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If lender is not communicating, do you have an obligation to communicate that offer has fallen through?

Posted by Janet English on August 15, 2010 at 7:16am

Do you immediately call the lender to say the offer is kaput when you haven't heard from the lender in weeks on end?

Do you wait until you hear from the lender, hoping against hope that the short sale approval process -- whatever it may be -- is working its way through the channels and by the time you hear from the lender you will have another offer?

Of course, when contacted by the lender you should explain the situation, but should you remain silent until that call comes?

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Comments

  • George Isaacs August 20, 2010 at 10:50am
    We have found it's best to let the current file ride towards an approval and then replace the buyer with a new buyer on the same terms, if possible. Keep pressing on the first file to attempt to get an approval. If the bank hears the buyers went sideways, they will most likely close the file and make you start from scratch on the next offer you present. At least you can determine the banks position by letting it ride. In the past, the lenders have sent us docs to be signed by the Buyers at the time of the approval and that's the time we let them know the first buyers walked and submit a viable alternative offer on terms they approved.
  • Ben Benita August 15, 2010 at 1:58pm
    we generally shut up so they do not start the short sale completely over....
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