It seems like I want to say this every time I have any sort of communication with a bank regarding a short sale. I have a client that has an offer on a short sale property right now. We have been patiently waiting. I had told my client that there is usually a long wait, sometimes as long as 6 months before you hear anything back about your offer.
So we have been waiting...
And waiting...
Then I get a call on Friday from the listing agent that basically says, "Oops I got the acceptance on your contract like a week ago. I think I forgot to let you know. Oh, and the bank wants you to close on the 9th or they are going to a trustee sale."
The 9th is 10 days from now. We haven't done an inspection. We haven't had an appraisal. My client isn't paying cash so how are we going to close in 10 days?
Even with the "Oops I got the acceptance like a week ago" comment that is still practically impossible. We are talking like just over 2 weeks to close. I even talked to the lender I work with and he said he might be able to get it done by the 13th.
We asked for an extension and the answer was no.
Even though they have a buyer right now for their property that can close within a reasonable time frame the bank won't allow it to happen. I just can't understand their thought process.
Now I had to advise my buyer that we should just move on. Of course the "Oops" listing agent is trying to get us to push to make it happen still (otherwise they won't get paid), but there is no way I am going to have my client pay for an appraisal and inspection and have the home sold out from underneath her at a trustee sale after she has paid all of that money. So we move on to find a different home.
AARGH Banks!
About the Author
Bobbi Herman is a Peoria Arizona Realtor that returns phone calls, shows up on time for appointments, and even attends all of your paperwork signings and inspections to make sure you understand everything that is happening 100% of the time. If you are looking to have a great experience when buying or selling a home in the Peoria Arizona real estate market then contact Bobbi.
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