Suntrust Status - Can Buyer escalate?
Hi all,
I put in an offer on a short sale, Wachovia 1st, Suntrust 2nd, on June 21st. Wachovia came back in 2 weeks - it has been out at Suntrust for 7 weeks. The seller's realtor's latest update was "Was told that they have reviewed the BPO and the file will now go on to the review of the contract. From there the negotiator will be assigned".
I have to be out of my house in 3 weeks. Would it hurt me or help me to try to contact some higher-ups in Suntrust? Any other methods of escalation I can try? The seller's realtor doesn't seem terribly motivated to do much beyond calling the 1-800 number...
Thanks for any assistance!
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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Unless you have authorization on the account, it is highly doubtful that you will get anywhere with it. You are only 7 weeks into it so be patient. How quick did you expect this to happen? Why would you agree to move out before you have approval on the file?
Back to Suntrust, if the BPO is done and in review, it should move quickly from here. Problem is that unless you are paying cash, even if you get approval soon, it will still take some time to get thru your financing.
Where is your agent?
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Permalink Reply by Richard on
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KL N,
Jeff is correct. Research, strategies and patience is pretty much the only buyer's tools in this game. Your best allies are your sanity and this website. Another little advice..........laughter is good, no one will think of you as crazy, because you're trying to buy a short sale. Stay away from sharp tools or projectiles. :)
Here's what you're in for. I'm at the end my 6th month on my offer. At the urging of my agent's broker, my agent called and heard back from the sellers listing agent (wife of the seller's broker). She confirmed that they still have not received the BPO back from the seller's negotiator and lender, even though they've escalated it twice already and was told they would receive it 1 1/2 weeks ago.
My choices are to wait it out a little longer and take my chances or, to walk and then let someone else swoop in and claim the prize and clean up the spoils, possibly at a lower price after I've done all the work with the file. Incidently, my lender who I've been with since a freshman in college called me at home last night checking my status and told me this sometimes happen and what plays into my favor is, I have another permanant residence, have a good no-strings attached offer and pre-approved with a good record. So, oh what the hell...........I'll just wait it out.
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Richard, check your PM's
Richard said:KL N,
Jeff is correct. Research, strategies and patience is pretty much the only buyer's tools in this game. Your best allies are your sanity and this website. Another little advice..........laughter is good, no one will think of you as crazy, because you're trying to buy a short sale. Stay away from sharp tools or projectiles. :)
Here's what you're in for. I'm at the end my 6th month on my offer. At the urging of my agent's broker, my agent called and heard back from the sellers listing agent (wife of the seller's broker). She confirmed that they still have not received the BPO back from the seller's negotiator and lender, even though they've escalated it twice already and was told they would receive it 1 1/2 weeks ago.
My choices are to wait it out a little longer and take my chances or, to walk and then let someone else swoop in and claim the prize and clean up the spoils, possibly at a lower price after I've done all the work with the file. Incidently, my lender who I've been with since a freshman in college called me at home last night checking my status and told me this sometimes happen and what plays into my favor is, I have another permanant residence, have a good no-strings attached offer and pre-approved with a good record. So, oh what the hell...........I'll just wait it out.
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Permalink Reply by KL N on
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Just got mail from the seller's realtor that a negotiator has been assigned...so hopefully we are moving along.
As for my house, I found a very good renter, and don't want to lose them, so I had to agree for them to move in on October 1. My priority is to not have a vacant house and an extra mortgage - so that is what it is.
My realtor has been calling the seller's realtor daily, I just wanted to see if there is anything I can do. I'm not one for sitting around if I can figure out a way to help move the ball. My realtor is not versed in short sales - so I'm trying to collect info for both of us. She has since decided that she is avoiding short sales from now on. :-)
My financing is together...they need 4-5 days from acceptance to get the package out to my attorney. So I wait on Suntrust. From all I'm reading, the waiting room is full of nice folks. :)Thanks for the responses...I'm planning on an apartment, but hoping for the house to come through. We shall see!!
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The last 2 Suntrust Short sales went pretty fast once the negotiator was assigned. One was less than a week but it was a portfolio loan with Suntrust and the other was an FHA.
What kind of financing are you doing?
Definately a short term rental might be your best friend right now.
You agent is going to avoid short sales? In my area that would mean that you would avoid the majority of the market. Tell her to come here, we will walk her thru everything she needs.
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My financing is FHA. The market in Charlotte, NC is still pretty good...so my agent might be able to escape...but I did tell her about this site so that she has an ally next time. :-) Honestly, if the sellers had only one mortgage this would have been a cake walk. Wachovia came back in 2 weeks, and even agreed to fund repairs. So short sales aren't too terrible...but 2 mortgage situations are kind of nasty I'm finding.
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KL N, I would assume that you already have performed the appraisal and survey, inspections,etc Otherwise it seems like a dream for an FHA file to close that fast
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Appraisal and inspection done, FHA approved, commitment letter in hand, all prerequisites submitted and has been signed off on by the underwriter. They are just waiting on Suntrust so they know what closing date to put on the paperwork when they hit print.
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Permalink Reply by Ray Snook on
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Well I hope that having paid for inspections, appraisal etc Suntrust doesn't play hardball. Lets hope the second is purchase money and not a heloc spent on anything other than the purchase.
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That is the exact situation we are in, only it is not our fault, we didn't know there was a second lien. What is the difference with a HELOC v. purchase money as far as negotiations go? Thx
Ray Snook said:
Well I hope that having paid for inspections, appraisal etc Suntrust doesn't play hardball. Lets hope the second is purchase money and not a heloc spent on anything other than the purchase.
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Cotz, who didn't know there was a second? Certainly the seller and the sellers agent knew there was a second?
Cotz said:That is the exact situation we are in, only it is not our fault, we didn't know there was a second lien. What is the difference with a HELOC v. purchase money as far as negotiations go? Thx
Ray Snook said:Well I hope that having paid for inspections, appraisal etc Suntrust doesn't play hardball. Lets hope the second is purchase money and not a heloc spent on anything other than the purchase.
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