That is the million dollar question!
There are several answers and none of them are good or going to solve the problem. However, here it goes...bank back log, property overpriced, BPO's don't match the price offered, seller and bank can not come to a meeting of the minds, bank might be holding out for a better offer after you give up, paperwork from seller incomplete or lost or buried, listing agent handling the negotiations is not experienced, too many loans and not enough money to go around, bank processor had a medical emergency and everyone else was busy with their own stack of paperwork, bank is having trouble dealing with the HOA or you could be dealing with B of A which means all of the above applies + ten more.
I don't think this is a complete list but this one should be long enough for anyone that has been waiting for almost a year. You have the patience of Job as my mother would say. Of course, you know the other old saying, " Anything good is worth waiting for".
Sir, this market is very hard to negotiate. Some short sales have taken me up to a year and some as quick as two weeks for a bank approval. Hopefully, you are watching for properties that are similar to what you have been patiently waiting for to see them go up in price in order to keep you hanging on for the prize.
Hope you get in soon so you don't have a another winter in Ohio. I hear it is going to be rough this year.
Sarah Garrett, Realtor
ALLIANCE REALTY GROUP
"Chosen Best in Client Satisfaction 2006- 2011" by Gulfshore Life Magazine
Web access to MLS:
Joanne LaFleur Broker/Associate
Jones & Company Realty
I have dozens of short sale blogs might be helpful to read...
best of luck. I am willing to bet you are NOT the buyer as it is right now. Contract Law dictates "consideration" must be part of the contract....Without a contract, all you are is an "offer" in front of the seller/lender, ect which allows for the listing agent to present many many many more offers to the bank! I protect my buyers and actually create a Contract that holds up!
The Marie Souza Team â€“ Top Selling on Cape Cod
Cape Cod Real Estate Services
Please know that no short sale is ever approved until the lien holder signs all the papers.
Asset managers never seem to be in a hurry to make a desicion. They ask for the same papers from the sellers at least twice, bank statements, tax returns, hardship letter , if the seller does not cooperate in a timely fashion, I think they just move on to the next transaction and they have many of them.
Beyond this, it is anyone's quess. I have waited 7 months for one to close with a cash buyer who offered full price.
This a complicated situation and even if everyone does what they are suppose to do in a timely fashion, it is a slow process, if the parties involved, put things off and don't "take care of business" it might never get done.
Terry McCarley, Jones & Co Realty
You have my sympathy. Hope the house you are waiting on is worth it. I've had three negotiators change on one of mine that took almost 11 months. No one has a personal interest like you do. So hang in there and hope for the best.
Please see my blog with tips and advice on buying a short sale.
Oooooooh my! A year by any standard is a bit excessive. At this point you should be asking questions and demanding information. There are any number of reasons why the process has taken this long...but you should be getting regular updated as to the progress of your transaction.
At this time you should know the EXACT nature of the problems that are delaying your transaction and what that means to you....Do you continue to wait or BAIL!
Anything less is irresponsible....
You are one patient and optimistic fellow.
Each short sale has its own set of circumstances that add to the negotiating time. It takes a village to close a Short Sale.
As many Short Sales as I have negotiated, is as many new scenarios as to why one takes so long, and another goes quickly.
Most often the Seller had more than one lien on the property. Often more than one mortgage has been taken out. Getting the Jr. Lien holder to release their lien, and coordinating that with the lien holder in first position is a difficult task, even for an experienced Realtor. If there are Attorneys involved, you can almost guarantee a slow down. I personally love the challenge of closing a Short Sale. I have almost 100% success rate, but again, the circumstances surrounding this particular loan default are what has taken the approval to close so long.
If I knew the property address, I could probably tell you what is going on pretty quickly based on which companies and lenders were involved.
Please let me know if I can be of any further assistance.
Is it perhaps time to consider a non short sale property?
When I was shopping for my home I initially considered taking the short sale route to get the "Best Deal" but I eventually found a home that had everything I wanted in incredible shape and was literally a turn key property and the price was comparable to many of the short sale homes I had looked at.
If you would like assistance in trying to find an alternative to another frigid winter let me know and I would be happy to assist you.
I sure don't miss the bone numbing cold Northeast.... :)
Whichever path you take I wish you the best of luck and when you finally do get down here you will love it. The Cape is a wonderful place to live.