I am a Mortgae Banker from Elizabeth and have worked many short sales with my wife. If your comprables are accurate and your offer makes sense they will accept. The other issue is how far or stage the short sale is at. You need to be pre-approved, show proof of funds and transaction can move much faster.
Short sales must be called in at least two times a week. If the Short Sale person is laid back and not aggressive be ready to be waiting a while my friend. My best approach is to always call the Bank myself get a hold of the assest manager and deal with it that way.
When the BPO agent comes to the property is when either I try to meet them there or the Realtor must write a report to the bank with the comps to list if there are any defects to the property. This way the price can be reduced a bit more. A demographics report must be made as well to descirbe postives and negatives of where the property resides.
All your paper work must be in order and up to date. If 60 days goes by and you are not moving along with the short the bank will request updated paperwork. Keep on top of your Realotr many are just not qualified and experienced enough when it comes to the Short Sale Proceedings.
Again Bank will move much faster when you are in placed with financing. If you have any further questions send me an email. email@example.com or firstname.lastname@example.org
You're doing great. Stop looking so much for reassurance that you are doing the right thing. Our office was part of a conference call on the short sale process held by Bank of America and Wells Fargo yesterday. Both indicated that they were actually turning around packages just a bit faster than their goal of a 45-90 day turnaround time. Hold fast to your current offer. It's easy to keep thinking that a higher offer will speed up the short sale process, but it really doesn't. BOA has become very receptive of short sales as they now realize that this is a viable way to convert assets into cash in the short term at possibly 20% more than they will get as a foreclosure.
Make sure the agent meets the BPO agent or the appraiser to advise them of any condition issues or help them with comparable sales. Your agent must make every effort to assist these other professionals in getting at the true asset value. If they overvalue the home for lack of information, your deal may never happen.
Make sure your financing is ready to go. When the bank approves the short sale amount, the approval is only good for 30 days. Ask your agent if there are any other liens against the property that need to be negotiated.
There's so much that goes into these specialized deals, but a successful end result is a win for all parties involved.
Good luck and keep us informed.
Jacobus "Jack" Vollenberg
RE Appraiser - Vollenberg Appraisers
Asset Manager - ERA Statewide Realty
Cell (973) 590-0142
My main advice to you is have patience and try to hire an attorney that has experience with short sale deals. Getting the offer accepted is only the first step.