got an offer back and the bank gave us less than 72 hours to decide or our agent told us (the bank) was going to pull all of our paperwork and we would have to start over. they also came back w/ the same amount it was originally approved for. Is this normal, should my agent have done something different
Yes it is normal. Short Sales takes time and sometimes with the rates changing daily they can be costly. The bank goes by the bottom line and sometimes some offers come in much lower than that point. By communicating with the listing agent which I'm sure your agent has done you can fill out what that point is. Unfortuantely with short sales our offers go in to a office that probadly has 100:s of offers on different properties. The processer does the numbers and ships it back.
I have to agree with the other 2 answers. Nothing is normal in the Short Sale process. It really totally depends on the Lender, the location of the property, and how much the lender is shorting themselves. The Bank has so many requests that they will need constant prodding to view yours. They also have prioritized requests.
Short sale processes are not standardized. How one lender processes offers can differ from how another lender responds to offers. Even the documents in the application packet are not standardized. What does seem to be similar across the board is that lenders do things on their own time and don't feel the need to communicate with anyone. Banks also have the last word about price and terms. Be aware that your agent has little control in this situation and is most likely doing all they can to get you into your home. As mentioned before, short sales are a stressful process. Hang in there.
Hi Brenda,
How frustrating! The answer to your question... is this normal? Nothing is "normal" when it comes to short sales these days. Should your agent have done something differently..it probably has nothing to do with what your agent did or did not do. That's the frustrating part about short sales. It's really a "hurry up and wait...then make an important financial decision yesterday" kind of environment. I know it's hard, but that's just the nature of the short sale beast. The info that you provided isn't really detailed enough for further advise, but all I can say is, if you want the home and feel like you are getting a good price, then continue to remain patient and hang in there. Do the best you can to promptly continue negotiations. I'm sure you'll feel like you're the only one who cares about being prompt. Negotiations with the mortgage holders can be time consuming and tedious, but hopefully it pays off in the long run. I wish you the best of luck!
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