Hello,
I am a buyer of a short sale in Chesapeake, VA. On January 18th I gave a full price offer on the home, which has 2 liens, both with USAA but with GMAC as the servicer on the second. The listing agent has direct numbers to contacts at the banks, and the contract has been assigned a negotiator. The listing agent has horrible communication skills and it can take more than a week before he responds to my agent's questions, and he usually provides 3-word responses. The last we heard, a BPO was done on February 2nd, and was said we would hear something in 2 weeks (this week). Does anyone have any experience with a similar situation? I'm not sure if the listing agent is calling the banks daily or not, as he rarely will respond to us. I'm starting to think of looking for other homes in the area if it is thought that this could take a good deal longer. I know it is a slow process but will this listing agent's lack of communication cause the situation to take even longer? ANY advice is much appreciated. Thanks!
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Hi Morgan. If the BPO has been done this quickly then the listing agent must be doing his job. During the early stage of a short sale there really is no information to update. The first 30 days or so is just the lender gathering documents and getting their values (BPO) in. The listing agent should not be contacting the lender more than once a week during this stage.
While I'm sure it's frustrating the reality is it has only been 29 days since you went under contract. It sounds to me like every thing is on track. Patience is needed.