Renee Verdier

Hello Diana.
Interesting Agent comments, but here is the truth is.... The banks are NOT overwhelmed. They are in CONTROL, and it takes several levels of committee review to make an accept or reject decision on an offer. . The odds are low for acceptance.
Short sales have become an attractive buzz word for many buyers looking for a home to purchase. It is interesting to see the responses from others regarding this difficult process. I can tell you that after 23 years in the industry, and selling over $100 million in Real Estate ...NO ONE CAN SPEED UP THE PROCESS with this type of purchase. Basically, a short sale p & s is only an offer. Certainly the home seller has an interest in presenting/getting accepted the offer to the bank ; the Realtor has an interest in presenting/getting accepted the offer to the bank; but in truth.....the BANK has full control of EVERY PART OF THE OFFER. The negotiation Realtor or "REAL ESTATE TEAM" has nothing to do with the banks lengthy systematic process. The bank is under no obligation to accept any offer, including multiple offers by different purchasers. Any Agent or "team" that holds themselves out as a short sale expert stating they have "leverage" or an "in" to the process is bordering the line of ethics . The law changed in Washington state this year and short sales are VERY legally complicated for buyers, sellers and Agents. The bank is under no obligation to even review, or accept any offer. My advise to you would be to rescind the offer and find an Agent that can assist you with purchasing a property that is not in short sale status. There are many legal complications regarding this type of purchase, and if you are an informed consumer with all the facts and ramifications presented correctly to you, (your Agents responsibility) you , would probably reconsider the short sale process and purchase, anyway.
Good luck to you. I hope you find the home of your dreams. - Thu Aug 21 2008, 10:18