Hello BP. Does anyone have any experience working with Fifth Third Bank? I placed an offer on a single family 2 months ago and the bank just sent the seller the short sale packet last week. Sounds like this is going to be a lot longer then 3 months. :/
Something is not right. Once the offer was placed, either a real estate agent or seller's attorney should immediately obtain the short sale package and begin the application process with the property owner. I suggest that you find out who is actually processing the short sale. If the person is not experienced you will have virtually no chance of getting an approval.
Ditto, we always submit the Completed short sale package either with the purchase contract, or before. Are you trying this DIY? Once we start one, the bank deals with us, not the owner. Every bank has their short sale packages available on their web site. Do you know what other mortgages/liens may be on the property? This would determine how you structure your offer.
Agreed with Frank and Wayne...sounds like the issue is with the seller's agent, or if the seller doesn't have an agent, that's the issue...
Thanks for the replies. The sellers agent is suppose to be pretty experienced in short sales with his CDPE designation. I was under the impression it was short sale approved for the price we offered but I was mislead on that part. I call my realtor once a week to make sure he calls the sellers agent to make sure he calls the bank. But as of today we still haven't even gotten a BPO to the property.
Oh and it's only 1 mortgage and to be honest I didn't even think to ask about the liens. Thanks for that question because in going to look into that first thing in the am.
Okay after looking through all my paperwork it's free and clear of any liens.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.