Short-Sale Question. I put an offer on a short sale about 2 1/2 months ago. I am still waiting to get a

Asked by Lyssa, 55421 Sun May 18, 2008

final answer from the seller's bank. Is there anything that can be done to expedite the process with the bank? I have already threatened to withdraw my offer but that didn't seem to help. Thanks

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Deborah Madey, Agent, Brick, NJ
Sun May 18, 2008
Your story in one told a few hundred times over again every day. Such poor response time would not be tolerated by Realtors or sellers…..but these are banks. Banks can, and do act in this manner every day. Why? No one can give a good answer.

We see properties fail to make it through contracts and closings, only to be foreclosed and subsequently sold for much lower prices. While the banks look to the government for bail outs, it is the banks who made poor underwriting decisions, and it is the banks who continue to contribute to problems every day.

When the banks make foolish finance decisions, we all pay the price.

My only suggestion is a long shot………but it’s 30 minutes of your time, and worth a long shot. Write a letter to the bank explaining that you have been waiting for 2.5 months, and that you are considering withdrawing your offer since it seems the bank is not interested. But, also explain why you don’t understand why the bank would not be interested. Include data such as inventory rates, comps, and any info you have that would indicate the likelihood of this property being foreclosed.

Banks act like this…because they can. At 5:00pm, the office closes and tomorrow there are more files on the desk of the bank employee. They don’t have a vested interest in you, the seller, or the community. Your Realtor does…..and there is little your Realtor can do to encourage better response.

I wish I could offer better solutions and suggestions. This is the best I can offer.

Good Luck
Deborah Madey - Broker
Peninsula Realty Group
732 530-6350

PS.....Don't mail your letter to the bank directly. Provide it your Realtor, and have your Realtor submit it.
3 votes
Jim Johnson, , 78233
Sun May 18, 2008
Unfortunately, no. I've had clients agonize over the same problem, and could do no more than sympathize with them.
0 votes
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