In escrow, have 3 days left to closing, found out that 1 of our banks has not yet signed off (short sale)

Asked by Ann, Bakersfield, CA Tue Apr 28, 2009

My husband and I have been in escrow for 27 days and just found out that one of the two banks (we had a short sale) has not yet signed off. We were told by our agent that everything was set in regards to the banks signing off. Apparently the bank had given a verbal agreement, but have not produced anything yet in writing. We are set to close on the 1st and we are very concerned. What are our options?

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Darlene Tobi…, Agent, Bakersfield, CA
Tue Apr 28, 2009
Dear Ann, As I understand, you are the Buyer in this transaction? Either way, god-luv-ya'! This is such a hard time to buy/sell real estate! REO's (bank-owneds), Short Sales, etc., have changed the way we do business! In the old days, we used to know that when an Agent provided us information, it was reliable. However, in this day and age, when you are dealing with Banks, you are not dealing with a traditional Seller, someone that you could ask questions, get further info, etc. You are dealing with a bureaucracy! Hopefully you are working with a Short Sale-trained Agent who is knowledgeble in the process. That said, even the Listing Agent, with good intentions and training, is 'victim' to the Banks, as are you. If you truly want this house, sit tight and let it play out. If you don't have the stomach, you can withdraw your offer and move on. Best regards to you!
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