Replies to This Discussion

Permalink Reply by Michael Schneider on April 29, 2012 at 5:20am

From the information in your posting, I think I would pretty much discount the information you are receiving from the seller side.  They may not know what they are doing, frankly, again just based on this limited information.

Type of loan?  Yes, "my money", that's the type. Sales finance loans can be tough to deal with.  In fact, any 2nd can be tough.

• ▶ Reply

Permalink Reply by Tamara Vannest on April 29, 2012 at 6:09am

I tend to agree with you Michael regarding the info we are receiving from seller side.  They didn't even seem to know (or at least didn't tell us) that there were 2 mortgages involved.  Not until I brought it up from the research I did on my own did she acknowledge it (said she wanted to be sure they sellers were aware that she was going to share that information before sharing it with us - although it was public record which is how I found it ). 

While I don't doubt the 3rd party negotiator knows what they are doing, I don't feel like the seller's agent is either pushing them to get it done and/or doesn't understand the process enough herself to know what to ask / how to push.  It appears from reading on the 3rd party website that buyers are given "limited access to help keep them updated automatically".  When the agent was asked about this, she said that buyers did not have access to any online system - it was only for the selling agent??  Seemed contradictory and I'm still not sure that is true.

• ▶ Reply

Permalink Reply by Jim Schneider on April 29, 2012 at 9:24am

Tamara,

I've seen the situation repeatedly where agent turn over all their files to a 3rd party negotiator, and thus think it isn't a requirement for them to understand short sales. In my experience this is dead wrong, because if you structure the transaction in a way that doesn't work, then hand it over to a (hopefully) knowelegable negotiator, you still have a deal that won't work out.

It seems like you have three problems, an inexperienced listing agent (about short sales), and two loans, and a 3rd party negotiator that is taking a lot of time. Almost anyone can call themselves a 3rd party negotiator, I'd have your agent call around and see what agents experience have been.

 

From what I'm seeing, it doesn't look like they are very pro-active, which is also terrible. Why it would take four and a half weeks to submit paperwork to the first and to wait months on sending things in to the second, almost always a mistake.

• ▶ Reply

Permalink Reply by Tamara Vannest on April 29, 2012 at 10:59am

This has been my fear - that they are using the 3rd party in order to take the burden off of them.....which seems to be translating to them not doing due diligence in following up as they should.  We didn't even know they were using an outside negotiator until about a month after our signed offer with seller when we received a SS addendum (which I thought should've been provided up front - but I don't think they had even begun the process with the lender at that point day - although the home had been on market as 'pending SS approval' for almost 30 days at that point).  We questioned the fees (1% of sell or minimum $1500).  We have signed papers stating that in our State this fee is to be covered by the lender, but I have a feeling it may show up as a closing cost.   We have felt like we've been begging just to get status updates - even if there is no real update - we just want to know someone is checking in.  I've certainly learned alot from this site and while the house is still definitely worth the wait, we are tiring of having our lives on hold - especially if the wait is being  prolonged due to an agent's lack of follow-up.

• ▶ Reply