What are my chances of getting this short sale closed by September 30, 2008?
I have read many articles lately that talk about how the banks are playing hard ball and taking 90 days or longer to approve offers on short sale homes. A great example was written by Mark Organek, When Banks Play Hard Ball on a Short Sale, Should we Play? he wrote:"We know how stoooopid loss mitigation departments can get. They take forever to make black and white decisions, they answer the phone when they want to, they put us on hold while they play Freecell or Solitaire on their computers pretending to be looking up our file, etc."
I also just finished reading: Oh, That Wild and Woolly World of REO': You Never Know What Will Happen!, written by Elizabeth Weintraub. She says in her post" "I don't understand how they can withstand the pressure and wackiness of waiting for an answer to their purchase offer. In some ways, sending offers for bank-owned homes to listing agents is like dumping them into the great abyss."
These are just two great examples from members here at ActiveRain that wrote about how frustrating it is can be when dealing with banks and short sale offers.
Here is the problem I am faced with.
I have a short sale listing. I am representing the seller. We received an offer and submitted it to the bank. The buyers are pre approved for the amount offered but are using The Nehemiah Program as their down payment.
The Nehemiah Program, for those of you who do not know, is a privately funded down payment assistance program. This program gifts funds to qualified home buyers who purchase participating homes using an eligible loan program, such as a FHA loan.
The problem I am faced with is that HUD is getting rid of DPA (down payment assistance) programs. As of September 1, 2008, these great programs will no longer be available.
I am told that if the offer I have is approved and has a close of escrow date no later than September 30, the program will still be honored and we will have a deal!! Yipee!
With the appraisal already completed on my listing, I have been trying, and trying to speak directly with the negotiator that has been assigned to this case to explain the importance of getting this house closed on or before the 30Th of September.
Is this wishful thinking on my part that I will actually be able to communicate with the negotiator before she is ready to speak with me? Do I have any chance at all of getting this deal done on time?
Should I be advising my client this is more than likely not going to happen? What should I do? Sit and wait? Call the bank non-stop until I get what I want? (LOL).
Authored By Terrie Leighton 2008. Terrie Leighton is a Real Estate Agent With Ferrari-Lund Real Estate.