[quote author="Geotpf" date=1251339959][quote author="IrvineRealtor" date=1251331505][quote author="HomeBeggar" date=1251329898]Question along the same lines! I have a situation where the short sale was approved for a different buyer. By the time the bank(s) got back to them with a "yes", that buyer had moved on. Imagine that, after months of waiting! So just before the bank approved the offer, we put a bid at just higher than what was approved. <span style="color: blue;"><strong>The listing agent had us rewrite our offer to lower it,</strong></span> match the terms and credits on the offer, and submit. The "sellers" signed it right away, and it went to the bank for approval. The listing agent said optimistically, we could get a response (hopefully positive - should be?!) within a week. Well, it's been 4 weeks now! What should I expect? Anything?! My agent tells us he really does expect good news, just that we have to wait this one out. In the meanwhile we are still looking and bidding others, but we do like this place...
THanks IHB! I've appreciated your posts and forums tremendously.</blockquote>
This happens quite a bit. The two main reasons for short sales failing are that the home does not come in at value or that the buyers have moved on by the time the bank gets back to everyone.
Sounds like you are already aware of this, though, as you are bidding on other places.
The part in blue above is proof that corruption is still alive and well in the industry, and is also why the banks do not trust any of the realtors.
-IR2</blockquote>
Maybe the point in blue was done to speed things along? That is, since the price and conditions were already approved, a change in the person making the offer requires less review on the bank's end and less time than a change in the terms, even if those new terms were favorable towards the bank, therefore increasing the likelyhood of sale.
That is, let's say it takes four months starting from scratch but only one month if not. The chances of the buyer (HomeBeggar in this case) moving on in four months is much more than if the wait was only one month.</blockquote>
In your opinion, whose decision should it be to make that recommendation? The agent's or the bank's?