Posted on: 03rd Mar, 2009 03:22 pm
I am new to short sales and being relocated East Coast from Chicago, I thought home prices would be somewhat similar. Wrong, the market is still very high. So in my sad search for less than expected quality of home life, I stumbled across my dreamhome which just got listed short sale from the millions with the bank evaluation taking them 40% below asking price. One day into the now shortlisted sale and 200 plus days on market, my new husband and I offered 20k over the price to win this mansion of a home. We had heard the buyer had 2 homes short sale due to divorce and job losses and liens. These poor people are in a royal mess as sellers and we were steadfast to get this house.
Excited and nervous, we have been in the waiting game on and off for 4 weeks. From the realtors saying to take off contingencies, no closing cost and hearing someone got a letter from the bank for contract, we had given up after 3 changed offers to get it right. But out of no where, the other buyer left and the realtor verbally took our offer. Ironically, the other buyer found out after trying to negotiate and changed their mind coming back somehow still maintaing there seat as contracted buyer. However, the homeowners realtor tells us, we are the higher offer and the other buyers are the lower offer.
So I am told, wait. The bank (I assume this is GMAC) is supposedly upset. Upset this buyer came went and is back again. We are being told the bank is supposed to look at our offer. It's been over a week and I have no idea if I should give up and wait. Start calling the bank, what?
Please advise? Would it help to call into GMAC? I accidently found out they had the loan in my ruthless race to get this house and want to see what it will take.
Thanks,
Chicago gone East Coast
Excited and nervous, we have been in the waiting game on and off for 4 weeks. From the realtors saying to take off contingencies, no closing cost and hearing someone got a letter from the bank for contract, we had given up after 3 changed offers to get it right. But out of no where, the other buyer left and the realtor verbally took our offer. Ironically, the other buyer found out after trying to negotiate and changed their mind coming back somehow still maintaing there seat as contracted buyer. However, the homeowners realtor tells us, we are the higher offer and the other buyers are the lower offer.
So I am told, wait. The bank (I assume this is GMAC) is supposedly upset. Upset this buyer came went and is back again. We are being told the bank is supposed to look at our offer. It's been over a week and I have no idea if I should give up and wait. Start calling the bank, what?
Please advise? Would it help to call into GMAC? I accidently found out they had the loan in my ruthless race to get this house and want to see what it will take.
Thanks,
Chicago gone East Coast
Hi Guest!
Welcome to forums!
I would suggest you to call the bank and discuss the issue with them. This will help you know about your chances of getting the home. If you are not satisfied by speaking to the lender and if you feel that your chances of getting the property is less, then you can move on and try to buy another property.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
I would suggest you to call the bank and discuss the issue with them. This will help you know about your chances of getting the home. If you are not satisfied by speaking to the lender and if you feel that your chances of getting the property is less, then you can move on and try to buy another property.
Feel free to ask if you have further queries.
Sussane
calling gmac is not a viable solution. rely on your realtor and the sellers' realtor to handle this for you.
it takes far longer for a bank to approve a short sale than it does for your neighbors to mull over an offer on their home. that is the reality of the situation we are all in now.
moving on to buy another property? hello, sussane...did you not read what was contained in the original post?
be patient - i know it's easy to say, but real estate transactions take much longer than previously due to the new environment and the reluctance of buyers, sellers, lenders, etc. gmac, being a large lender, is probably swamped with modifications, short sales, foreclosures, etc. and nobody works as quickly as we'd like for them to work, anyway.
it takes far longer for a bank to approve a short sale than it does for your neighbors to mull over an offer on their home. that is the reality of the situation we are all in now.
moving on to buy another property? hello, sussane...did you not read what was contained in the original post?
be patient - i know it's easy to say, but real estate transactions take much longer than previously due to the new environment and the reluctance of buyers, sellers, lenders, etc. gmac, being a large lender, is probably swamped with modifications, short sales, foreclosures, etc. and nobody works as quickly as we'd like for them to work, anyway.
I have been under contract pending bank approval since Feb 2 2009. It is April 25 and I still have not heard anything. Apparently the seller contacts the bank regularly and is not getting any information. Everyone is very frustrated and I am wondering if this is ever going to go through. Our offer is at list price. Any opinions???
kelly, i have to assume that there are real estate agents involved here as well, right? also, if the seller has a lawyer, that would be beneficial.
short sales are very difficult - banks take a long time to make up their minds to begin with, and these situations need to be justifiable to the bank in order for a favorable decision.
keep on it, and if you have realtors working on it as well, that's to your benefit. if this is simply between you and the seller, you may be in for an even longer ordeal.
short sales are very difficult - banks take a long time to make up their minds to begin with, and these situations need to be justifiable to the bank in order for a favorable decision.
keep on it, and if you have realtors working on it as well, that's to your benefit. if this is simply between you and the seller, you may be in for an even longer ordeal.
George, Thank you for getting back to me. I do have a Realtor, and they have a Realtor. My attorney has stated that he only sees 1 out of 4 short sales go through which leads me to believe he is not a big believer. My realtor tells me that I just have to wait and that there is no way to check the status of our offer. Their realtor, apparently, is just frustrated. My attorney told me that their attorney does not specialize in realty. We were told that the bank approved it and it is in the hands of fannie mae, i called them and they don't have any information. They told me that it goes from the bank, to fannie mae, back to the bank. After talking to fannie mae, i am really not sure where i am in the process.
We really want this house, I am just trying to figure it out we still have hope to get it.
We really want this house, I am just trying to figure it out we still have hope to get it.
George...
Additionally, we believe that they are not very short, about 20 grand, and they are not behind in their mortgage.
Thanks
Additionally, we believe that they are not very short, about 20 grand, and they are not behind in their mortgage.
Thanks
i suppose you've got to decide on a make or break date. other than that, if your situation is such that you don't have to be out of your current domicile right away, you can be patient for a while longer. yes, i believe it's true that short sales will not work in many cases, but i don't know if there's a percentage that can be applied.
i'm not sure there's anything else you can to speed the process; it looks like you've taken all the right steps already.
i'm not sure there's anything else you can to speed the process; it looks like you've taken all the right steps already.
Ok, thank you again. We don't have to be out by any certain time, so we will wait it out a bit longer and i guess just try to stay on top of everyone to see that they are doing what they need to do.
I appreciate your comments!
I appreciate your comments!