a short sale nightmare

@foxfox (40)
United States
May 9, 2009 1:14pm CST
I am a first time home buyer in southern california, recently I made a offer to buy a short sale property, the seller agent accept the offer and told us to prepare mortgage, but the damn seller agent didn't tell us the most important thing: the short sale is not approve by the seller's lender yet! Very time we ask when they can get the approval, they said all like this: almost done, don't worry, it works fine, my loan was delay 3 times already! my loan will expire again next tuesday, and we have no short approval from that seller's bank yet! I spend more than one thousand and lot of time at this thing already, and my American dream is totaly becoming a nightmare!! Home buyers please be alert of these dishonest agent!
1 person likes this
2 responses
tabsnlos
@tabsnlos (587)
• United States
9 May 09
We are dealing with a short sale also. Our agent was good with the contract =) You don't have to be spending money until the bank approves, at least that is how my agent set up the contract. Our offer has been approved by the seller, so now we wait on the bank. The bank has till May 22nd to respond, if not we can back out or redo another contract, but no money till bank approves. You might want to look for another agent, because you really don't have to dish out money yet.
foxfox
@foxfox (40)
• United States
9 May 09
You are luck to have a good agent. Did you open escrow already?
tabsnlos
@tabsnlos (587)
• United States
9 May 09
No, that was in the contract too... No money to escrow until banks approval =)
foxfox
@foxfox (40)
• United States
9 May 09
I see, thanks for your sharing, BTW, where do you live? and please make sure the seller already pay the portion of theri property tax, HOA, electric, gas and whatever fees.
KrauseHome
@KrauseHome (36447)
• United States
26 May 09
We have learned from experience as well when dealing with Real Estate agents, is too many of them are in too Big of a hurry to make $$ these days, and not really wanting to give the time and satisfaction a person really needs to have a transaction on a purchase go smoothly. I know that sometimes this can be quite frustrating for sure. But why would this cost you anything if you are not able to get this home? I thought unless an agreement is made and you're the one who backs out, that you end up owing nothing unless you have a Loan, etc. and ready to move in. Somewhere something there does not sound right, and I would be quite leary of this dealings for sure. Just remember that you need to be in charge and if things cannot work out on that place as you would like, then it might be time to find something else. Wishing you the Best.