Short sale feedback

By
Real Estate Agent with Striker Realty

Has anyone found the secret to getting information from the lender on a short sale?  Especially if you are from the buyer side.  My selling agent and her attorney do not seem very interested in getting status from the lender.  I know the lenders do not really want to talk to us untill they decide if they want the offer or not, but the waiting is frustrating to the buyer, especially with no communications back.

I realize this is a drawn out process, but it has anyone figured out how to work the process??

Comments (5)

Dennis Sanchez
Coldwell Banker Tenafly - Hackensack, NJ

the fastest way, I think, to work the system is to list the property for around 5% under market and then wait for offers.  After that, show the bank the offers and then they will finally take action.

Jun 06, 2008 06:51 AM
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Thomas,  Part of the problem, in many cases, is that the lender has contracted with a third party to help process the paperwork.  Thsy feel little need to communicate with us.

Jun 06, 2008 06:52 AM
Michael Wayne Jackson
Coldwell Banker - Novato, CA
Broker - Seniors Real Estate Specialist Novato

Thomas, this is a great question. most of the time the lenders take their time getting back to the listing agent regarding information,. Your best bet is to prepare your buyer for a 30 to 90 wait for a response and look at other properties in the meantime because the deal may or may not fly.

Jun 06, 2008 07:02 AM
Angela Lucaj
Amerigo Realty - Canton, MI

Sellers must specifiy with whom the lender is allowed to speak regarding any loan information.  I don't have too much experience with short sales, but I highly doubt the seller would be willing to put the buyer's agent on the discussion list.

Prepare your buyer for the 45 - 60 day wait for response.  Prepare them for a counter offer or a rejection.  In the last 4 months or so, I have noticed that lenders are taking the initiative to contact the listing agent about the home they notice in default. That's a good sign.  Doesn't sound like this transaction is as lucky to have lenders communication.

Jun 06, 2008 07:15 AM
Rick Sergison
EXP Realty of Canada Inc., Brokerage - Pickering, ON
Durham Region Real Estate Blog

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Jun 06, 2008 10:58 AM