Short Sale Q & A - This Process is Taking TOO Long, What is a Buyer to Do?
Debe Maxwell from Charlotte NC gives us this Q & A from a very patient short sale buyer. It is getting pretty uncommon to have short sales last more than 6 months, but it still happens depending on the complexity of the particular transaction. Factors include the number of liens, financial situation of the seller, who and how many owners of the note or notes, HOA fees and the list goes on:
Short Sale Q & A - This Process is Taking TOO Long, What is a Buyer to Do?
From a short sale buyer:
Q - I have had a purchase agreement on a short sale property since August 14th of 2009 and I still haven't received an answer from the bank. They keep telling us we will have an answer in approximately 1 week; then a month will go by and we still hear nothing. What can I do to help move this process along as the purchaser?
A -First of all, you are incredibly patient! There are several things that could be wrong here but, unfortunately, you have no control of the situation--no way to push this process along any quicker. You and the seller are in a hands-tied mode!
Both the listing agent and the buyers agent should have an understanding of the short sale process--the listing agent needs to be the one communicating with the bank and keeping all parties aware of the status on a weekly basis. The listing agent should be speaking to the negotiator on a 3X per week basis and keeping you posted once a week.This process can be a long and arduous one but, it isn't always and doesn't always have to be! Has the bank ordered a BPO (broker pricing opinion--an agent hired by the seller's lender to give his/her assessment of the market value of the property)? If that has not been done yet, then my guess is that the listing agent has not been in contact with the right people at the bank or the seller has not submitted all documents to the bank (that fact should have been conveyed to you by the listing agent though).
80% of the banks loans are sold to investors--sometimes multiple investors. Chances are that if you haven't heard from them and there HAS been a BPO, the banks are trying to get the investor(s) to agree to the short sale price and the resulting loss for them. The listing agent should be chatting with the bank on a regular basis to encourage them to get an answer as well as convey this information to you.
Another option is to get your Closing attorney involved--preferrably a short sale specialist--have him/her contact that listing agent to see if he/she can assist in the process.
Good luck!Need information on short sales? Visit our short sales in Charlotte NC website.
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