To all who critize others implying that the listing agent may not know what they are doing.

Please take your attitude and spend it on the listing agents that lists short sales and have no idea what they are doing. They are the ones being unetchical and not just that, they ruin their clients chance of actually getting out of the situation they are in.

Amazing too how many uneducated agents spend their time answering short sale questions on Trulia and dont know what they are doing.

Scout,

I gave you my answer in month six, and I am sticking with it. Good luck to you.

"there are plenty of approved short sales on the market that can close within 45 days "????

IF you are a cash buyer and pay the total amount owned on the 1st & 2nd, maybe 3rd. I can get that closed in 10 days.
I will also drop off one of those personalized door mats......on me!

Uzi...

Would you mind posting a link to all of the "approved short sales on the market that can close within 45 days"??? I would LOVE to see that list.

Hi Scout,

Short Sales are constantly evolving & it sounds to me like you put an offer on a home 7 months ago. In my experience we're now typically seeing short sale approvals within the first 60 - 70 days in most cases and depending on the bank. I'd have to know a lot more about the circumstances behind the sale you placed an offer on. For example, how many loans? Was the listing agent experienced in Short Sales etc etc. Hang in there and consult with your Realtor to see if you can get more information. You must really like this home. If you're not in a rush then hang in there otherwise there are plenty of approved short sales on the market that can close within 45 days so you may want to start looking at those. Hope that helps.

Scout, you and all other commenting agents (except Stew) REALLY need to read Jay's comment. He is right on, and I am speechless about this thread.

Scout, contact your buyer's agent for answers to your questions. If you don't have a buyer's agent, consider the ramifications of dealing with an agent that represents the seller.

Jeez... I need a stiff drink...

Dear Scout:
Yes, this is the frustrating part of a short sale offer....the wait. I doubt that you are being played to obtain free rent. The bank would have the seller out otherwise. Each bank reacts differently, it is probably better for them than a foreclosure. Doe the seller have a negotiator working with the bank on the short offer and the balance owed on the mortgage(s)? Your agent and the sellers agent and/or negotiator should be able to give you an update. The real issue is the negotiations going on behind the scene on the sellers liability to the bank going forward. If they have not made any payments in 7 months, something will happen soon. Unless, it is a luxury property. Luxury properties take longer to sell and the bank wants the property taken care of. If you are unrepresented, give feel free to contact me. Also, for an excellent webinar on the short sale process see http://www.arizonahomesland.com/forsellersorlandlords.html. There are a lot of foreclosures out their where the State of Arizona program is available (22% of the purchase price with free grant money if you live in the foreclosure house for 15 years, less for 5 or 10 years). This grant is not available on short sales.

Jeff Masich, Realtor®
Arizona Homes and Land

http://ArizonaHomesLand.com
480-556-0940
jmasich@usa.com
HomeSmart Real Estate

From the Realtor Code of Ethics:

Article 15
REALTORS® shall not knowingly or recklessly make false or misleading statements about competitors, their businesses, or their business practices.

Article 16
REALTORS® shall not engage in any practice or take any action inconsistent with exclusive representation or exclusive brokerage relationship agreements that other REALTORS® have with clients.

So we've got agents here advising someone in an existing agency relationship to cancel their contract. Code of Ethics aside, this is curious advice as the agents giving this advice have never laid eyes on the contract.

And we're calling the listing agent clueless, and implying the same of the buyer's agent.

Wow.

How do we know the sellers haven't made a mortgage payment in 10 months? Do we have access to their bank statements? Maybe they have made arrangements for a reduced payment. Maybe they are still making their payments. Regardless, it's none of our business what the sellers are doing from a financial perspective.

Scout - you need to be having these conversations with your agent, no one here on an internet message board is privy to any of the information in the transaction. If you can't get an answer from your agent, talk to their broker.

Hi Scout,

I recommend that you cancel the contract and move on to another property. The listing agent is wasting everybody's time. Ask your agent to do a CMA in the community where the property is located.
Due to all the foreclosures I have a feeling that your offer is on the high end as the prices came down since.

You need to know that the owner is staying in his home for free and all they have to pay are the Utilities... they are not too motivated to complete the short sale and to move out. Tellyour agent to look for a vacant short sale.

I hope this help.

Carmelle

It is very frustrating for buyers when the banks take so long to reply and listing agents dont communicate to the buyers agent. You would think they would want to close it so a qualified buyer could be paying for the home.

What makes sense to us unforntunatly isn't the case with the banks. Its not uncommon for them to take 6 mos! However there are homes that take longer to close!

The listing agent should be giving your agent regular updates! It seems like you should have at the minimum monthly updates! They should be communicating that they are in process of getting a negotiator, coming to agreement on sales price with first, second and in some cases third lien holder! Also there should be new bpo's or market analysis ordered up until it closes with each lien holder.

Feel free to contact me with any questions!

Lucinda Tkach
Windermere Central

We specialize in short sales ourselves and we have had some that have lasted far longer than 7 months,. BUT that is extremely rare, and they generally are the high dollar homes. what worries me is the fact that you say you've heard NOTHING from the bank. Even if it takes a long time, the comunication lines are open. I agree with Tonje, it looks as if the listing agent dropped the ball here. There should be some sort of communication. I too would have my agent drill the listing agent for answers. If they arent satisfactory, Id move on. there are thousands of good buys out there, dont fall in love with this one.

Sounds like the listing agent doesn't know what they are doing. 7 months is too long. Cudos to you for hanging in there for that long. Have your buyers agent, really drill the listing agent about the status and demand a detailed update asap. If you don't get one, you may want to think about walking away from it. Who is the seller's lender?