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sam, Home Buyer in Ashland, OR

Short Sale Communication Protocol With Lender for Buyer

Asked by sam, Ashland, OR Sun Jul 5, 2009

On a short sale where we are the buyer, it seems the sellers agent has total communication with the lender.
Is there a way that our agent can communicate with the lender or do we just sit back and play the waiting game? Is there any way for us to find out who the contact person is with the lender?

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Answers

2
Sam;

The buyer has no place in this process other than to offer an work with the agents. If you engage the lender in most cases this would be a violation of the law. Be careful here. Better to wait and be patient.

If your agents and short sale negotiator are decent they will keep you in the loop. You might need to better your offer but the banks are slow on purpose to sweat you out and try and make you bid up or better your offer.

Better to wait and see.

Best wishes;

Dirk Knudsen
Re/Max Hall of Fame
Web Reference: http://www.calldirk.com
1 vote Thank Flag Link Sun Jul 5, 2009
Normally that's the way it goes, and if the lender feels pressure to answer back, they will just back it harder for everyone. So wait and see, or just look else where. The market is right for buyers, and most short sales are not happening and the banks are taking the property back and then selling without the problem of the prior owner. The deal will be much better when it's only the bank you have to deal will.
0 votes Thank Flag Link Sun Jul 5, 2009
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