Property Q&A in Visalia>Question Details

Candy Carrera, Home Buyer in 93291

why won't the bank give us an answer?

Asked by Candy Carrera, 93291 Tue May 19, 2009

we have had an offer on this "short sale" property since 2-18-09 (3 mos.). yesterday our escrow officer called the bank for an update & all they will say is that it is still in review & pending a negotiator. & that the foreclosure date is set for june 1st (less than 2 wks from today!). & that they will give us an answer b4 that date. can anyone tell me if this sounds postive or negative for us?

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My first question is why is the escrow officer calling for updates and not the listing agent? My next questions what bank are you dealing with? Depending on the bank three months is not uncommon but if there is not a negotiator assigned then something is wrong. My first guess would be that they did not receive a complete short-sale package from the listing agent or the seller is not insolvent and does not qualify for a short-sale.

As far as the sale date of June 1st that is not a big deal if the listing agent is on top of it and makes sure to check with the bank to see if they are planning on delaying that. I have had banks delay a sell the day of. You might need to have your real estate agent give the listing agent a call and put some pressure on her to get some answers for you.
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