Home Buying in Hayward>Question Details

Sujita Kumar, Real Estate Pro in Union City, CA

Thanks to Bill, Carl and Lynn!

Asked by Sujita Kumar, Union City, CA Fri Jan 9, 2009

I am buyers agent and have 2 short sale deals pending; one since June and one since Oct. Both were not approved short sales. The Oct one, I am not too worried about as when we offered, home was on market just 130 days but the first one where when we offered home was on market 3 months or so and we offered full listing price, all cash and agent marked it pending on my name! Since then till now 7 months later, he is going back and forth talking with the mitigator. He keeps me informed weekly. I emailed you pros to see if I can do anything to help him so we can close. House got robbed while it sat and not the same condition but worse since we offered. Since it was an all cash deal, my buyer did not want to pay for an appraisal. Countrywide, first lender sent an appraiser out 2x and have appraisals, one just 2 weeks ago. Second lender sent balance owed by homeowner to collection so s/agent has another battle there to fight! First lender approved at $240k, our offer was $150k as listed.

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Sujita, I would agree with Carl. I am not located in your area but have done a few short sales recently here in Pennsylvania. As Carl states, if the selling agent is not "experienced" in short sale negotitions and does not have solid contacts within the financial institution's mitigation department you in essence are just spinning your wheels. Good Luck.
0 votes Thank Flag Link Fri Jan 9, 2009
Dear Carl,

He said he is and he has closed 22 short sales in 2008 and I needed to take his word for it because how else would I know or check? The second deal pending from Oct last year is with help you sell agent and just wondering if that would be any good! Home is in Castro Valley and buyer is very motivated.

I am just trying to pick brains to see what I can do to help expediate the process!

Thanks!
0 votes Thank Flag Link Fri Jan 9, 2009
Sujita:

Thanks for the thanks!

If you are making an offer on a short sale on behalf of a buyer, you want to make sure the listing Realtor is experienced in short sales or uses a professional loss mitigator. Otherwise, you are going to end up wasting time.
Web Reference: http://www.carlmedford.com
0 votes Thank Flag Link Fri Jan 9, 2009
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