Home Buying in 07731>Question Details

Maureen Adams, Home Buyer in Hazlet, NJ

also if you are waiting on a short sale..which is taking a lengthy time ...can you call the bank yourself to see where you stand.?

Asked by Maureen Adams, Hazlet, NJ Fri Jul 27, 2012

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6
Diane’s answer
Hi

Unfortunately you may not contact the bank involved....With new regulations the banks have the upper hand and all the financials regarding the sellers are kept private......This is a lenghty process, My best advice to you is have a great relationship with your attorney and agent and express your concerns to them regarding the time factor.

Good luck to you and I hope everything goes well..

Diane
agent
0 votes Thank Flag Link Sat Jul 28, 2012
If you exclude foreclosures, of the mortgages that go delinquent and end up with a work out solution only 10% plus or minus are closed short sales. If you add foreclosures back to the mix you might end up with 2% - 3% success ratio give or take. If it is a troubled situation and the seller isn’t willing or able to pay the difference the outlook is not great.

As for your question about contacting the bank directly, they are not allowed to discuss anything with you unless they have written permission from the seller.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Fri Jul 27, 2012
I am confused...so the seller has to pay the difference of the short sale?I thought it was what the bank was willing to forgive the seller...so even though we offered over the listing price this could implode on us and the sale goes south?then who makes out...because alot of these short sales are so neglected and if they arent sold soon they are going to be alot of houses that will be tear downs...
Flag Sat Jul 28, 2012
Sorry, Maureen, but you cannot. Only people specifically authorized by the seller in writing to their bank can discuss anything to do with the sale.
However, with the new short sale guidelines in affect, you should not have to wait too long for anything. They have a 30 day window to answer questions as they prepare to close.
Web Reference: http://dianeglander.com
0 votes Thank Flag Link Fri Jul 27, 2012
No. The discussions about the seller's loan with their bank are private financial disclosures and these details are only made available to the seller and any representatives authorized by the seller. The seller will generally provide authorization to their attorney and REALTOR. On rare occasion, a seller might provide authorization to the buyer's agent, (As a buyer's agent, I have been granted authorization - albeit such is rare!)
0 votes Thank Flag Link Fri Jul 27, 2012
so you just have to sit back and wait?what is the longest wait I can expect?
Flag Fri Jul 27, 2012
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
No you cannot contact bank directly you have to go through listing agent and/or seller's attorney.
0 votes Thank Flag Link Fri Jul 27, 2012
Hi Maureen, no you can't contact the bank. Anyone representing the seller would need a signed letter of authorization from the seller to be able to speak to the bank regarding the transaction.
0 votes Thank Flag Link Fri Jul 27, 2012
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