Should I consider moving on to another house, or dig deeper?

First of all, it's been just over 4 months since we've gone under contract with the seller.  I suspected the seller's co-agent  was playing a negotiating game from the start when she indicated to me that they were in the process of lowering the price of the home $50K to a price range that I mentioned earlier in our coversation, then just 3 days later after getting their first offer (mine), they boosted the price back up $20k.  We finally agreed on a price of where I wanted to be all along.  The home had already been on the market for 2 1/2 months.

 

This short sale is on a Charles Schwab home with a 1st and 2nd, both with them.  I've later found out that Charles Schwab quite often use PHH and Cartus and that these two are notorious for taking their own sweet time.  But I figured that I have 6 months to wait it out.  The seller agent has told my agent that the owner plans to carry the 2nd with them if allowed and that they needed to get lender approval.  My financing and approvals has been set since day one.

 

I don't mind waiting as long as I can get some types of updates from the seller agents.  They will tell my agent that they'll have some information to provide us, just to not follow through with it.  They seem to be jumping over through hoops to get the offer and under contract, but now they don't seem to give me the time of day.  My agent (my brother), bless his heart doesn't have a clue and hates short sales to begin with, and don't want to pester anyone (mom must have dropped him on his head at one point).  However in my profession (engineering), your word means a lot.  It almost seems that they are really not interested in selling the house or they have some type of a scam going on.  I know the lender will more than likely not get a better price......that's even if they have my offer. 

 

Any suggestions??

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Hi Tracy,

 

Thanks for the insight on the 2nd mortgage and the vote of confidence in this overall process.  I believe the original intent of the seller was to sign a note as you mention, however due to me being somewhat of an outsider so far, I can't say for sure what is actually happening.  I do plan to get to the bottom of this very soon.  Hopefully everyone will play fair as we move along from here.

 

Interesting enough, I received a short return e-mail from the seller's agent just this morning as a follow up to our 2nd telephone conversation.  I was pleasantly surprised as he mentioned he plans to have an update for me at the end of this week after discussing the file with the lender Charles Schwab.  So, wish me luck!!!

 

Thanks,

Richard

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