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Asked by Erinejacks, San Rafael, CA Sat Jun 22, 2013

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4
Cindy Davis, Agent, San Diego, CA
Sun Jun 23, 2013
The fact is that short sales are USUALLY given verbally and then it takes weeks to get the written approval. You seem vey negative about the short sale agent you used...maybe it's appropriate - maybe it isn't.

Short Sales are extremely tough and the banks rarely give good clean communication...

If you received a verbal approval - chances are that you're good to go...if you doubt it however...you can speak with the listing agent to confirm the short sale status.
0 votes
Mary Kay and…, Agent, San Rafael, CA
Sat Jun 22, 2013
Unfortunately, short sales sometimes take a long time and communications break down through the process. We have participated in MANY short sales as listing agents and as buyers' agents, and we have found that persistance throughout the process is crucial to keeping the process going. It also helps to work with an agent who is a short sale specialist. I hold the CDPE (Certified Distressed Property Expert) designation as well as the SFR (Short Sale & Foreclosure Resource) designation to better serve our clients.

You definitely don't have approval until you have received something in writing, but many times they indicate verbally that approval has been obtained, but it takes a while before the written approval appears.

If you didn't extend the time period for approval of your short sale offer in writing, you have no obligation to go through with the short sale. However, 30 days is usually not enough time to get an answer from a lender or lenders regarding short sale approval. You should have advised the agent who made the short sale offer for you that you were no longer interested and decided to work with another agent as well.

Unfortunately, there was a lack of communicationby many parties, and it sounds as if it has all turned into a very big misunderstanding.

Hopefully, the written approval for the short sale will arrive soon, and you get a chance to purchase a property.


Mary Kay & Kathy
0 votes
Ron Thomas, Agent, Fresno, CA
Sat Jun 22, 2013
Sometimes; being Solomon is not easy:
You both dropped the communication ball;
He didn't tell you that it was verbal,
You didn't ask him if it was FIRM,
He should have told you in the same breath,
You should have asked him if you should drop the other house.

It takes two people to communicate.

Alas, everything might be Okay.
0 votes
Sylvia Barry,…, Agent, Marin, CA
Sat Jun 22, 2013
Hi -

The only short sale approvals that really count are the written ones from respective lenders and ones that have not expired. Everything else will not work.

Yes, it should definitely be clarified and if you look at Short Sale Addendum, which you should have included with your offer, it states approval should be written.

Best,
Sylvia Barry
0 votes
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