short sale ???

Question

have a nod i found that i wanted to make offer on. it is a short sale due to the condition of the property the market,and seller walked 16 mnths ago. tracked down seller (divorcing) had real estate partner write up listing then i made cash offer what we felt it was worth. mnths later now after one sale date posponed, we have bean assigned a negotiator but it seems we are stuck again. what can we do to get the bank to move forward? we are now having to ask for a second sale date postponed. where do we light the fire or tighten the screws and get them to accept, reject ,counter or something??? :idea:

Minna Reid · Answer

Not really...except have they had the BPO yet? If they havent had the BPO yet, make sure the BPO goes your way. thats about it.

Sean Williamson · Answer

OK got my second extention on sale date today they gave me another 30 days new sale date Aug. 6 . asked if they needed any more paper work they said no, so now you say i should just be patient and wate??? I am the listing agent (actually friend in my office) i have the best offer , so i have complete controll . nothing else i can do???

Minna Reid · Answer

Sean - thats really not a terribly long time yet. Not unusual. If they've ordered the BPO they are moving along anyway. All you can do right now is try to move the sale date back. Outside of that the only hold up here could be if they are missing docs. They may not tell you you are missing docs, just nothing will happen - so make sure you call and ask them if the file is complete.

Scott M. · Answer

Well as Minna said there isn't a ton  you can do - have you showed them photos of the home along with estimates to fix it up?  Have you told them the BPO has yet to occur?

You can remind them about Realtor fee's / taxes in a lot of states are due mid year so they need to pony those up - every day costs them $$ - I know you know this but maybe point out the obvious.

The bank may want to list it and see what happens - doesn't seem like you have given them indication your going to walk so they might want to see what happens.

if it is listed on Monday I would put an offer in first thing - same offer you put in - cash.

If you have a partner or a biz name - maybe use that instead - never know they may want it to go through a realtor for whatever reason - they generally do not make sense.

Sean Williamson · Answer

Hi Minna. bank is B of A negotiator was assigned over a month, every time we get ahold of them they say about 2 and a half months. got a call from a pre sale appraiser on fathers day. bank said the bpo ordered week and a half  ago and have heard nothing from them as i am the only access to the property. problem is it has been extended once and goes to sale again on july 6, have asked for another extention but won't now until monday as they only work in a 5 day window and where closed on friday. property is a major fixer and my offer is all cash with a close 5 days after acceptance. i think it's a no brainer due to the condition, the bank doesn't want this one back, really scared it's going to sale on monday and just can't get past the first step at the short sale dept. any thoughts would be great.

Minna Reid · Answer

Wish there was a way to move them along fast - but banks and fast dont even belong in the same sentence..
Who's the lender? When was the negotiator assigned? What did they quote for a turn around time? Has a bpo been ordered?