Home Buying in 32763>Question Details

Jeremy, Home Buyer in Volusia County, FL

What are my chances of getting a short sale home I bid on in FL?

Asked by Jeremy, Volusia County, FL Thu May 3, 2012

The mortgage company for the home is BOA, my wife and I placed a bid on the place back in late Feb 2012. Since then we have not heard much from our agent unless we call him, and he in turn calls the listing agent and we keep getting its still in PROGRESS!

I have been keeping a watch on the property by physically going by and being active with the courts website. It looks like BOA has filed a FORECLOSURE
case against the home owners. Last week I noticed that the Realtor locked had been removed and there was also a notice of foreclosure sign on the front door.
I am confused by this one because I didn't think this was apart of the short-sale process.

The listing agent says the bank is sending him a key for the property and that the property is still a short-sale.
We have already gone through 2 months, What should I do? I really like the home but don't want to miss out on something else
waiting for something that may not happen because of BANK/REALTOR politics.

Help the community by answering this question:

Answers

3
This has nothing to do with Realtor politics and everything to do with Bank of America and how they handle short sale files. Was the file submitted via Equator? How cooperative is the seller in providing requested documentation? Who is the investor? Is there more than one lien on the property?

There are so many moving parts on a short sale and if they aren't completely in sync it can take a while. Many times the bank will send a property preservation team out to check on a delinquent property to see if it's vacant. If it is, oftentimes they will secure it by changing the locks. That doesn't mean it won't become an approved short sale. Foreclosure filings are also common especially with short sale properties. Some banks will file lis pendens at 90 days delinquent while others will wait months or even years to do so.

Short sales take time and patience. It is frustrating and annoying and dang it, why can't the banks give us an answer?! Do some research on the questions to ask so you can go back to your agent armed with information.
1 vote Thank Flag Link Thu May 3, 2012
I had a short sale that took 11 months. It depends on a lot of things. I have also had a short sale that was approved in 2 months.
Good Luck!
0 votes Thank Flag Link Fri May 4, 2012
I have been doing short sales since 2004. There are things the buyers agent can do to protect his customer. The first thing I do is vet the list agent to find out how experienced they are at completing short sales. I ask about their process, and if they know how to escalate the file.

Another issue is the contract and how much time the buyer is willing to give the list agent to get an approval.I like to keep these times a little tight for more than one reason. Often if you put 90 days for approval in the contract - guess what - the bank will take 90 days.

Some list agents are horrible at updating buyers. Even if nothing happened as far as a response from the bank, I want to know WHAT THE AGENT DID to move it along. I write down every phone call, every email, the date, time, and who I spoke with, and what was said. I use this info to update buyers AND if things start to go bad, I give this information to bank supervisors to prove that I did my job and that they did not do theirs. If my package is complete, the bank should respond in a professional and timely manner.

I closed a short sale on commercial land yesterday and am closing a short sale on a 4 bedroom house in Port Orange today. The land closed in less than 30 days from offer date. The house offer took nearly 90 days to get approval. It would have taken even longer if I did not have the name and email of a supervisor to complain to. Once I complained - it was approved within 48 hours.

I would say so far, 60 days is not unusual. I would ask what ACTIONS are being taken by the agent and whether they have been assigned to a negotiator.

Good luck,

Phil


Phil & Lucy Hanner
Experienced Short Sales Agent
Accredited REO Agentâ„¢
http://www.findahomeinportorange.com
Keller Williams Realty Florida Partners
3510 S. Nova Road, Suite 112
Port Orange, FL 32129
Licensed Realtor
http://www.portorangeflhomesforsale.com
"Wait long. Strike fast."
Member South Daytona/Port Orange Chamber of Commerce
Member Central Florida Realty Investors
0 votes Thank Flag Link Fri May 4, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer