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Ari G, Los Angeles, CA
Is there anything what short sale buyer can do to sp...
Submitted by infogeneralledger
from CA
- 05/30/2009 - 9:28am
Is there anything what short sale buyer can do to speed up the process except waiting? We put an offer on a short sale house 1 month ago and I'm thinking about being more aggressive to get that house. We already increased the offer price to become first in line. I'm contemplating contacting the lender (loan mitigator) directly and asking him/her how long they would process our offer and where do we stand at that point. My agent contacts only sales agent and says he have never heard about that approach. I have a strong feeling that saller's agent is kind of sloppy and he didn't prepare everyhting correctly to make this short sale happen.
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You likely won't get to first base to the lender as they can't talk to you about the property or loan as you are not their customer, and the customers file is protected by privacy rules. Only real chance would be if you got the seller to agree to give you permission to talk to the lender on their behalf - not something I would do.
I'd be patient, and I'd be prepared to lose the house. There will be plenty of other opportunities... lots of foreclosures still to come.
I've been waiting for almost 5 months on a short sale. The listing agent/owner have been calling almost every day. I'm trying to be patient, but it's frustrating.
We are a professional real estate attorney legal service and we close short sales in 4 weeks. We can make it go faster if the broker will let us do our job. My email gold.will@yahoo
30 days has been a short period. It usually takes 30 days for a shortsale to get assigned to a loss mitigator. nothing is going to happen until it gets assigned. Once assigned the sellers agent can begin to press. making higher offers is not the right way to potentially go about it.
I have successfully completed several short sales over the past 2 years. There is no set time as to how long the transaction will take. I have completed some in as little time as 5 weeks from listing date to closing date. In September 2009 I closed one that the listing date was November 2008...I closed this with the original buyers and they were not my clients. I was truly surprised to see them hang in there such a long time. I very much appreciated the professionalism of the buyers agent. She was polite to me (the listing agent) and understood that I was also a professional and deserved the respect as such. How long the negotiation of the transaction takes depends on so many different things that it would be unfair to point the finger at the listing agent. I have personally observed brand new real estate agents close short sale transactions (on the listing side) as smoothly as seasoned agents. If you are the buyer in the transaction you should have an executed contract. If you do not have an executed contract ask your agent to get one for you. A weekly followup up call or email to the listing agent is reasonable. I recommend your buyers agent ask which day of the week that the listing agent makes contact with the lender on the particular property that you are in contract...the buyers agent should then make contact the next day on a weekly basis. This would be a more effective approach to followup then just calling because "buyer is having a fit" (this is the most common reason I have been given by buyers agents). Just remember that as frustrating as it is being the buyer, it is devastating being the seller. It is truly social work on the listing side. No one deserves to lose their home. Some of these sellers are actually victims...I know I have worked with many.
We are a professional real estate attorney legal service and we close short sales in 4 weeks. We can make it go faster if the broker will let us do our job. My email gold.will@yahoo
We can help. We site some of the civil code at our firm to get the lenders off the there butt for the realtor/Broker. We help the agent close the deal and get our fee from the bank. We have 100percent success rate for our short sales because of our propreitary methodology. As long as its a fair offer. Ir should work. I see a great deal of realtors submit these offers to the wrong departments and spend time on servicing these sales, when they should be out selling properties and doing listings. They should leave this work to the people that do this everyday. We have time lines and processes that escalate our success. drop me a line gold.will@yahoo.com
I'd like to know more about your services
I completely agree with Will. A successful short sale is achieved when there's a "foreclosure team" of financial and legal partners to facilitate distress sales. I'm a local Realtor in So Cal and we have a real estate attorney on staff to assist with the processing and negotiation of our short sale listings...(making my job a whole lot easier) and taking our buyers and sellers to the finish line. Sellers and Buyers...it's importatnt to make sure your agent is equipt with the right team/staff when buying or selling in this crazy market . We're here to help fernandasellshomes@gmail.com. Best of Luck!
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