im five months in on a short sale and 7 days ago the bank got rid of the old asset management company and got a new one because things were moving

Beemtiger
Home Buyer
Fresno, CA

slow...The first bank countered my offer a few weeks ago but the old asset management company was moving too slow and wasn't talking to the second bank about the second loan. Since 7 days ago, there is a new asset management company and they gave us until TUESDAY to file and extention on the short sale or it will be FORECLOSED...WHAT THE HECK??? My realtor spoke with the LISTING AGENT and he sent them all the necessary paperwork the Asset Management needed, but they still haven't responded whether or not it is extended.

Is this typical? What are the chances if the listing agent sent it in will it get extended? We are so far along and this would devistate me if it fell through. It stinks because all i can do is wait...If i could fly down and talk to someone I would. as far as i know it is out of my control. PLEAAAAAAAAASE HELP with any input. IM IN DESPIRATION!!!!!!!!!!!!!!

Answers (1)
Irina LaMar
Agent
Fairfax, VA
FIRST ANSWER

Dear Beemtiger:

I have represented either sellers or buyers in short sales and I agree that a buyer representative has almost no control of the situation. I understand how you feel in this situation. However, your agent can still do something to help you.

1) In my experience the best communication method with the bank is an e-mail (not fax or mail), because the sender always have the proof that the document has been sent. When the listing agent emails the paperwork, the next day the agent can call to verify that the documents have been received by the right person and to talk to negotiator/asset manager.

2) The sellers are customers of the bank/lender, so even if they have authorized the listing agent to negotiate the short sale on their behalf, sometimes their direct involvement can help. E.g.: they can call or better write and email a letter to negotiator with the copy to the bank's customer service. In the letter they need to briefly describe the situation and what has been achieved during the negotiations between the buyer and the seller. Then, in the conclusion part they express their frustration that it is taking too long to approve the short sale and THEY ask for help. Bank/lender usually reacts to such "complaints" within 24 hours.

3) The buyer agent and the listing agent can do the following: they can meet in the listing agent's office, then the listing agent can call the negotiator to follow up on the paperwork, and then introduce the buyer agent, and then the buyer's agent can say a couple words stating that the buyer is motivated, etc (whatever is appropriate under the circumstances).

In any case, make sure that your agent is a "pusher", and that your agent is on good business terms with the listing agent

It is not easy, but do not get discouraged.

All the best!

Sun Oct 25 2009, 21:48

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