Home Buying in 98682>Question Details

mkmartinez_1, Home Buyer in 98682

Negotiator Assigned what does it mean now?

Asked by mkmartinez_1, 98682 Thu Jun 21, 2012

Finally an negotiator was assigned for our short sale, what happens next does it mean its almost done?

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Thanks for the info, This is also a Wells Fargo SS havent really heard how they do on time for their SS. Although I did drive by the house the other and the sellers have moved out already whichis wierd because they wanted 45 days to move out after SS closed.
1 vote Thank Flag Link Thu Jun 21, 2012
Your contract would stipulate your day of possession. In a short sale, doing a rent back for any length of time is potentially dicey. If you accept any rents, even a dollar, for post close occupancy, you may find that their eviction would come under landlord tenant law, and not breach of contract. You'd want to ask an attorney for sure... but remember these people have not made payments for possibly years... It is good they have moved out. Be patient... them moving out has nothing to do with the banks process and approval.
Flag Fri Jun 22, 2012
well, thats not going to happen, and one should never rent back to a short sale seller, Once you accept any rent from the seller, they are now a tenant, and eviction would come under landlord tenant law. instead of contract law. You should double check with an attorney, but I would hesitiate to ever rent back (even a $1.00), to someone who has likely not paid rent /payments for years
Flag Fri Jun 22, 2012
more waiting...

now that the bank negotiator is assigned, they will contact and work with the underlying investors...

this essentially means the paperwork and documentation is sufficient for them to move from one department to the next... .and this department will figure out who the underlying investor is, and make contact with the underlying investor

its a good step though... but it could be weeks or even months before they negotiate, accept and agree to proceed to a closing.

gloria

Your realtor should be keeping you abreast of the steps and process.... hang in there.
1 vote Thank Flag Link Thu Jun 21, 2012
It only means it is moving forward a little. Sometimes there is more than 1 negotiator assigned throughout the process. You at least have someone looking at the details now, but it still could be weeks to months from closing.
1 vote Thank Flag Link Thu Jun 21, 2012
Congratulations! Your short sale has been assigned a negotiator. This now means that all the paperwork has been completed and has been turned over to the negotiator who will start the negotiating process with the investors. This doesn't mean that the short sale has been approved as that will be what the negotiator is doing. The negotiator will now be in contact with the listing agent and hopefully it won't take too long. On my short sales, I am on the phone daily with the negotiator to make the process go through quicker! Hope this helps and hang in there! Short sales are no fun!
0 votes Thank Flag Link Tue Sep 18, 2012
short sales are a gamble.... how many loans/banks are involved? Is there is also a bankruptcy? Assuming that there is only 1 bank/loan involved with Wells Fargo then you took another baby step. However, not to be a 'debbie downer', but short sales are a gamble and only about a quarter of them actually close. One other thing to remember is that your interest rate can not be locked in until you have a signed around agreement with the person/company who has the legal right to sell the home. With a short sale, the seller still has legal right to sell the home BUT the bank has to agree to it....so now you can't lock in an interest rate until you come to a mutual agreement with the bank, or banks. This can be not a when, but if....
Good luck to you!!!
0 votes Thank Flag Link Thu Jun 21, 2012
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