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My son and his wife are trying to buy property with a short term loan. The bank excepted their offer, but now they are not working towards a closing date. They have waited for almost three months, and the bank avoids their calls and will not set a closing date. Can they do anything to expedite this matter, or is the bank backing out of the sale...Thank you...C. Johnson
My son and his wife are trying to buy property with a short term loan. The bank excepted their offer, but now they are not working towards a closing date. They have waited for almost three months, and the bank avoids their calls and will not set a closing date. Can they do anything to expedite this matter, or is the bank backing out of the sale...Thank you...C. Johnson
Need more information. Is your son buying a short sale, or is it a bank owned property? If a short sale, did your son get a written notice from the seller that the bank has accepted? What does their agent or the listing agent say about it?
I hope someone can help calm my fears, but I doubt it. I live in Youngstown, about an hour from Cleveland. My fiance and I have been house shopping but have HATED every house- but one. It has only been on the market three days and we instantly made an offer. Turns out it was a Short Sale. This is the first time I ever heard the term, and of course, it's with the house I HAVE TO HAVE. I am willing to even pay full price, but I was told that doesn't make a difference, that I have to wait 60-90 days to get an answer as to my offer. That means that other people will have time to make offers on this hot property too. I thought maybe I'll call the mortgage company and see what can be done, but they're out of business for the insane re-fi's they were giving people (which is why these sellers are upside-down too in the loan).
What can I do?! 3 MONTHS to get an answer- that is INSANE! How do I ensure I get the house and not someone else? It has a taxed assesed value of $93,000 and the asking price is $83,000. I'm a first time homeowner so I have NO idea what the heck is this is all about but it's VERY upsetting.
Thank you for taking the time to listen to me. It seems silly, but to me this house is everything...
Jenn :O)
Don't get too attached to the house, less than half of all short sales go through.
I had offers that fell through on 6 short sales before I finally gave up on them and bought a foreclosure instead.
It's a shame but there's no rhyme or reason to how banks run these. There was one I put in an offer at full asking price, they wouldn't take my offer until there were three other offers on the table as well.
There was another one I offered full asking price for, didn't hear back anything for months. About a year later the house goes to auction. Theywound up getting 40k less than I offereda year earlier so basically the bank could have had the house off their books a year earlier for 40k more but they wouldn't take their own asking price.
To the person who said short sales are a waste of time, the only scenario where I can see it not being a complete utter waste of time is if your an investor with cash, you can go around putting low ball offers on every one you see and if you get it you got a steal if not oh well.
As for someoen actually buying a primary residence, families cannot sit around for months on end not knowing if they get a house. People want the house and then it winds up falling through, etc. Also, oftentimes its tough to get an FHA loan approved on short sale and I imagine your doing FHA
in phoenix they are making you sign disclosure statement that basically says you are only putting an offer on the current house. They want to discourage multiple offers and it brings the market down when you close on a house and the 4 other ones you had tied up in contracts collapse and go back on the market.
in phoenix they are making you sign disclosure statement that basically says you are only putting an offer on the current house. They want to discourage multiple offers and it brings the market down when you close on a house and the 4 other ones you had tied up in contracts collapse and go back on the market.
Although many Phoenix area short sale listing agents are asking for a disclosure of offers on more than one house, it is not a standard requirement. The intent is to insure they have a serious buyer for the usually long process of getting short sale approval. The standard short sale addendum allows a buyer to cancel anytime before bank approval, so some buyers will put offers on more than one. Another way many listing agents try to lock in a buyer is to require at least partial deposit of earnest money, non-refundable for 60-90 days.
Make sure your agent is comfortable with short sales and familiar with the process. From what I've read, the agents need to be persistent and check in with the bank on a regular basis. I almost bought a home via short sale and got fairly far along in the process --- until the bank decided to randomly auction the property instead of rescheduling the auction date. It's a shame, too, because my offer was about $23K higher than what they got for it at auction.
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