Thank you everyone for your responses. We have had an offer in on the home for over a year. The seller is also a realestate agent... Our agent is a friend of his too. We are not updated regularly. I found this website today in hopes of finding out more info. We do have in our contract no back up offers. He also wanted it to be silent that his house was a short sale. We have passed on a couple of other good properites and I think I am getting tired of waiting:) But love the house.
This is determined by the investor. For instance some investors have rules that if the deficiency is more than 125K that triggers a mandatory second and third appraisal. In most of our cases this is caused by the value of the property being dropped so much and the offer then is also in line with the current value. We had a listing where the seller owed over $1 million on the note, but the value was only $475. It was with Chase as the servicer and a private investor owned the note. The investor wanted 3 appraisals because of the drastic difference. Like, they could not figure out the market fell in Florida, LOL!
Sounds like it is time to have a meeting with your agent about fiduciary responsibility and disclosure. The sucess of a short sale requires the cooperation of the seller. If you are not informed about everything regarding this transaction, then it is time to start asking the hard questions.
nitemareshortsale said:Thank you everyone for your responses. We have had an offer in on the home for over a year. The seller is also a realestate agent... Our agent is a friend of his too. We are not updated regularly. I found this website today in hopes of finding out more info. We do have in our contract no back up offers. He also wanted it to be silent that his house was a short sale. We have passed on a couple of other good properites and I think I am getting tired of waiting:) But love the house.
You may also need a more aggressive negotiator. Let me know if I can help.
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