the bank is not responding to short sale

Submitted by Kevin from CA - 07/27/2011 - 8:31pm

Hi I submitted an offer for a short sale a monh ago and from what the agent told me they did a bpo and the bank recieved the report on July 18th. They havn't said anything yet. Do they need to do anything else before they respond? i.e. appraisal? or do they not want to cooperate since he predicted a response by last week and so far we got nothing.

Thank you

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Comments

Submitted by Michelle - 08/01/2011 - 12:09pm

Hi Kevin,
Be patient. Your agent should have told you that a short sale approval can take a very long time. If anything else is needed it will typically come from the seller or the sellers agent. These delays are the reasons why so many buyers get tired and walk away. Be patient, communicate with your agent and keep your fingers crossed. The good news is that most short sales are getting faster and there are more that are being approved.

Submitted by kevin - 08/01/2011 - 1:14pm

thank you for the response. The problem is that the agent is not too responsive and he assured me in advance that the bank would have an answer last week. And now when I try to contact him he ignores my calls/texts

Submitted by Michelle - 08/01/2011 - 2:04pm

Hi Kevin,
Any agent familiar with short sales knows that there is no way to predict when you will get an answer. I am sure he has no news and is hoping for some answers before he is forced to respond. I purchased a short sale in 1996 and even though the agent told me it would take some time I called her once a week anyway! I put the offer in Feb 96 and didn't get approval until May 96. Now that was a different time in history but prepare for it to take some time.

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