Does this not eliminate something like 90% (my guess) of the SS out there?
How is it enforced? A law is only good if there is some penalty for non-compliance.
I can share your frustration as I am dealing with a short sale myself. The seller still owns the property and the listing agent is the gateway to the bank. Even if you could go to the bank directly without an authorization form from the seller they will not talk to you. This arena is the wild, wild west and I wish you the best.
I don't understand why the listing broker is making it difficult to sell the house.... I also wonder if there is an alternative motive going on between the sellers & their listing agent.
BTW, when I got the P&S proposal, it seemed like it was a version used for a previous buyer with a closing date that would've been the date of the Open House. The Listing Broker never said they already applied for SS before (I asked this when I met him in person, and my Buyers Agent also did). I don't know whether this is good or bad..... Good would be the previous Buyer walked after waiting too long and the SS is already in process at the bank. Bad would be if the bank already said 'No' to them with the previous Buyer and they are simply trying again.
There could many different speculations about this situation but it would seem that some response is necessary. Is your agent is also calling (instead of just emailing) the agent and the managing broker? Do you know if it was a pre-approved short sale?
Keep trying! There might be some very legitimate reasons behind this.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
HAFA Posts New Rules for Short Sales
Loan servicers will have 30 days to send a borrower a short-sale agreement that includes the list price or acceptable sales proceeds under recent changes made to the Home Affordable Foreclosure Alternatives Program, aimed at distressed borrowers who don't qualify for other government loan modification programs.
Once a sales contract has been initiated, loan servicers then have 30 days to approve or reject the transaction.
The stricter timelines are believed to help speed up the short sale process, which has faced numerous complaints for how long it takes lenders to review and approve short sales often causing buyers to walk away.
The stricter timelines were apart of several revisions the Treasury Department recently announced to its HAFA program â€” the second major revision to the program since its launch in 2009.
I would have your agent's owner/broker call the selling agent's owner/broker. You agent could try and get it touch with the bank, but I doubt very highly if they would respond. Also I would have your agent notify the local MLS system. Always you can call the board of realtors also.
CBRB Scituate, MA. 02066
This is one of the common problems with short sales: unresponsiveness. I recently had two situations as the buyer's agent that were almost identical. We wrote and presented offers, and the listing agents didn't respond to repeated calls, text messages and emails. It's enormously frustrating! In fact, I advise my buyers to stay away from short sales unless they are willing to wait for months.
Part of the reason is that lenders are dealing with a huge volume of short sales, so it may be a long time before your offer gets to the top of the pile. This is no excuse for the listing agent not to answer your agent's questions, though.
There's little you can do to push it along, but the first place I'd start is to have your agent's managing broker (the agency's boss) contact the other agent's managing broker. They may be able to at least get the listing agent to answer your questions.
Hope this helps. Good luck!