I am a buyer for a short sale in Massachusetts. My offer was accepted by the Seller on February 3rd but I honestly have no idea where we are in the process. The seller's agent was using a title company for negotiation the first 2 months. The only response was they are working on it we'll have an aswer soon. Finally the seller's agent dropped the title company and started calling himself. Ater a week of no response from the agent I began posting on Twitter the lack of communication on my offer. I was contacted by customer service and the case seemed to be moving. They asked for a zipcode change on the P&S wich was done. The Wells Fargo rep said the next step was the investor. 2 weeks went by no info. The seller's agent was then told by the rep that he just completed the package and sent it to the negotiator. What does this mean. Am I at the beginning with negotiation or am I just confusing the terms. This process wouldn't be so bad if you could just get status updates but as the buyer I'm just at the mercy of everyone else.
You need to be a member of Short Sale Superstars to add comments!
**********************************
like buttons
Replies
The next step is the negotiator will look over the package and counter the terms based on the investor guidelines if need be. If not, it will be sent to the investor for approval. You should be no more than 3 weeks away from getting an answer and approval. It all depends on if the negotiator has any concerns and who the investor is.
You are past the major hurdle. I would see if the listing agent can find out if the BPO (bank's appraisal) came back around your offer price.
The bank is Wells Fargo but the loan was originally from Wachovia