Salvatore Poliandro

Hi Victor,
You "can" start the attorney review process any time that you want. My concern for the buyer is this scenario... should they start paying an attorney to "review" the contract, then the bank counter offers at a higher number than they are willing to pay, they just wasted their money.

Let's take a different scenario, a husband and wife own a property together, they decide to sell. A contract is presented to them by their Realtor. The contract is subject to both parties approval. Would we ever start the attorney review process without one of their signatures? Clearly we wouldn't.
The question on short sales goes deeper because we are not just dealing with a buyer and seller alone, the bank is their 3rd party. Short sales are very volatile, in my experience the first contract that we receive on a short sale only ends up closing about 60% of the time. There are many reasons why buyers change their mind. They are tired of waiting, they see a better house, the bank counters back to them at a price that is too high (to name a few). Joe is a perfect example of this situation. It really takes all parties working together, buyer, seller and their Realtors to hold these transactions together. - Sat Jun 21 2008, 05:25

Hi Joe,
Any update? In my opinion short sales don't even start the attorney review process until all parties have signed and agree to terms. If the bank hasn't agreed to take your offer, what contract are you exactly bound to? How can they force you to buy if you can't force them to sell? Sometimes we want things to be more complicated than they are. I hope it all works out for you.

Regards,
Sal - Fri Jun 20 2008, 20:30

In my experience in New Jersey, the buyer & seller sign the contract and submit it to the bank(s) for their approval. If the bank approves it, then the attorney review process begins. You can spend a lot of money having attorneys review contracts that will never be accepted.

Regards,
Sal Poliandro
Short Sale Specialist
201-259-2187 - Fri Jun 20 2008, 20:52

Contact Gail Gladstone at Coldwell Banker 631-425-6150 she is the ultimate professional and I have worked with her doing short sales. - Fri Jun 20 2008, 20:11

Hi Joe,
Most short sales are listed in the local multiple listing service. However, I receive phone calls each and every day from homeowners who are thinking about selling their home short. Having a relationship with a Realtor who has short sale clients contacting him each day seems like the best resource. I have negotiated short sales in states outside of New Jersey as well. Let me know if I can be of assistance.

Regards,
Sal Poliandro
Short Sale Specialist
201-259-2187 - Fri Jun 20 2008, 20:06

Just following up from previous answer. Here is the link to the article... http://www.northjersey.com/realestate/Desperate_owners_turn_… - Tue Feb 5 2008, 05:19

Hi Diane,
Short sales can be very complicated. Unfortunately as a buyer there is very little you can do to influence the mortgage company. It will be a complete waste of time for you to speak with the bank. They never speak to 3rd parties about other poeples information. Hopefully the agent you are working with is keeping you updated on the progress. There is much more involved to the process than just a hardship letter. We have had great success in getting banks to accept less. The Bergen Record did an article on short sales on the front page of yesterdays Real Estate section. They cited the success we had with one family where the bank accepted $399,000 for a $650,000 loan. http://www.northjersey.com/realestate/ The photo you see is of my wife and I. Should you have any questions about Short Sales or anything else regarding Real Estate, feel free to contact us. - Mon Jan 28 2008, 08:07