Charter One Bank short sale

My wife and I put an offer in on a house on 9/24. Asking was 140,000, we offered 120,000. The home needs extensive updating and repairs inside as well as the owner disclosing a leaking roof. Comps in the area recently sold for 118 to 121. We then found out this was a short sale not yet approved and scheduled for foreclosure auction on 10/17. Back and forth with the sellers agent with no reassuring answers, on 10/17 we learn the auction was cancelled 40 prior to sale. The listing agent keeps telling our agent that our offer is with the investors and we will know something by the end of the week. This has been going on for 3 weeks now. Then she told our agent that as soon as the investors review the appraisal, our offer will be submitted to them. What is going on here? There is a 2nd from First Merit and property taxes are not caught up. What should we expect here? I am confused. I sent my agent a list of questions to ask the listing agent in regards to her experience in short sales and how many offers we're made. She called my agent and yelled at her and never answered then. I then requested an email from the listing agent explaining where we are with this and I've gotten nothing.

Views: 452

▶ Reply to This

Replies to This Discussion

Permalink Reply by Smitty on November 13, 2011 at 2:17pm

It almost sounds as if neither agent has a lot of experience with short sales. Your agent should have explained to you short sales take time and the amount of time they take is a roll of the dice.  No one knows how long it will take.  The listing agent should have had continual updates for your agent, EVEN IF THERE WAS NO MOVEMENT on the file.  Sometimes it can take WEEKS to have a file reviewed.  I just finished a Chase short sale in which it took almost four weeks to assign to a negotiator, but each week, I updated the buyers agent to tell them it wasn't assigned yet.

 

The taxes will have to be paid at closing either from the proceeds or from you.  Taxes trump mortgage.  If the house has already had an appraisal, then you are more than 1/2 way there.  The last part of the short sale is when the offer gets submitted to the investor for approval.  Realistically the listing agent has been dealing with a negotiator that is a middle man.  The negotiator usually doesn't approve the file and once all qualifications are met, the negotiator forwards the file onto the investor for final approval.  If that's where you are at, you SHOULD hear something soon. 

 

It's unfortunate the listing agent yelled at your agent, but this isn't a long time to wait for a short sale.  It sounds like the file is progressing and you must be patient.  I will say the listing agent needs to be a LOT more communicative with the process and that will likely ease your mind.

Permalink Reply by Rocco Ross on November 13, 2011 at 3:28pm
Thanks for your insight Smitty. I just ask because I was hoping someone has had a good experience with Charter One as I have heard of BofA closing short sales in 30 days. We are currently without a house and staying with parents. Just hoping for a quicker transaction.
Permalink Reply by Janis Schade on November 14, 2011 at 9:31am

The homeowner gives authorization for either a negotiator and/or agent to gain access to critical information with the bank.  I started one on 9/22/11.  Even having two bpo's already, which is a little crazy, as of today, I'm still waiting for the investors approval.  I can't even upload an offer until my BOA negotiator assigns me a task.  So, basically two months, on my second negotiator, and my second bpo.  You need to setup up a day each week for a progress report.  Put in on your outlook calendar, or assign yourself the task.  Even if you get "nothing to report", this will keep everyone on task.  Please do not contact the bank personally.  If they get too many phone calls, from various parties, they will just shut the file.  The buyer agent should request an update weekly from the listing agent and/or the negotiator.  Sometimes the listing agent could also be the negotiator, but not always.

 

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************