In the case a short sale pending bank approval how often should buyer's agent be checking in with listing agent/bank?

Asked by Lga658, 91401 Mon Feb 20, 2012

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Jennifer Nim…, Agent, Sherman Oaks, CA
Mon Feb 20, 2012
The Listing Agent should be checking in DAILY (that is what I do). The Buyer's agent does not want to become a pest to the Listing Agent, that is understandable, but an e-mail twice a week would be adequate and not annoying. The Buyer's agent cannot check in the with Bank directly since the Owner/Seller has not signed an authorization and he/she does not represent the Owner/Seller. I hope this makes sense and helps you out...
2 votes
Jonathon Vil…, Agent, Pico Rivera, CA
Tue Feb 21, 2012
The Negotiator should be calling the bank once a week for a status update on the property. Calling more frequently only agitates the Bank's Negotiator further causing delays on the short sale process.

**Banks work pretty slow on short sales(especially Bank of America) and usually will take a minimum of 30 Days for an approval up to 90 days on traditional banks(Chase, EMC, Wellsfargo, Wachovia, Saline Financial, Credit Unions, Citizen, Union, City Bank) while Bank of America you are looking at a minimum of 90 days up to a year for an approval. **

Let me know if I can be of any further assistance, I also have my own negotiation company that costs nothing to you as the buyer or to any of the agents in the transaction, we simply ask to have your escrow. We also have a 97% success rates with short sale and have contacts at most major banks to get a quicker close on your home purchase!

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1 vote
Byron Lohman, Agent, Palm Springs, CA
Mon Feb 20, 2012
Again keeping it short, once per week. As listing agent, my instructions to the buyer/buyer's agent requests that they not contact me unless extremely urgent. I do my own short sales, no other negotiator. As soon as there is any lender info, I immediately update the buyer's agent. If they check in other times, there's no info that I haven't already provided. It's not like I'm sitting around with an approval that I haven't told anyone about! LOL

Byron Lohman, CDPE, SFR, CCIM
Prudential CA Realty CA Lic #01272085
1 vote
Spartak Hova…, Agent, Sherman Oaks, CA
Mon Feb 20, 2012
One or twice a week, depending on the stage if the process.
1 vote
Anna M Brocco, Agent, Williston Park, NY
Mon Feb 20, 2012
Keep in mind that short sales are by no means fast sales, therefore not sure a buyer's agent checking in with a seller's agent will make the sale move any faster; generally a quick conversation, or e-mail between agents should take place weekly, or bi-weeekly.
1 vote
Rod Aragon, Agent, Pacific Palisades, CA
Mon Feb 20, 2012
Let's just go with the short answer - Once a week!
1 vote
Beatrice M.…, Agent, Sherman Oaks, CA
Mon Feb 20, 2012
A weekly update is reasonable. As a Buyer's agent in a Short Sale I'll email the listing agent towards the end of the work week to find out if any updates from the lender have been received.
When representing the Seller I update the Buyer's agent on weekly basis.

Depending on the lender who holds the note this process is a lengthy one and patience is key. Some lenders respond quicker others do not, depending on the platform they use to process the Short Sales.
1 vote
Susan Lofland, Agent, Vashon, WA
Mon Feb 20, 2012
Weekly updates are a minimum between listing and selling agents. Listing agents should be providing updates on status with lenders ad selling agents can be providing feedback on buyers' willingness tio remain in the transaction or any changes to financing conditions.
1 vote
Voices Member, , Sherman Oaks, CA
Mon Feb 20, 2012
This is the million-dollar question. Most lenders are so swamped with short sale submissions that its employees can't respond in timely manner.It can easily take many months.

If you're running past 120 days, it's possible that the listing agent or a third-party negotiator is not on the ball and is lax about calling the bank. Calling the bank means waiting on hold anywhere from 10 minutes to an hour or longer.

Or, a lengthy short sale period can also mean the bank has internal problems, not enough staff or has lost the file a few times, prompting the listing agent to resend the package over and over.

It can also mean that the appraisal is substantially higher than your offer, and the listing agent is building a case for a new appraiser.

Unfortunately, you can't always avoid problems on a short sale. Patience is key. You'll most likely eventually get short sale approval. Threatening to walk away means nothing to the bank. Your best bet is to stick it out and wait, providing you truly want the home.
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1 vote
Chrissy Robb…, , Sherman Oaks, CA
Mon Feb 20, 2012
I have only been a listing agent for short sales. As an agent, I want to say just wait until the listing agent calls you because they will be checking in with the bank constantly, BUT I have to admit that when I have a buyer/buyer's agent calling me constantly (although I am a tad annoyed) the deal usually closes faster because I tend to check in with the bank a little bit more than I would if they buyer was less "diligent".

So, in a nutshell, a buyer's agent should check in FREQUENTLY. I would say at least once a week for an update, even if the update is that there is no update. And please, please, please be ready to MOVE when the bank finally makes a decision because it's been my experience that they make buyers wait forever, but when they give final approval, they want it closed within 30-45 days without exception or with outrageous penalties.
1 vote
Alain Picard, Agent, Puyallup, WA
Mon Feb 20, 2012
They could check in with the listing agent probably about once a week or so.
1 vote
Walter 'Skip'…, Agent, Brea, CA
Mon Feb 20, 2012
Short sales can be very frustrating. The buyer's agent cannot check with the bank unless the seller signs an authorization which is not normal. I would think every week or so for any updates is the norm. Hang in there.
1 vote
Sara Mehrpou…, Agent, Los Angeles, CA
Tue Mar 6, 2012
The buyer's agent can check in about once a week because unfortunately, they have no control over the short sale negotiations with the Seller's lender. They can however, keep up good communication with the Seller's agent to let them know that you are eagerly waiting for a response. After the short sale approval has been received, escrow should be pretty much the same as a traditional sale but everyone needs to make sure that the escrow closes on time to get the short sale lender their funds by the date on the approval letter.

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