Will ,


If you hired an attorney it would not speed up the process much. The work is being done on the other side of the deal and your attorney cannot contact anyone other than the agent. The bank will not speak to your side of the deal.
Do you have an offer in on a property now? How long has it been in motion? Do you have the first offer in?

I work alot of Short Sales and Bank Owned properties in Cape May County and some deals take longer than others. One thing that I can say is that I eventually get them closed. You just have to hang in.

You may want to look for a pre- approved deal of a Bank Owned they move along faster , all the hard negotiating is done.



Edward ( Augie ) Augsberger

Weichert Coastal REO / Short Sale Division

609.338.1189 cell

609.523.1112 office

Will,

Hiring an "experienced" short sale attonrney (not just one who says he/she is, but one that can back up their representations with results) couldn't hurt as calls to banks from attonreys v. Realtors most certainly carry more weight and are more likely to garner more attention. However, be advised that banks continue to be so overwhelmed by current market condtions that u may see little difference in "speeding" up the process. Unfortunately, in today's market it's a "hurry up and wait" environment that produce cirumstances that few of us have little control over. Stay positive and keep those that u hire to represent u on their toes!

Love and Peace,
Francesca, Realtor, ePro, SREs

Absolutely hire an attorney experienced in short sales.
If you are waiting lender approval, you must have gone through attorney review already. Did you have an attorney representing you for your review? Or, did you sign out of review yourself? Contracts that go to the bank have to go through attorney review in NJ.
You need to be asking questions like:
Is the property approved for short sale? Does the bank have a number they have given that they will accept?
Short sales take a lot of time. As you know, you need to close by 11/30. I am in the middle of one that is taking over 6 months. You need clarification and answers. A short sale attorney is the way to go! You can limit your time liability by having your attorney put in a statement that provides you can walk away if the bank doesn't accept your offer by a certain date.
IF you need tha name of an excellent short sale attorney, I have one in Brick I can recomend. Reach out to me through Trulia or my website, below.

Will,

You most certainly need an experienced short sale attorney. I persoanlly wouldn't buy a short sale without one. Having an experienced short sale attorney involved when buying a short sale is a plus, the attorney may not actually be able to speed up the process on the bank's end. The banks take a long time and it seems that there's not much that can speed them up.

With that being said, you are pressing against the clock for short sale approval by the bank. Have you not hired an attorney yet? Once the contract was signed by seller and you, the contract should've gone into attorney review awaiting bank's approval. A contract is binding after three days.

Gina Chirico, Sales Associate
Prudential NJ Properties
973-715-1158 cell
973-992-6363 ext 116
Gina.Chirico@PrudentialNewJersey.com

Hi Will, no question, you DO want to hire an attorney with short sale experience. I cannot guarantee that it will shorten the timeline, but it will make a difference. You will need everything working in your favor in order to pull this off in time to qualify for the tax credit - short sales have but one thing in common - they are anything but "short". But there is no question, I advise buyers that hiring an attorney that is experienced with, and skilled at, short sales is a MUST.

Good luck!
Jeannie Feenick
"Unwavering Commitment to Service"
Search the MLS at http://www.feenick.com