Home Buying in 33073>Question Details

Franco, Home Buyer in Coconut Creek, FL

i put in a offer on a house that is a short sale on 4/28/09 to this day i still dont have any answers. I am

Asked by Franco, Coconut Creek, FL Mon Jun 15, 2009

worried that i might lose this house. the selling agent keeps saying that he hasnt heard anything other than a bpo has been ordered .is there any way that I can find out something about this by contacting the bank.

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14
wow very tough situation


you must speak to your agent and ugre them to contact the bank Representative
0 votes Thank Flag Link Wed Jan 15, 2014
Buying a short sale can save you money, which is the main reason for it's popularity among home buyers today.
This process can take months and is further complicated when more than one lender is involved. But in this case, 4 years later is too much time. Make sure to talk to he listing agent and see exactly what's going on.


Best of Luck,

Maria Cipollone

http://www.Flahomespecialist.com
0 votes Thank Flag Link Thu Jan 9, 2014
A good site to go to get connected with a reputable lender that offers loans that are difficult is The Lenders Network. If anyone can get you approved for a loan they can!
0 votes Thank Flag Link Thu Nov 7, 2013
Franco,
This seems like an excessive amount of time to be waiting for a short sale. My biggest concern would be that you offered a price in 2009 for the house that may not be the 2012 price. The BPO will help determine the bank's price, but I am sorry to say that you may have to pay more now.

Gloria 754-245-4662, gloriadejesusrealtor@gmail.com
0 votes Thank Flag Link Wed May 23, 2012
Short sales take time and as long as you have a contract in place, you should be okay. make sure your Realtor has the documentation that is required. Calling the bank will do no good. The banks will not deal with you as you are not the seller and privacy laws attach.

Good luck
0 votes Thank Flag Link Wed May 23, 2012
Your agent should have had you sign addendums to either withdraw your offer or more importantly "to Keep this contract alive". If you haven't heard anything from either Realtor (buyer's or seller's) the home most likely is in foreclosure and your contract is DEAD. If you have any earnest money on this contract, you should ask your agent to write a Release of contract and sign it, to get your money back. Start looking again and I would suggest you get another Realtor to help you this "go around".
0 votes Thank Flag Link Sun May 20, 2012
Short sales can take time. But worth it if it works out. Good Luck.

Adam
0 votes Thank Flag Link Sat May 19, 2012
The short sales sometimes take longer to work out.It all depends on what bank is holding the note and how motivated they are to get the home off of their books.
I have one that I submitted March 27th no word yet from the Bank that was bought recently by another bank.
If you can hold on you will get a great deal for a home at normally a 30 to 40% reduced price. Good Luck!!
0 votes Thank Flag Link Mon Jun 15, 2009
Hi Franco, We put an offer on a short sale here in California on 4/18/09. We just found out that our file has been assigned to a negotiator and a BPO was SUPPOSE to be done last Friday, 6/12/09. According to my realtor the sellers realtor hasn't advised if the BPO was done or not. It has been very frustrating for us too. We were warned by our realtor when we put the offer that this whole process is very, very long! And sometimes after all the waiting you don't get the house. We have been looking at other homes but they seem to not work in our favor. At least something is being done on your short sale (BPO). I hope your realtor is showing you other homes. Here in California we have heard more and more short sales closing. So good luck to you!
0 votes Thank Flag Link Mon Jun 15, 2009
Hello Franco - You might be nearing the end... if they ordered a BPO, seems to me they are checking to see if your offer is acceptable. Hang in there, you have been so far, don't give up yet , especially if you really want this house. Your agent has no control over the situation - you just need to have a lot of patience when you purchase a short sale. Good Luck!

Best regards,
Angela Jensen
Coldwell Banker
(954) 465-1388
jensenatj@aol.com
Web Reference: http://www.AngelaJensen.com
0 votes Thank Flag Link Mon Jun 15, 2009
The bank won't talk to you even if you could navigate your way to the right person. Sorry. And, yes, this is common.
0 votes Thank Flag Link Mon Jun 15, 2009
Not really. For you to be talking to the bank, you would need to have all sorts of personal information on the seller and you simply won't have that information. If you are involved in a short sale, you need to be very patient. The short sale process is normally a long process and it can be very frustrating to you the buyer as well as the agents. All you can do is work with your agent and be ready to move once the short sale has been approved.
Web Reference: http://www.tonycard.com
0 votes Thank Flag Link Mon Jun 15, 2009
Hi Franco,
How are you? Short sales take a lot of patience. Sometimes months. Ask your agent to contact the listing office periodically and keep you informed. I hope you really like the house and I hope it is worth the wait.

Good Luck.

Genny
0 votes Thank Flag Link Mon Jun 15, 2009
Short sales take a very long time. You're not in it 5 weeks yet. Wait till it's 5 months and then question your agent. I'm not being a smart A _ _; unforutnately the banks couldn't care less how long it takes because they are losing money (on the mortgage). Also, the banks are, on the average, not organized and often lose paperwork which delays the process. Someone told me that they (the banks) would much rather put the house into foreclosure, 'cause they make more money that way. I haven't done the math on that one yet. Be patient and keep in contact with your agent. If the BPO (Broker's Price Opinion) has been ordered-that's a good thing. It is similar to an appraisal-but is merely the opinion of another Realtor. If the opinion is higher than your offer-you will be asked to negotiate your offer higher. If you do not-bye-bye. Next. This is the hard part-hopefully the BPO will agree with your offer and you are home free. Banks do a BPO approximately every 3 months (to check the market). Hope this puts your mind at ease. Peri Kiros, ABR, SRES, GRI, AHLS, CRS
0 votes Thank Flag Link Mon Jun 15, 2009
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