Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
Can the buyer contact the bank regarding the status of a short sale?
I submitted an offer two months ago and the seller agreed. The sellers agent has been communicative and has let me know, through my agent, that she has been told the next step is 'counter offer.' A friend told me that their friend bought a short sale and had to constantly call the bank for updates. I'm wondering if I can contact the bank as well in an attempt to speed up the process.
I don't believe I have to worry about additional offers as the sellers agent removed the multiple offer clause from the contract prior to signing and moved the MLS to pending.
4 Answers
- LandlordLv 71 decade agoFavorite Answer
The bank can not legally discuss the sale with you at all, they have to refer you (if you could even get through to anyone who knows) to the agent handling the sale.
- cactusgeneLv 71 decade ago
Yes you can contact the bank, but not directly, but rather thru the agent who brought the offer to the bank. You can attach a 14 day deadline, but expect that most of these offers will be declined right off the bat, often because the loan was sold and resold to investors long ago. However, you can continue shopping though yourself for other properties. If you find a better deal, you cancel the first deal, because you are not in contract until the bank accepted your offer AND that acceptance was communicated to you.
- LeighLv 71 decade ago
Unless this house is the steal of the century, I wouldn't sit around waiting for months for an answer. I'd decide what the most you are willing to pay for the house is, and submit another offer to the bank with a DEADLINE of 14 days (if you were dealing with a private sale, your deadline would likely be 3 days or less for refusal, counter, or acceptance). I wouldn't mess around with it, personally-I'd keep on shopping if they won't move faster than that (they are waiting for a better offer to come along from someone else after all this time).
- acermillLv 71 decade ago
You're wasting your time trying to contact the seller's lender. The more you annoy the lender with persistence, the less apt is the person on the other end to approve your offer. Let the sellers and their agent handle that part of your offer.