Home Buying in Denver>Question Details

RMD1504, Home Buyer in Denver, CO

ON SHORT SALE CONTRACT DEC NOW JULY AND NO ANSWER FROM WELLS FARGOHOUSE SOLD FURNITURE IN STORAGE. HELP

Asked by RMD1504, Denver, CO Tue Jun 25, 2013

CONDO IS IN GENOA IL 60135

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Hindsight is excellent. In retrospect, you probably know that you took some bad advice, made a bad decision, gambled on timing of the short sale and the sale of your home or a combination of the above.

There is not much we can do for you from afar and not part of your transaction.

You can find temporary living quarters and wait for the short sale to finalize – one way or – you can seek another house.

Good luck.
0 votes Thank Flag Link Tue Jun 25, 2013
Typical situation;

Several years ago, I processed short sales with the invaluable assistance of Lisa Hayes**
North American Title Co. We closed some and those took 5 to 8 months. Several
did not close due to lack of prompt decision making on the part of the lenders. They
subsequently went on to foreclosure; the listings were turned over to another agent !
In short, I never got paid for all of my efforts.

My advice; think twice about the value of your time before you take on a short sale if you
are an agent. If you are the homeowner, be patient ; find an inexpensive place to stay
or move in with a friend until the short sale is completed.

** Lisa Hayes is now with another firm. Call North American Title for her new contact #s.
She is by far the best in the business of advancing 'Short Sales' to closing.

Stim Kennedy
Broker, CRS, ABR, NCE, SEC
stimson KENNEDY Realtors
Cell: 303 478-9494
0 votes Thank Flag Link Tue Jun 25, 2013
My advise would be to cancel that contract and find another property that is actually for sale. It sounds like you were misinformed from the start. The bank holds all the cards, and your contract with the seller means almost nothing. Given the current state of the market there is little reason for the bank to accept less than what is owed to them.
0 votes Thank Flag Link Tue Jun 25, 2013
Short sales should be called LONG sales. My guess - you will close by Halloween. Find a rental until then and hang tight.
0 votes Thank Flag Link Tue Jun 25, 2013
Condo has been appreciating during these seven months;
now, there is even less incentive for the Bank to accept the offer.
Probably why they were delaying.
0 votes Thank Flag Link Tue Jun 25, 2013
Good luck! In my experience if the short sale takes more than 3-4 months, it has a 80% of not happening. You can't know what the persons' experience is, as far as who is negotiating the short sale with the bank.

Unfortunately for you, rates have increased and if you are using FHA, you might be subject to paying the mortgage insurance for the life of the loan.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Tue Jun 25, 2013
I agree with George ~ your Realtor should be able to get an update from the listing broker as to where it is in the process. But Tim gives good advice too. There is never a guarantee that Wells Fargo will approve the sale at your contractual price. The price to which you agreed is between you and the Seller only and Wells Fargo doesnt have to accept it or even respond to it, especially if it is much lower than what is owed.

If you are in a bind, and it has been over six months, it is probably time to look for another unit and cancel your short sale offer if you can find something that is actually for sale.
0 votes Thank Flag Link Tue Jun 25, 2013
Have listing agent check on the process - Wells Fargo maybe the third party to the transaction and then again there might be more than just one mortgage on the property which causes a lot of delays
0 votes Thank Flag Link Tue Jun 25, 2013
Short sales might never happen, your agent should have told you this. There is no guarantee a short sale will ever close, it could move to the foreclosure process and skip the short sale altogether. Good luck.
0 votes Thank Flag Link Tue Jun 25, 2013
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