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Short Sale Q & A – This Process is Taking TOO Long, What is a Buyer to Do?
March 14th, 2010 | 
Author: Great information about short sales, by Debe! Patience is one big factor in a short sale.
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!
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IF you’re thinking about selling your Lake Arrowhead home, keep in mind, you want a company/Realtor who can get your home ALL the exposure possible. A “Private” Board has limitations. When I sign a contract with you, I am promising to get your home THE BEST POSSIBLE EXPOSURE.
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Sellers – You Want the BEST Exposure Possible for Your Lake Arrowhead Home. Are Your Getting it?
One of my pet peeves with my local MLS (Rim of the World MLS) is that it is “Private.” I prefer to call it CLOSED, but board members state that isn’t correct. Bologna! You see, out-of-area Realtors have NO access to our listings UNLESS they pay (in my opinion) outrageous fees to join our Board. Instead they MUST use the off-the-mountain BIG, BIG Board access and hope they can obtain the information their clients are looking for. Many times, they can’t. Is this good for YOUR HOME’s EXPOSURE? N0!
I’ve been (are more and more local Realtors are) pushing to get our Rim of The World MLS Board to “open up” and join the BIG BOYS off the mountain, so we can ALL have access to each other’s listings. I think we should ALL play nicely on the playground.
Some of the reasons the nay-sayers claim they prefer our Board remain ”private” are:
- Out of area Realtors do NOT know our area and will be giving the wrong info to their clients
- We prefer not to have SIGNS plastered all over the mountain (this is a “gentleman’s rule). I happen to like this idea because we are 50% part time resident’s and having a SIGN on your property may open your home up to burglary. But I am SURE we can incorporate this “rule” into a new board, IF we JOIN the BIG BOYS
- We DON’T really want out of area Realtors coming up here and selling our listings. (ARE YOU KIDDING ME? I WANT ANY REALTOR in the state to be able to sell my client’s home). Now they won’t admit this, openly, but it is TRUE.
Okay, NOW when you sign a listing agreement with me, I PROMISE to give you my utmost care and to promote your listing in every way I can to get your home sold. That’s the key, right? Isn’t that why YOU are entrusting me with your most valuable asset? I think so.
The next time you call a REALTOR to come to your home for an intervew, to see if they are suited to have your home as a listing, ASK THEM, does your company belong to a “Private” or “Open” MLS Board. If they say NO, ask WHY NOT?
Then, call me. Because I belong to MANY just so I can get your home the best possible exposure. And frankly, I resent this. I should be able to belong to ONE big board that gets your home the best exposure. If I didn’t have to pay to belong to so many different boards, I could PAY for more advertsing in other ways; magazines, newspaper, etc.
You decide.
Kathy "Kat" DeLong