We heard today from the seller's attorney that they are still collecting documents from the seller to submit it to the bank in order for the bank to review the offer.
The problem is that the seller is being very slow and is not collaborating. IS this normal? I cannot understand the seller's motive in this process. Aren't sellers interested to get the short sale finalized asap??
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Sellers are often the cause of weeks-and-weeks of hold-up time. Some take 3-weeks to get the same documents another can do in 5 hrs. They're simply not motivated enough to even help themselves. Oh look, now the buyer is tired of waiting and all the financials are outdated ..
also be aware the lender can periodically ask for new or updated docs, and hold up the process until they get them.
It's difficult to judge the sellers motivation. If they aren't making payments they are living for free and may be happy to prolong the short sale. Motivation needs to be judged prior to placing the property on the market.
Facing a short sale can also be a traumatic experience. When folks get in this situation they sometimes procrastinate on paperwork because they are in denial.
Or maybe they are having difficulties gathering the documents that have been requested.
There may be a clause in the short sale addendum of your purchase contract that places a time limit on how long the seller has to get documents submitted to their lender. This won't make them go any faster but it may give you an out of the contract if you don't want to wait.
Your situation is quite common but nonetheless very frustrating.
We have nothing in our short sale addendum in regards to the seller's performance. The house is vacant and I hate the fact that we are in temporary housing and have to wait while no one else cares.
Anyone in a similar situation? Any tricks on how to get the seller move faster?