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My buyer purchased a short sale transcations two months ago. I checked in with the listing agent for status bi-weekly.

After two months the listing agent told me that he talked with 10 different workers for last 2 months. We are talking about a file is completed in fast track but just no actiion. They put me through different people for the same file.". The listing agent said: " He called every day 4 times 10 AM, 1 PM, 3 PM and 5 PM."He said:"When they realized they don't want to hear his phone call, may be this file will be on the top of the list." 

I don't even recall how many time I called. He always told me I just talked to the bank or asset manager. They should give us an answer 72 hours. It was at least 3 weeks ago, however, no answer. We are not going any where.

I have more article of short sale at www.gracekeng.com

 

6 Comments on Short sale = patience

SEP
02
2008

I think short sales are the biggest pain in the butt in this business. Um, well....It's a tight race between them and "Superdummy" lenders that is.

 I don't even try short sales anymore. Good luck honey!

12:56pm • #1

We have found that it is best to let the listing agent do their calls and then they will call you when they hear something from the bank. The process takes time and calling the listing agent repeatedly is doing nothing to speed up the process and only adds in frustration to both parties.

It can take 3-6 months just to hear back from the bank on what the bank will take for the short sale. Remember that only 20% of short sales actually close.

1:05pm • #2
232,827 Points 1 Featured Post Attended Rain Camp

Toni hit it right on the nail. They are pains in the rear.  I try to explain to buyers that they are too much of a hassle with no guarantees.

1:13pm • #3
291,061 Points 1 Featured Post

It's most important to inform buyers up-front.  It's certainly not a good way to go if the buyers have a tight schedule for moving.

1:31pm • #4
Localism Sponsor Attended Rain Camp

The listing agent made all his contacts. He told me he took the most amount of time just to bring their attention to look at the file.

2:51pm • #5
SEP
29
2008
Localism Sponsor Attended Rain Camp

The lender just accept our offer after 2 months and dropped our total commission to 4%!!!

10:18am • #6

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Grace Keng, CRS, CDPE, SRES,(408) 799-8887

Cupertino, CA

More about me…

Keller Williams Realty Cupertino

Address: 20230 Stevens Creek Blvd #E, Cupertino, CA, 95014

Office Phone: (408) 799-8887

Cell Phone: (408) 799-8887

Email Me

Grace Keng on Zillow

Silicon Valley Real Estate Guide

The consumer guides for Silicon Valley real estate buyers and sellers.





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