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Asked by sparklewithmarlo, 95632 Sun Sep 23, 2012

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Answers

11
MaryAnn Morr…, Agent, San Diego, CA
Tue Sep 25, 2012
Unfortunately as the buyer you have no rights and you are just going to have wait to see the out come. I'm sure the seller's agent is trying to do everything possible to get your offer accepted and the sale date pushed back. But that is not always possible. I know it doesn't make sense but it happens. It's the downside of short sales.
0 votes
Eden Lim, Agent, La Habra, CA
Sun Sep 23, 2012
I always advise my clients that there is no time specific frame for short sale. Your agent do not have control over the process, unless representing the seller as well. Trust me, your agent wants to close the deal ASAP. We get paid when the deal closes.
Also, you can put offers on other houses as well while waiting.
Eden Lim
714.586.3109
0 votes
Hector Gaste…, Agent, Coronado, CA
Sun Sep 23, 2012
Trust your agent, if you are here it tells me you don't, so fire your agent and get a new one, you have a few good ones here.

Hector R. Gastelum
Realty Executives Dillon
REALTOR #01382940
hectorgastelum@yahoo.com
619-954-2225
125*142*10754
efax 619-270-2516
0 votes
Cory La Scala, Agent, San Diego, CA
Sun Sep 23, 2012
I had a short sale buyer with a great offer waiting bank approval, and the bank foreclosed without even telling the listing agent. It was back on the market several weeks later for much less. Sometimes common sense just doesn't come into play with a short sale. Brace yourself that this deal may not come through, and even if you do get approval, you might not like the terms.

I do hope you get it, and it all works out for you!

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
619-825-6421
Lic # 01443391
0 votes
John Juarez, Agent, Fremont, CA
Sun Sep 23, 2012
This is just me piling on and agreeing with the advice that you have received. I do lots of short sales. The lender will not give you, the buy the time of day. You are not their customer. Your fate is in the hands of the short sale lender. Be assured that they understand that it is better for them approve a short sale than to foreclose. The sellers agent should be working with the short sale lender to get the foreclosure postponed and get your purchase approved.

Short sales are often a challenge. Good Luck.
0 votes
Cindy Davis, Agent, San Diego, CA
Sun Sep 23, 2012
I agree with the other Realtors who responded. You have absolutely no control over the short sale process or the time frame. I once had the 'investor' stall a short sale deal for 40 days.

Your choice, quite simply and brutally , is to wait it out or get out and find a home that is NOT a short sale.

Your Realtor should be discussing your options with you.

Best of luck.
0 votes
Kevin Sander…, Agent, San Diego, CA
Sun Sep 23, 2012
As the buyer or buyer's agent, there is really nothing you can do. You just have to wait and see what happens. It's up to the listing agent and the bank as to what will happen. If the short sale lender is Bank of America, they have a policy that they cannot submit a request to have the sale date postponed until 3 days before the sale date. Short sales are stressful for everyone involved.

Kevin Sanderlin
Keller Williams Realty
Cell 858-212-4702
kevin@kevinsanderlin.com
0 votes
Shannon Ande…, Agent, San Diego, CA
Sun Sep 23, 2012
Your agent should realy be advising you, but it the lender wants to foreclose, then there is nothing you can do. They will probably extend the sale though. I have had deals where the negotiator tells me that they wait until the sale is 3 days out and it gets reviewed internally to see where they are at in the FC process and when they see there is still an active offer/buyer then they postpone. I would not worry since it will either sell, or postpone, and you have no control either way...but I am betting it gets postponed.

Shannon
0 votes
Maria Cipoll…, Agent, Coral Springs, FL
Sun Sep 23, 2012
Most of the Banks or Financial Institutions, typically requires the property to be on the market for certain time before they review all the paperwork and assign the negotiator that will be helping the seller's agent with the short sale process. As a buyer, you can ask the seller's agent to submitt a request to stop the process of sale and consider your offer. A signed agrement of sale must be approved before the foreclosure sale date.

Best of luck,

Maria E. Cipollone

Century 21 Tenace

http://www.Flahomespecialist.com
0 votes
Ron Thomas, Agent, Fresno, CA
Sun Sep 23, 2012
It's time to move-on and find another house:
This is nature of trying to buy a Shortsale.

Next time, don't fall in love with it before you know you can have it. :)
0 votes
Kimberly Pla…, Agent, San Diego, CA
Sun Sep 23, 2012
Unfortunately, as the buyer in a short sale there is nothing you can do. The bank is in the driver's seat. Unless the seller can get an extension of the sale date, then it will go to auction. Each short sale is so different, depending on the individual criteria and number of loans on the property, that it continues to be a risky & frustrating proposition for buyers.
0 votes
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