I made an offer on a short sale home and it was accepted by the 1st lien holder after 2.5 months. The

Asked by Bpj, Denver, CO Tue Jun 3, 2008

listing agent had all along told me that if the 1st lien holder accepted, the 2nd would have no problem. This was 2 weeks ago and still no approval from the 2nd. Well, today I find out that the 2nd loan had been sold (no idea of when) and the listing agent had been dealing with the wrong lender all along. They are claiming that they can get the loan back from the pool of loans that was sold. I seriously doubt that this will happen and am looking for some advice on how to proceed.

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The Hagley G…, Agent, Pleasanton, CA
Tue Jun 3, 2008
As a Realtor that handles short sales, I will tell you that they are a huge headache. If I were in your shoes, I would have moved on 6 weeks ago. Good luck.
Web Reference:  http://www.cindihagley.com
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Bpj, Home Buyer, Denver, CO
Tue Jun 3, 2008
I do have a buyers agent and we are both frustrated to the point of wanting to withdraw the offer. I'd have done that quite a while ago except the home is selling for $100k less than it sold for in 2006. My wife and I really like the home but were thinking we can withdaw our offer and pick up the home at the county auction next month.
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Charles Ward, Agent, Denver, CO
Tue Jun 3, 2008
I certainly do not presume to know the situation however the type of relationship the listing agent has with their seller can determine the information you receive. If you are working direct you should have received disclosure telling you how you will be treated in regards to the transaction. This can have a big impact on what the listing agent is obligated to share with you. There is no protocol for short sales and they generally do take quite a bit of effort and time. Knowing the statutes of time when dealing with the foreclosure process can save you a lot of time and energy in making sure that the property can actually be sold. I have experienced a bank foreclosing on a property while a short sale was being negotiated. I highly recommend speaking with someone to be a buyer’s agent who is looking out for your interests. I have attached a link with some useful information.
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Scott Epstein, , Crystal Lake, IL
Tue Jun 3, 2008
Unfortunately when it comes to short sales you are very limited and having a second lien holder involved only complicates matters. I think the listing agent needs to present the short sale package to the new lien holder and see what happens. Please understand that short sales can take a long time and you must be patient. I don't think they will get the loan back, but I'm sure they will entertain your offer. If you're being represented by a Realtor, I would make sure they stay on top of the situation. Hopefully all the real estate agents involved have experience with short sales.
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