, NJ Tue Feb 26, 2013

We put our offer in ASAP for what the bank was asking and they recently asked for a 2nd extensions in the course of 6 weeks. The bank negotiator told the selling agent this past weekend that they wanted their 2nd extension because it was definitely going through and "in the final stages". Does that mean anything good? Can we look for the light at the end of tunnel?

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They dont take a short sale off the market because it is turning into a foreclosure. The short sale is to avoid foreclosure.

The asking price is what the bank wanted? or the list price? There is a difference!

Final stages? Hmmm!

You sound like you have concerns and been waiting for a while. Understandable!

Ask for "definitely going thru" in writing. Final stages really means nothing. But the seller must first be approved for the short sale and then the buyer's price must be approved.

The final stage is the approval itself. Using given aa verbal depending on the bank, and then in writing. Most banks using web based communications will give only in writing. Wells Fargo Bank of America, Chase, Ocwen, GMAC Vericrest, and some others. Citi may do a verbal followed by a written almost immediately afterward.
What a buyer should know about short sales...
http://sellitfast123.com/what-a-buyer-should-know/

Search foreclosures and short sale here: http://www.BuyNJShortSales.com

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0 votes Thank Flag Link Tue Feb 26, 2013
Hi. I also have a house listed with a similar issue. The best way to find out is to ask the negotiator what the sale date is. If it is on hold or postponed then they most likely are giving you time to close. Short sales do have light at the end of the tunnel - I'm closing 2 this week and have quite a bit of experience since our market is saturated with short sales at the moment. The most important thing is communication between all parties. Your realtor has to stay on top of it and provide all requested documents very quickly. Definitely look into the sale date. You can also call the sheriff's office to check if it's been scheduled in addition to asking the negotiator. Good luck!
0 votes Thank Flag Link Tue Feb 26, 2013
The light at the end of a short sale tunnel is dim at best - keep looking.
0 votes Thank Flag Link Tue Feb 26, 2013
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