Ca, Home Buyer in Fontana, CA

what do u guys think?

Asked by Ca, Fontana, CA Tue Jan 29, 2013

We have put an offer with the listing agent as my realtor on nov 12 2012 with citi financial bank. it's been 2 months 2 weeks since we put the offer but today bank ask for sellers updated 2012 taxes, paystub, bank statement. Where are we now in this case? Should you think how many more weeks/month to wait before they give us any final answer? And do you think negotiator has been assigned to the file already?thanks a lot

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Sona Gallatin, Agent, Santa Clarita, CA
Tue Jan 29, 2013
you should have had your own representation.
why that seems like a huge negative to some I'll never know...its for your benefit. sellers agent is looking out for the seller, who"s looking out for you?
With that said, you could be waiting for a while, doesn't seem like they have approval yet, just conditions,
A negotiator is probably assigned but hold on here.....they change from time to time, you may be working with one person for a few months only to find that there was a change on their end.
It's all good but you need you "agent" to follow up and at the very least give you updates.
If the property is worth it, hang in there as short sales take a while but worth the wait.
Also make sure that once you have sellers lender approval, be on time with all of your stuff.
Good Luck:)
1 vote
Dorene Slavi…, Agent, Torrance, CA
Wed Jan 30, 2013
Dear CA,
This sounds like a short sale and unfortunately this is common. Your best source of information is directly from your Realtor.
0 votes
Ron Escobar -…, Agent, Beverly Hills, CA
Tue Jan 29, 2013
You should your listing agent... he or she should know better. Anything is possible.

0 votes
Douglas Perez…, Home Buyer, Los Angeles, CA
Tue Jan 29, 2013
You're still in first base. But it can go quicker, just be patient.

Good luck!
0 votes
Caroline Har…, Agent, Northridge, CA
Tue Jan 29, 2013
This is a very normal situation with short sales. Don't worry, some banks ask for things upfront while other banks ask for things as they are ready to view them. Negotiators are usually assigned to the file during the first couple weeks. Depending on which bank(s) hold the liens, expect a good 4 month total at least, so you have another 2 months before you open escrow. Any questions, feel free to contact me.

Caroline Harabedian
RE-Search Concept
8700 Reseda Blvd., Suite 213-B
Northridge, California 91324
(818) 967-9626 mobile
(818) 979-0226 fax
0 votes
SERGEY FEDNOV…, Agent, Beverly Hills, CA
Tue Jan 29, 2013
Bank do request buyers updated documents from time to time - to keep documents current - it is normal.

As far as time frames and status of the file - it is best to ask your agent as they are negotiating with the bank direct and can provide you with up to date information and status.

It may be a good idea to ask your agent to find out from the bank estimated time frame for approval.

Short-sales aometimes are hard to negotiate and it takes a lot of patience to receive an approval/ close transaction.

Good luck!!!

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