Short on Patience? Don't Buy a Short Sale - Patch.com

Don't Buy a Short SaleDespite pressure from Realtors and Washington, banks are still on their own, often frustratingly slow timeline when it comes to approving short sales. Realtors More than three-fourths (77 percent) of Realtors reported closing short-sale transactions as "difficult or extremely difficult," up from 70 percent in December. Wachovia, and to a lesser degree its new parent Wells Fargo, are well known among Realtors for handling short sales better than other banks. However, most banks have dealt with the short sale problem by coming up with ways to streamline communication for themselves, not the Realtors or customers trying to reach them. Like HMOs which are designed to keep patients away from the doctor until the last minute, banks have now set up firewalls to keep Realtors and homeowners away from the asset managers who will ultimately decide whether a short sale is approved or not. If you hear there is only one loan, it could make things easier. If you hear there are two and one is a second lien with a credit union or a second lien held by a collection company, it could make things harder. Have the sellers submitted all of their documentation to the bank/banks. Sellers have to provide a lot of proof that they qualify for a short sale and they have fill out a lot of forms. These usually have to be submitted several times, because the banks have a habit of "losing" them even when they are sent in. If the sellers haven't submitted everything they need and received verification from a live human being that it has been received, the short sale will not move forward. Is someone at the bank or banks actually communicating with the listing agent. Banks frequently foreclose on properties that have short sale offers on them. Banks only approve one short sale offer at a time and then give a month or so to close the deal. When a listing agent says this, it means the bank approved the last offer and that buyer walked away for some reason. Only Bank of America has recently approved "back-up offers" on short sales. If you're involved in a short sale as either a buyer or seller, stay as detached as possible from the outcome. Nothing can be counted on until an official letter approving the short sale has been issued, and then you still have to get through the loan approval, inspections and appraisal before you're "home free. It is updated throughout with granite counters and stainless steel appliances in the kitchen, hardwood floors, and a downstairs bath that has been remodeled. There is also a great backyard with a pool and RV parking & hookups. It offers hardwood floors with crown molding and baseboards, designer paint, and an updated kitchen with a cute breakfast nook and bar. Terms of ServicePrivacy PolicyCloseSend us a news tipEnter your tip here and it will be sent straight to Patrick Creaven,Clayton Patch's (incredibly grateful)editor. Log in)Create a new Patch accountYour name[["validates_presence_of",{"message":"Please enter your name.