We are currently have an offer on a short sale.
We submitted an offer and the bank responded with a counter offer. We responded back with our counter offer. We were told that both banks (there were two liens on the property) were ready to accept and sign but were awaiting for the PMI approval. That was almost four months ago. Two weeks ago our real estate agent told us that the PMI company wanted the sellers to do a loan modification but the sellers (1.) already faced foreclosure and (2.) were told they did not qualify to do so. We were told that it a response should come quickly as a result of their disqualification but we still have not heard anything. It has been six months since we put in our initial offer. Is this normal for short sales and have we been told right about getting an answer soon since the sellers don't qualify for loan modification?
My experience has simply been that if the bank counters and you do not accept it they walk...I know some people who claim to have been successful with counters, and we even had one accepted...but then the negotiator was switched and it started all over again. I will say that we have had listings where the bank requested our clients to submit a workout package even though they did not qualify just to have it on record.
Basically what you are dealing with is an investor who does not want to lose their principle in the investment and instead will take less money each month rather than lose the money. There is no normal in short sales - we have a listing where the second approved it in a week (being shorted $114k), and the first who is being shorted 2 months of interest payments is dragging their feet for 60 days. It is unfortunate, but that is how they are working right now. Good luck...it may be time to move on.
Jimmy Mulhern
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