Posted on: 10th Dec, 2009 10:12 am
My son offered a contract back in mid-October on a house that was in a short sale. The owners accepted the contract and now the bank has my son in an unbearable "holding pattern". This is ridiculous since the house is in deplorable condition and you would think the bank would want to unload it. Now they say that it hasn't even been assigned to a negotiator yet and there is supposedly an interview process that follows. This could be weeks longer. The present thrust to get people into homes is certainly not a philosophy adhered to by some major banks.
Hi mark,
In my opinion, your son should cancel that contract and try to look out for other properties which are into short sales. Before applying for a purchase of that property, he should speak to the lender and check out when the short sale auction would take place. I guess it would become easier and quicker for him to buy the property.
In my opinion, your son should cancel that contract and try to look out for other properties which are into short sales. Before applying for a purchase of that property, he should speak to the lender and check out when the short sale auction would take place. I guess it would become easier and quicker for him to buy the property.
They other (listing) agent hasn't said who the lender is. Is it appropriate to ask and to contact the lender? Does the bank give a damn if my son pulls out at this point?
By the way, we think the lender is Wells Fargo. I guess they are moving the paperwork around by Pony Express which they're famous for!
there's no such thing as a short sale auction - that's contradictory.
short sales are a tedious process, whether it's wells fargo, pony express, federal express, usps, bank of america...pick one. i'm not surprised that 60 days later there's no resolution.
the realtor(s) in this case ought to have prepped your son so he'd be ready for this lengthy delay in obtaining an approval of the short sale.
if he's truly troubled by this, he can certainly drop his offer, but i'd suggest that he do some deep thinking and dig into the minds of the realtors involved so that some timeline can be established, in a sense.
short sales are a tedious process, whether it's wells fargo, pony express, federal express, usps, bank of america...pick one. i'm not surprised that 60 days later there's no resolution.
the realtor(s) in this case ought to have prepped your son so he'd be ready for this lengthy delay in obtaining an approval of the short sale.
if he's truly troubled by this, he can certainly drop his offer, but i'd suggest that he do some deep thinking and dig into the minds of the realtors involved so that some timeline can be established, in a sense.
