HELP !!! advice on a short sale needed !!!

Asked by Andrea Mckinney Lawrence, Bowling Green, KY Wed May 30, 2012

I have put in an offer on a home listed under coldwell banker , was told after our offer was submitted that the home was gonna be a short sale, apparently the listing agent or the POA did not know of this situation , well we were told that the owner of the home was in the nursing home with Alzheimer's and the co owner passed away , so the seller is their daughter POA and has agreed to accept our offer and has filed all the ness paperwork , there are 2 loans , both from PNC . We were told from our Realtor after our offer time frame had been extended an extra day that the bank had requested another 24 to 48 hours to make a decision to accept or decline our offer . So we give them that , and here we are exactly 25 days later and nothing ....what can be done to get an answer ? Is PNC bank just a pain to deal with on short sales ?

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Joel Lobb, Mortgage Broker Or Lender, Louisville, KY
Fri Aug 9, 2013
I would contact PNC BANk directly to see if they can help you Momo.
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Cindy Payne, Agent, Bowling Green, KY
Thu May 31, 2012
I am an agent that negotiates short sales. The process takes on average 3 months to get an approval with some short sales lasting several months longer than that. There is certain paperwork that the seller needs to submit, along with the offer. Your extension should of been for more than a day. If this is the house you want and you can hold on, then I would extend the contract for several months. Usually short sales are bought below market price therefore you get a good deal for hanging on until you have a short sale approval. If you are not in a position to wait for a decision, then I would recommend not extending your contract and begin looking for another home to buy. Please let me know if you have any other questions and have a good day......Cindy
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Greg Ellis, Agent, Bowling Green, KY
Thu May 31, 2012
All short sales are a pain to deal with! Most are with lenders on the secondary market. You are not dealing with your local banker whom you know and can talk to. There is a great deal of red tape and decision makers are insulated from the buyers and sellers so it is difficult to get answers.
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Vicky Chrisn…, Agent, Purcellvile, VA
Wed May 30, 2012
My guess is that the agent(s) involved didn't have any idea they were getting themselves into a short sale when this all began... and they may not have the skills do handle a short sale correctly. From contract to acceptance, I expect 4-6 week turn around from the banks if everyone is working diligently. Then another 30 days to close. Hope this gets better for you.
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