Hello all,
I discovered this group while trying to do some research about short sales. I have made an offer on a short sale home, with the seller having their mortgage through Ocwen. I haven't reached the point of complete frustration yet, but not having any kind of timetable really bothers me. Is there anything I as a buyer can do to speed the short sale process along (I have already been pre approved for a home loan)? Is there any way for me to verify that the seller is doing everything they are supposed to do?
All comments and advice are greatly appreciated!
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Hi Lindsey:
Timetable: They won't give you one (Ocwen or anybody else). The average short sale probably takes 4-9 months after an offer is submitted.The most we can usually get from them is that the next step will take 'n' days or 'n' weeks.
Speeding it up: No, there is nothing you or anyone else can really do to speed up the process other than; if you are asked to supply paperwork of some kind, submit it as soon as possible.
Verifying the seller is doing what they should: Not really because you can't talk to the servicer without the seller's permission, and knowing key information about them including their loan number and last 4 digits of their SSN.
My 2 cents is that if you are a listing agent for a short sale you are practically working for free. so they most likely believe they are doing everything they csn.
But, to be frank, there are a lot of Agents that don't know what they're doing. your best bet is if this Agent is a CDPE. They at least have the tools to do the right thing.
Now, having said that, in defense of list agents. These banks throw crap at any given moment & sometimes pull the rug right out from under a great deal that is moving along just fine.
Seriously, Miss or Mr. Buyer...it's a crapshoot. (with a lot of banks) I've closed all mine within 90 days of finding a buyer. But, I've heard horror stories from my colleagues of closing in several more months and not at all.
So sorry but that is the game that it is. To be honest, I think someone needs to make the banks play by some rules.
Just my insight.
Mary Wilcox
Realtor
Kansas City Metro
816.616.7165
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