I am a buyer asking for advice on a short sale
hello ,
I have currently put in an offer on a home , that I did not know was a short sale until after we sent the offer in . We obviously did not get the normal 24 hour response on our offer, but the strange thing is , the day we were suppose to hear back on the offer, we were told about the situation with the bank and that the bank had requested an additional 24 to 48 hours to make there decision ( not sure why a bank would promise such a speedy decision on a short sale ) but we bought it and gave them the requested time ( were on day 28 now ) The details are as follows : The home is vacant , the Owner passed away in Nov and the wife is suffering with Alzheimer in the nursing home . The POA who is their daughter , has already turned in all the paper work , hardship letter , tax info etc .. The listing agent and POA have called the bank diligently , and the bank even told the listing agent to reach someone at another branch that was who they needed to talk to , Meanwhile , the daughter has just gotten harassing phone calls from PNC saying that she needs to make a payment soon ....??? The listing agent is not getting anywhere with calling these people who she was told to call , she is leaving messages , and no one ever returns the messages .?? We really LOVE this home and dont wanna walk away from it , but we dont know if we should stick or walk ? there is 2 mortgages both with PNC , im not sure if that makes a difference , I am trying to learn all I can about this process and I would be so thankful to anyone who could shed some light !
Thanks !
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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Are you working with the listing agent or do you have an agent? Did the seller sign the contract or send it to the bank unsigned?
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Permalink Reply by andrea lawrence on
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I have an agent and we are working with a listing agent too , they are both through coldwell banker , not sure about the seller signing the contract deal? guess I can ask ?
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Andrea if the seller did not sign the contract then all you have is an offer and not an accepted contract. Did you not get a copy of a ratified contract?
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Permalink Reply by Janis Schade on
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The Listing Agent should hire a professional negotiator in this case. As far as putting an offer on a home, and not knowing it was a Short Sale, the Buying Agent has some other issues. Just my opinion on this one.
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Permalink Reply by Sharon Stine on
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We are 142 days into our Short Sale. Just saying, be ready because it can take a long time and it can be full of heart ache. PNC is the Jr lender in our short and they are the ones holding us up.
Good luck!
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good luck sharron , I am sorry to hear its taking so long ... I cant understand what PNC's issue is ?
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Thanks Andrea! The worst problem with a short, even this far in, we have no idea if we're going to get the house or not. But we figure if we do we're going to have an amazing dream home at a great price. If we don't we'll be sad, but we're not really out anything but time. If the house is worth it, stick it out!
I don't understand them either. I wish if they are going to say no, then just say no so we can move on.
Best of luck Andrea! I hope yours goes well!!!
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the seller did sign the contract , apparently we are just waiting on PNC bank to reply ... as far as not knowing it was a short sale , I have heard it happens all the time these days? but thats just want I heard ..... I am prepared to wait as long as i know what I am waiting for is going to be worth the wait , if the bank would just throw us a scrap , or a tidbit of information , I have heard PNC is hard to deal with on short sales , is this true ? or is it just that each sort sale is different ? one HUGE question I have on a pattern I am noticing is WHY is almost every short sale I hear about having 2 banks involved ? ours has PNC involved in both cases , WHY are there so many people who have 2 mortgages these days ? seems so risky to me ....
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BTW just out of curiosity , I have heard that the listing agent should call the bank at least once a week for an update , but when they call they are told " dont call us anymore , we will call you " so what should be done in this case ??? THANKS so much !!!!
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The second in our short was the owners home equity. A lot of people take HE loans against their homes. If they used the home to put back into the home, it wouldn't be bad. At least the value increases. Many people use the equity to pay of credit cards and/or other personal debt which just gets them deeper into debt.
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regretfully , we have decided we are going to give up on our home , we found another home that is comparable, and as much as i hate to move on , we simply just don't have the time to wait for 120 plus days .none of the contacts the Realtor's have @ PNC are playing ball in any way , we cannot get any answers any responses , nothing ..... Its a shame because all I would have needed to know would have been if it was gonna be worth the wait , or if we were going to get countered , or ANYTHING .... just being thrown some kind of bone , would have been something , but we continued to get NOTHING , so were moving on , Thanks for all the advice !!! good luck with all of your homes and sales !
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Sorry to see this Andrea - I wish you a speedy closing on the other home you've found!! I can definitely relate to your comments about just throwing the buyer a bone. We are now 178 days in as buyer of a short sale. Quicken is first and PNC is the second. After a bit of a rough start / change in primary Agent, we are now getting weekly updates - even if there isn't one - but at least we feel like progress is being made. Now PNC wants to do their own appraisal so we are currently waiting for that to take place. Late July is probably earliest we would close at this point assuming no hiccups. Good luck on the other house.
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