Have you done your home inspection yet? I put a short sale under contract on November 20th and closing on Wednesday. I told the buyers that if they spent some money upfront they would greatly enhance the odds of the bank being receptive to the offer. Best
When your offer is accepted by the sellers, their agent submits a short sale package complete with the financials, etc.
however, the package goes through several steps before it reaches a negotiator. For example, the set up specialist reviews the package to make sure everything is there, and may ask the seller to update the financial information to within the last 30-60 days. This information includes bank statements, pay stubs, financial worksheet, income tax returns (last 2 years).
But by the time the package reaches the negotiator, nearly all these documents will be outdated, and the seller is reqested to submit the latest ones. If the income taxes has not been filed for 2010, the seller will be asked to submit the 1099s or W-2s.
if there is more than one lender, this becomes more difficult and may take longer to get approval.
It's all par for the course. YOU can't do anything other than wait it out if you really want the property. If you walk, the property is put back on the market. And when the next offer comes, the process starts all over again.
In the meantime, keep your options open and see what other properties in this neighborhood come up fors sale. If you see something else, you should consider writing an offer on it. If you have a better chance of getting your offer accepted on another property, then consider going for it!
How are you? How far along is the bank in the shortsale? You should identify first if there has been a negotiator assigned to this case? Whether bpos have been completed and whether (and this is very important) you've submitted a complete file to the bank? These are the first things you need to identify before deciding on whether to proceed with this deal or walk away from it. Any further questions, please feel free.
We don't sell homes, we sell futures!
p.s. The highest level of gratitude my clients can show me is by referring their friends and family
Peter J. Mlaguzi III
M&A Real Estate
Specializing in Short Sales
O: 617-588-0087 x701