Home Buying in 60193>Question Details

CMLHoldings, Real Estate Pro in Streamwood, IL

Pre foreclosure/Short sale..Should I wait longer for a response?

Asked by CMLHoldings, Streamwood, IL Mon Sep 22, 2008

It's been 2 months now and no word from the bank. The selling Realtor told my Realtor that our all cash offer is the only offer that was presented to the bank. Considering that Wall street is falling apart and the banks see a bailout coming their way should I continue to wait or threaten the selling Realtor that I will walk if I do not get an answer or any communication from the bank in 5 business days after waiting 60 days?

I have offers on one other Short sale and one forclosure in the same development for cheaper than what I offered on this property. I really only want 2 units.

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Answers

8
Countrywide agreed to a short sale I am the listing agent on after about 5 weeks. The key is giving them all the right information that they need to make the decision, without it dragging out.
Web Reference: http://www.realtybob.com
1 vote Thank Flag Link Mon Sep 22, 2008
I think you've been very patient already but 2 months is not out of the ordinary. It defies logic doesn't it that the bank won't answer you one way or the other. Hopefully you trust your realtor and your professional relationship that they are giving you the correct info. I am betting that your offer is being overlooked because of the price.
1 vote Thank Flag Link Mon Sep 22, 2008
Did you have the seller sign an authorization so your agent can speak to the bank as well? This way you
will know where they stand. If you trully would like this property, and the bank has all the financials and has approved the seller for the hardship, 2 months is not long enough. The shortest time my buyers have waited is 2 1/2 months and longest 5 months.

email me at sc@weichertgreen.com if need be.
1 vote Thank Flag Link Mon Sep 22, 2008
Has the bank acknowledged the fax with your initial offer and the seller's financials? Has the bank assigned a negotiator? Have they done their appraisal of the property? If any of these have been done, you should just sit tight. If none of these have been done, then you need to make sure the bank has actually received the entire package--If they don't receive everything complete and in one fax, you will be waiting forever.
1 vote Thank Flag Link Mon Sep 22, 2008
Are you still waiting on this or did you decide to move along to another home?
0 votes Thank Flag Link Wed Jul 10, 2013
Few additional questions to ask from the seller's agent:

Who is handling the negotiations with the lender? Is it the agent or the seller's attorney? Attorneys will not call as often as a GOOD Realtor, so it might take a longer time, however you know that it's being taking care off in a proper way.

There is no rule of how long a short sale takes, it depends on many variables. Not only the lender's procedure but also a type of loan, etc. Sometimes it's not as easy as the negotiator looking over the appraised value and market conditions...is it an FHA loan? does it have PMI? are there investors?

I represented many buyers and sellers in a short sale situation and if there is one thing I can advise is to make sure your Realtor and attorney stay in touch with the seller's side asking for updates on the process, best to ask for it in e-mail form and have it in writing.
Web Reference: http://www.annaniklarz.com
0 votes Thank Flag Link Mon Sep 22, 2008
I guess I should have waited an hour before posting my question.

My Realtor just spoke with the sellers lawyer and they say that we should be moving forward very soon (2 weeks hopefully) and they re-confirmed by E-mail that my offer is the only offer that they are working with. As for the other 2 properties, my Realtor is having a very difficult time getting the Relators to even answer the phone let alone send an e-mail confirming anything other than they have received my offer.

I guess that I will just need to be patient with the other two since I've only commited 30 days so far.

I wonder if the banks will be more willing to work deals now that the Feds (Joe Tax payer) will be bailing them out?

Thank you everyone for your answers!
0 votes Thank Flag Link Mon Sep 22, 2008
According to the selling Realtor (and who knows if that is true) the bank has received everything. As for the appraisal, I don't know since the Selling Realtor won't give us updates unless my Realtor calls and bugs him.
0 votes Thank Flag Link Mon Sep 22, 2008
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