Home Buying in Elk River>Question Details

candy6348, Home Buyer in 55109

If a bank hasn't answered yes/no on a short sale offer 5/29/08-are they ignoring offer instead of saying no?

Asked by candy6348, 55109 Wed Oct 1, 2008

Countrywide acquired by BofA; one mortgage; seller hired a lawyer to keep redemption time; seller's agent has faxed PA 5x to both banks, BofA stated they were not aware of PA when seller/lawyer went to court to keep
redemption time. Who is lying???? Our 120 days has passed, we sent a new closing date request, our mortage broker is redoing our credit (stellar), etc. Our broker said we are now the longest short sale she's
done. (The older I get the better I can wait....) I thot maybe because of bailout, etc. but this is not a FHA loan....

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I had a short sale transaction this year that went over 3 months without a response. It was a full price offer. When we did get a response over 3 months later, it was a rejection! No counter offer, no nothing. When I did communicate with the seller agent (who was very difficult to deal with because of lack of communication) and asked what price the bank was looking for, she responded that they wanted a price $50K over the list price they had on the MLS. I know some short sale banks won't even negotiate unless/until they have more than one offer on the table (we got rejected the day after another offer came on the table, but that offer didn't go through either). Another school of thought is that the bank is stalling until the end of the redemption period so they can file on the insurance (if it was an insured mortgage) on the home after it's gone in to full foreclosure. Good luck, Candy!
1 vote Thank Flag Link Wed Oct 1, 2008
This has does not have anything thing to do with the bailouts. Many of the departments within these large banks do not have any internal communication. It does not sound like this file has been assigned to a loss mitigation specialist/negotiator...which is somewhat confusing since your PA was written so long ago. Without knowing any of the specifics, it's hard to say what is going on.

Best of luck.
0 votes Thank Flag Link Wed Oct 1, 2008
candy,

This is one of the reasons many real estate agents are electing to avoid "short sales." We put our agents first and do what we can to make their transaction as sooth and painless as possible. When things like this happen, the fallout quite often end up landing in the lap of the agent....

We are sorry for the way this has worked out for you and recommend that during your next round, looking into the "foreclosure" market were the savings are at least as good, the property ownership is in the hands of the bank, and the bugs have been worked out.

Best wishes,
The "Eckler Team"
0 votes Thank Flag Link Wed Oct 1, 2008
You walked in to a mess! Countrywide was buried with short sales and then getting sold to BoA certainly does not help with coordination & getting it closed.

It could be a case of incompetence vs. lying... tough to figure out since you are not privy to those conversations.

4 months is long but I've heard of 4 month short sales going through... no one here can give you good advise on your situation as we are not involved with the specifics. You know the drop dead date... the last date of the Redemption Period. You could try to stick with it to that date...

I haven't heard many (any?) stories of banks saying "no" so much as banks saying "not unless we get $X" I don't think it is a case of non response = no but no way to know from the outside looking in!
0 votes Thank Flag Link Wed Oct 1, 2008
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