dawnisin, Home Buyer in Merritt Island, FL

There is an attorney involved with the short sale Im trying to purchase. No one can get any info from anyone. How can I get things moving ?

Asked by dawnisin, Merritt Island, FL Tue Jul 16, 2013

Help the community by answering this question:

Answers

8
From what you say, and your tone;
you should not be doing a Shortsale.
Quit and stick with REOs.
0 votes Thank Flag Link Wed Jul 17, 2013
I would contact the mortgage holder directly and see if you can get a response. Did you see who owns the home at the courthouse?
0 votes Thank Flag Link Wed Jul 17, 2013
The key to purchasing a short sale is to manage your expectations. They often don't work out and can be very frustrating. Best advise it have an attitude "If it was meant to be, it will happen". With that said, it's not like you can sit back and wait. You need a good realtor who will stay on top of the listing agent to get answers from the bank. I also recommend that you (on your own) go and speak with the sellers to determine if they're really interested in selling. Plenty of sellers really have no interest in selling the property and just go through the motions, pointing the finger at the bank when it's them that is lacking in response and documentation. If you have a good buyers agent, an experienced listing agent, and a motivated seller, it will likely (eventually) happen.
0 votes Thank Flag Link Wed Jul 17, 2013
You have an answer, if they haven’t accepted your offer then the answer is no. Either hang in and wait or find another home, those are the options. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Wed Jul 17, 2013
Dawnisin, you have asked a great question.
As to the Real Estate Professionals who have responded thus far, I think we can all agree that short sales are the most difficult sale to begin with, and in all fairness it may not even be the attorney's fault.
The short sale process works in stages and there are many factors involved, including how many mortgages and liens there are against the property. Short sales require the cooperation of the homeowner, single contact (Realtor, title company or Attorney), negotiator and lender.
In today's market with inventory at an all time low, it is frustrating to have patience when you see other properties moving so quickly.
Some questions a buyer should consider...Do you understand the short sale process and have the patience to wait for lender approval? Are you confident that the parties involved are equally vested and working toward getting the property sold?
If not, then short sale properties are not a purchase you should consider.
0 votes Thank Flag Link Wed Jul 17, 2013
When attorneys get involved everything gets complicated, isn't that a rule? I have been on the same place when selling attorney handled short-sales. The last one took 14 months. Things move so much faster when handled by short-sales negotiators. Perhaps that is a question to ask when considering which properties to make offers on.
0 votes Thank Flag Link Wed Jul 17, 2013
-
-
#1 move on!

Stop chasing that Short Sale carrot (i.e. Long Sale) a Clown Car Full of Horrors!

You are going to miss out on buying at these low prices and interest rates while you waste 10 months waiting on the seller to go BK and you will end up with nothing!

For about $200 more per month step up 50k in home price and be happier in a much nicer re-sale or foreclosure...that will actually close

--
0 votes Thank Flag Link Wed Jul 17, 2013
The bank will only talk to one person, they call them the 'single point of contact'. That person, whether it is an attorney, a realtor or a short sale negotiator, needs to be following up with the bank and the home owner on a regular basis to make sure things are getting done, documents are being submitted in a timely fashion and the transaction is moving along. It could be the homeowner is not being cooperative, but if that is the case, someone should be advising you of the situation so that you can make a decision whether or not to continue pursuing the purchase. Are you working with a realtor? If so have your agent demand some answers and some action. Threatening to walk away sometimes helps, but there is a risk the other side will call your bluff. Short sales are always difficult and they take a very long time. Talk to your agent about options and alternatives.
0 votes Thank Flag Link Wed Jul 17, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer