Short Sale Question:

Asked by Veronica Castillo, El Monte, CA Mon Sep 15, 2008

In a short sale, can a bank accept a bid without informing the listing agent? My husband and I put a bid in for a home in August and were told that we had the strongest offer out of three. We were told by the listing agent last week that we would here from the bank within 3 days. Well on Sunday, we checked a website that listed the house as "inactive." We called the listing agent and he said that he was unaware of any change of status and as far as he knew the house has not been sold. What could be happening then? The house has been listed on the market for over 240 days. Any info would be greatly appreciated.

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Scott Godzyk, Agent, Manchester, NH
Tue Sep 16, 2008
anyone that can tell you that you will hear an answer on a short sale in 3 days is a fortune teller. most short sales take 3-6 months. a bank does not have to take a short sale, as they are takling a loss they are in no hurry to approve them. the short sale package has to be complete, it has to be done right and you only have 1 chance to do it. short sales take daily comjunication from the agent to the assett manager. yes daily... emails phone calls and/or faxes... what ever can get an answer. 99% there will be no updates however you need to be there when the assett manager is ready to make a decision or more important needs something. good luck with your short sale however as stated in ana earlier post, only 1 out of 10 ever close
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Sylvia Barry,…, Agent, Marin, CA
Mon Sep 15, 2008
Hi Veronic:

I wonder what website you went to check the information? Depending on the site, the Inactive can mean different things. As Keith said, the house could very well be on the court house step, then it can show inactive. If the agent is not current with the lender or if the lenders customer service is not current with the negotiation, then the status could be off also.

Of course, if this is one of hundreds feeder system, the information might not be correct either.

I am sure the listing agent will be checking into this so he knows what his next step will be.

Sylvia Barry
Marin Realtor
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Keith Sorem, Agent, Glendale, CA
Mon Sep 15, 2008
Sounds very interesting. The listing agent is the only one that can change the status unless it expires.

The most common reason for a short sale to no longer be on the market is that it is foreclosed...I'd ask some more questions.

The rule for short sales is that your Realtor needs to stay in regular contact with the lender...
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