the 45 days for Short Sale Lender's Consent have passed and I haven't heard anything, what should I do?

Asked by Simon P, 94109 Fri Aug 19, 2011

I made an offer on a short sale and it was accepted by the seller. Now 60 days have passed and I haven't received the short sale lender's consent form.
I'm worried the seller is trying to hold out for a better offer, (or worse, may have bumped me for a backup offer).
I'd like to send a time of the essence letter, or a notice to seller to perform.
I'm not sure what's appropriate here, or what my options are.
I'd hate to lose the place and start from square one...
Thanks for the advice

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6
Paul Hwang, Agent, San francisco, CA
Sun Aug 21, 2011
short sales take a while and nothing is guaranteed. be patient and you will be rewarded. if not this onem then the next.
Web Reference:  http://www.paulhwang.com
0 votes
Ron Thomas, Agent, Fresno, CA
Sun Aug 21, 2011
there is one common comment when we talk about Shot Sales:

PATIENCE

whomever told you 45 or even 60 days, should be pilloried.

We have no leverage with the banks on these; NONE!

They will take their sweet time, and they will choose the offer they want; IF ANY.
Only about 10% of the Short Sales actually go through.
Pretend you don't care and go on with your life.
0 votes
Rich Bennett, Agent, San Francisco, CA
Sun Aug 21, 2011
Hi Simon-

Are you being represented by a realtor?

Rich Bennett
415.305.4911

Zephyr Real Estate
DRE#01358540
Web Reference:  http://www.RichBennettSF.com
0 votes
Simon P, Home Buyer, 94109
Sat Aug 20, 2011
Hi, thanks for the replies.

Part of why i'm nervous is because there hasn't been very good communications from the listing agent.
Also based on the Short Sale Addendum, the seller is allowed to continue listing the property.
Is it possible for me to request that the offer be modified to prevent other offers from coming in?
How would I go about doing that?

-simon
0 votes
Rich Bennett, Agent, San Francisco, CA
Sat Aug 20, 2011
Hi Simon-

Unfortunately, it's not uncommon for the time frame you've given to come and go without bank approval. The key here, as in any real estate transaction, is communication. What is your agent telling you with respect to what's happening with the lender? Has the lender completed their internal appraisal of the property? Have they asked you to complete and/or sign any papers? Refer back to your Short Sale Addendum to see how it was completed (paragraph 9 of the SF form). This paragraph addresses the "other offers" issue.

Hang in there. Short sales aren't easy and most often not very fast. Keep in communication with your agent and make sure your agent is following up regularly with the listing agent.

Good luck and hope you get approval soon.

Rich Bennett, Realtor

415.305.4911 cell

Zephyr Real Estate
2500 Market St.
San Francisco, CA 94114
DRE#01358540
Web Reference:  http://www.RichBennettSF.com
0 votes
, ,
Sat Aug 20, 2011
Simon,

What has your buyers agent told you? This is very common. You may wait several more months before you'll hear from the lender that they accepted, denied or are presenting you with a counter-offer.

Happy funding, Rudi
Web Reference:  http://www.umboc.com
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