Unfortunately they are few and far between but they do exist. Anyone interested in a home and needs to utilize program funds must have their documentation ready as well as credit check, income statements and bank statements from the past 30 days copied and in their possession because when one becomes available, it will go quickly. I hope this information helped.... more
When a seller is selling short, they are out of the picture...they do not receive any money at all...they walk away from the deal with the money they owe forgiven by the mortgage company/bank. The mortgage company/bank is already taking a hit...you want them to now pay your closing costs?
I am sure you are getting a great deal. If you don't have the money to do the deal, why are you trying to purchase the house?
There are NO SELLER CONCESSIONS with a short sale.... more
I wish there was an easy answer to your question, but there's really not. Banks have been so overwhelmed this year with short sales and foreclosures that it is taking an amazingly long time to get things done. If I were you, I would make sure that your agent is in regular contact with the seller's agent to make sure that they are communicating with the bank. Other than that, you'll just have to be patient and hope that the offer gets approved sooner than later. You may want to start looking at other homes in case you need to go with a back up plan.
Debbie - These days when buying a foreclosure or shortsale property, the bank drives the bus. That means it can take as long as it takes. We are having trouble in Las Vegas getting homeowner's association fee demands taken care of in a timely manner, often adding 2-3 weeks to the close of escrow date.
I've found that after everything is supposedly done, there are often little things that need to be completed on a file for the loan officer and title company that adds a few days, then the bank (Wells Fargo) wants at least 72 hours to review the file before signing off. Then the funds are wired from your lender to the title company or escrow account, and then the documents get recorded. Then, you get the keys!
Have patience, it will happen as quickly as it can.
Rosen & Company West
An answer to your offer? A counter offer? What are you waiting to hear from the bank? I have a buyer who put an offer on a short sale in January and the bank has not yet responded. The I have a listing that was listed, had an offer in 2 weeks, and we are communicating with the negotiator, BPO is done and we are moving forward. It all depends on the bank and the person on the case. My advice, keep your options open, continue looking for another house as "plan B" and make sure you are able to cancel your offer at any time and get your earnest money deposit returned.... more
Is the bank is looking for you to satisfy the liens on top of the agreed purchase price?
Purchasing a short sale or foreclosure is not always smooth, but probably well worth it financially in the long run. Each property and bank may vary from the next and you just have to ride it out.... more
Ask your Real Estate Agent to please provide you with copies of Any and All Documentation that she has received from Wells Fargo.
Also, ask your Real Estate Agent to please be more assertive, perhaps even more aggressive in dealing with the Lender. Yes, Short Sales take time. But a Real Estate Agent who is persistent with the Lender can sometimes get things moving faster.
If you decide to back out, make CERTAIN that you are not still bound to the original contract. If you cannot get a Written Cancellation signed by the Lender, then
see a Real Estate Attorney.
Best wishes to you,
Without specifics, not sure exactly as to what kind of sellers concession there would be in a short sale, unless I misunderstood your question, but if you are a buyer of a short sale, refer your question to your attorney.... more
It takes a while for seller's bank to get back, your file is under review. Are you currently working with Real Estate Agent, if yes, ask he/she to find out the status for you. Good Luck...... more