Are we still safe in this game of short sale property buying?

Asked by faydavis, Hemet, CA Mon Aug 19, 2013

We made an offer on a short sale property back in February. The seller accepted our offer and then after like three month, one of the lenders of the seller ( They have two lenders and one of them accepted our offer.) counter offered for more and we accepted the counter offer. And then things seem to have stopped there. Almost three months has passed and nothing new has come. Our agent has not really contacted us much and just told us to wait patiently. Since we have been waiting for so long, we may just as well keep waiting as told. Even though our agent said chances of us getting the property is high, it's said there's no guarantee for any short sale. So, we can't feel released.

We'd like to hear advice from some other professionals. Do we still stand a good chance of getting the property? Would the lender come back and ask for a higher price?

Thank you.

Frustrating buyer

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Shanna Rogers’ answer
Shanna Rogers, Agent, Murrieta, CA
Mon Aug 19, 2013
Hi Frustrating Buyer,

Have your Realtor ask the Listing Agent for a status update. The Listing Agent can contact the Short Sale Negotiator (at the lender) for the status update. You should have some type of answer by now - especially if it's been 3 months since you accepted the second lender's counter offer. If they won't give you an answer, threaten to cancel contract.

Shanna Rogers
SR Realty
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DarthBL, Agent, Dublin, CA
Thu Sep 26, 2013
I bought from a short sale last year. It's possible, you just need to have patience and be ready to negotiate. In our case, we had 2 lenders and the second lender countered offer (the first lender accepted but left too little money on the table for the second lender). We ended up working with the selling agent/buying agent to split the cost to make the deal work.

In retrospect, I am happy with the purchase using short sale (we got a great price), but I would advise against short sale with 2 or more lenders, unless you are not in a hurry and really love the house! Hope this helps!
0 votes
Anthony Merc…, Agent, Hemet, CA
Fri Sep 13, 2013
Well if you have a bad agent who just beep boops around, then I can see your deal is actually going nowhere fast... any agent that tells you to just wait it out is just that, out.
Just some advise is to keep bugging, "the squeaky wheel always gets the grease".
0 votes
Annette Law…, Agent, Palm Harbor, FL
Wed Aug 21, 2013
OPPS! Correction: 75% of initial short sale offers FAIL to close. Only 25% of initial short sale offers actually culminate in a sale to the original buyer.
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, ,
Tue Aug 20, 2013
The fact is most short sales never close. That is because the borrowers need to qualify and the lenders have tough guidelines. Sellers often times try to push the issue by not making payments. But if you can pull of a shortsale you should get a bargain if not it is just not worth it.
0 votes
Vicki N Don…, Agent, Hemmett, CA
Mon Aug 19, 2013
Dear Frustrated buyer,

Short Sales can be very frustrating! Ask your agent to get a weekly update for you from the listing agent. The listing agent should be checking with the negotiator on a weekly basis and be able to give you some idea of where your transaction stands.
We are able to follow up with each listing agent that we have submitted offers on, for our buyers. We have closed several short sales for our client buyers.
It is a possibility, that the lender could ask for a new BPO and the price increase, as the market prices are increasing. The longer it takes to obtain the Short Sale Approval Letter, the more likely the price will go up, until you get the Short Sale Approval Letter agreeing to the terms and price.
Hope this helps is some small way.

Don and Vicki Dysert
Authority Real Estate
Hemet, CA, 92543
License Numbers # 01727829 and 01727827
0 votes
Rodney Pheni…, Agent, Murrieta, CA
Mon Aug 19, 2013
Normally after you get a approval from the first bank you have hurry and get the 2nd, cause its almost always time sensetive. And the 2nd is faster most of the time. There are a few factors that can hold up a short sale, but without making a big list for you i suggest calling up the escrow co. and asking if they a approval letter from the first loan and if there is a close by date. I hope this helps a little.
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Jory Blake, Agent, Corona, CA
Mon Aug 19, 2013
I will also guess that you wrote your offer directly with the listing agent,correct?

Jory Blake
0 votes
Thank you Jory. And you were right. Does working with the listing agent make any difference?
Flag Mon Aug 19, 2013
Jory Blake, Agent, Corona, CA
Mon Aug 19, 2013
Until you have the written terms of lien-holders approval of short sale terms, my advice is to keep looking.Some of my fellow Realtors may disagree, but I am comfortable saying that until both lenders agree, you do not have a deal....especially when your dealing with a 2nd loan.

Jory Blake
Expert Real Estate Services
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