Broker, Lightning Realty
Phone/Text: (813) 766-1501
Good luck ,
Brock Realty Inc.
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In answer to the negotiator question--it depends on which bank, and whether the original one still works for them! I've had situations where teh negotiator or processer changed several times during the transaction (once or twice because I complained so bitterly!).
The good news is: it shouldn't matter. Most of the lare lenders have somewhat streamlined the process, and the person reviewing the file is looking at standard criteria--teh term 'negotiator' is a little misleading. They are processers, pure and simple--human beings who are paid to review the file and determine based on standardized criteria.
If this is YOUR house--stand firm, be patient, and most of all GOOD LUCK! ;^)
We REALLY want this house! Nothing has compared so far, but we have kept our eyes open throughout the process. We are hoping that, if the bank DID approve the short sale but the MI company had an issue with the divorce decree, hopefully they will convince them this time.
By resubmitting the complete file, does the negotiator still deal with the same bank negotiator or is a completely new person/process???
I wish you the best of luck.
There is more information on my informative homepage regarding short sales including
20 Things the Listing Agent Does Not Tell You About Short Sales and
Short Sale Fraud
Beverly Howe, ABR, GRI, TRC, CIPS
There are some very good answers here, showing the entire spectrum of chance involved in any short sale transaction. I will tell you that I have have approvals in less than 30 days, and I have also had multiple offers turned down as well as dis-approved, after waits of 90-120 days.
What are the chances this time? Well, that really depends on how solid you as the buyer are, how patient you can be, and whether the seller's agent is being completely honest about the seller's situation. The buyer's agent basically has no control over the situation, other than to advise you to stick with it or to walk--they have to direct communication with the seller's lender.
I whole-heartedly agree with the assessment that NO first-timer should be trying for a short sale--I carefully review each and every one of my buyer clients before we ever go and look at any homes, to determine whether they pass the short sale litmus test.
The question to ask yourself at this point is: "How badly do I want this house?"
Welcome to the 'Wild, Wild, West of Real Estate," the short sale, where there exists an illusion of rules where anything can and does happen.
This process is the most complex, convoluted process ever imposed on real estate. But you already know this. Your agent had you sign pages and pages and pages of disclosures revealing the futility of purchasing a short sale that is the real result so many buyers experience.
Even though great effort was make to make this clear to you, you write "and our agent does not provide much feedback'. YOU can't get feed back from a blackhole that consumer everything and returns nothing. You receive no feedback because there is nothing to report from either side. How many times can your agent say, "I've heard nothing" before you start suspecting something is amiss. Short Sales are treacherous for everyone who touches them. They prove to be real trust killers as you have revealed.
Hopefully you can realize how toxic short sales are. Even the best efforts of the professionals involved produces from the buyer and seller comments that attempt place blame where it does not belong. Please stop that 'self-talk' and accept responsibility for the path you choose.
70 percent of short sale offers fail. There is little reason to believe your outcome will be different. Stay the course if this is the ONLY house for you, BUT, start developing a PLAN B. Short sales are not suitable for everyone. Proceed with great caution.
Now a question for you, "How much would/should you invest in a process that only succeeds 30% of the time?"
Here's my advice for you based on my 23 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.
Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.
For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."
And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.
There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay. It's a Buyer's Market, after all!