Home Buying in 34685>Question Details

Kgs0714, Home Buyer in ,

Short Sale Question

Asked by Kgs0714, , Thu Jul 19, 2012

We are currently trying to buy a short sale and the selling realtor has been putting a tremendious amount of pressure on us. As soon as both morgage companies aproved the selling price the selling realtor has been excessivly rude to us pushing us to close by the 13 saying that the bank wont extend the approval one day past the 13 then they extended it to the 20th but the selling realtor was cussig everyone out to do it and sent ridiculous emails about how the bank wont extend it anymore and just being rude. Then we found out from our lender who said the title company saw the bank contracts and that both banks had approved the short sale thru the 27th and apparently all the stress that we have been put under since we signed the contract was for no reason. The extensions she was cussing everyone out for were her personal internal extensions between the seller and us and the bank had nothing to do with it. Is this something normal?

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Normal? No. But then not much is normal about a short sale. There is no reason for an agent to get aggressive and use inappropriate language, but I am sure some do. Some do get a feeling of power and an over zealous amount of duty for their clients sometimes.
1 vote Thank Flag Link Thu Jul 19, 2012
If a ShortSale doesn't close by a certain date the Approval sometimes can be snagged by the selling bank-Even take it to foreclosure and forget the shortsale altogether and...make everything you have done Null and void. You do have to update all your paystubs bankstatements and sometimes redo BPO's or appraisals if they are extended too far out and only good for so many days.In other words Start Over...or I had an approval on a shortsale and if the shortsale gets too close to the foreclosure date then there is no more time and everthing youve done to close is down the drain because they cant accept docs on a shortsale that are incomplete within say 21 days before if goes to the Steps.
very stressful when you work to pull everthing together and there is no more extention to be had.
Yeah Close it like it's hot.
Karen Young
Charles Rutenberg Realty
0 votes Thank Flag Link Thu Feb 14, 2013
This is not normal. Most Lenders will extend closing date to allow sufficient time for inspections and financing. You should ask your agent to get a copy of the Lenders approval letter, so you can confirm terms and closing date for yourself. Hope this helps and I'm sorry to hear that this has been such an unnecessarily stressful situation for you.
0 votes Thank Flag Link Fri Jul 20, 2012
"Form Simplicity" is merely a legal forms program that many Realtors use, although many banks use their own forms (like the 12-17 page addendums they generate after you've already sent an 11 page contract!), a standard extension form is also very typical.

The fact is--dealing with a bank on ANY transaction is stressful, whether you are buying from one (REO), whether there is a third-party approval required (short sale), or just when you go through the process of applying for a mortgage--it's always going to be stressful.

When I have buyer clients who wish to make an offer on a short sale or bank-owned property, I pre-screen them for all of these very normal contingencies which DO occur--they virtually always occur, and this is what your representative should have been coaching you on. If you chose not to have representation on a short sale purchase, well, that would not have been a great decision.

There is a reason there are professionals in this business--knowledge is power...experience essential!

Good luck!
0 votes Thank Flag Link Fri Jul 20, 2012
Mrs Lawrence - I did not post the same question as on july 9th on july 9th I was asking if I could complain about a realtor being rude. Recently we discovered that the "extensions" we have been signing and getting a hard time about are not even from the bank but a form from form simplicity which says extension addendum and apparently is just between us and the seller and has nothing to do with the bank extending anything because the bank has already signed til the 27th. I was asking this time if it is normal to have this form which has nothing to do with the bank but is simply between the seller and buyer.
0 votes Thank Flag Link Thu Jul 19, 2012
You (kgs0714) posted EXACTLY the same question on July 9th, 2012 and received 13 responses.

There appears to be more behind your question than you are revealing. What's up?
Is there more?

Previously posted question
0 votes Thank Flag Link Thu Jul 19, 2012
No, this is not normal. No agent should ever be cussing at a customer or client whether they are a Realtor® or not and I'm sorry you had to endure that type of behavior.

However, whenever I am working with short sales or foreclosures I always run into this. The banks take their good -natured time, but once they accept and decide to go forward, the time frame in which to do so is usually unreasonable and then we have to ask for extensions. I'm assuming, when you say "selling realtor", you are referring to the agent for the seller. In reality, the selling agent is the agent who brought the buyer.

Not sure what you are referring to when you said, "personal internal extensions between the seller and us..." Do you mean the contract between the listing agent and the seller? Are you referring to dates and deadlines in the offer to purchase? Some clarity would be helpful.
0 votes Thank Flag Link Thu Jul 19, 2012
In every profession are numbers of folks who might be better off working elsewhere. Maybe he does not understand his job, maybe he is working with some SOB at the other end and taking it out on you. This may be such a case. Or he may be under pressures we don't understand - they could be professionally-related or personal, which not an excuse, but it could be an explanation.

But, no, it is not normal, nor is it excusable.
0 votes Thank Flag Link Thu Jul 19, 2012
I would not categorize "cussing" and "excessively rude" behavior as normal for a Realtor. If that were the case, there would not be so successful and well respected professionals in this market area. Realtors are held to a code of ethics and conduct by the National Association of Realtors. Not every licensed real estate salesperson is a Realtor. If you have concerns about the seller's real estate agent, I suggest you take them up with that agent's Broker. That person can be reached by calling the office number and asking for the Managing Broker.
0 votes Thank Flag Link Thu Jul 19, 2012
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