how often?

How often do you speak to your real estate agent while waiting to hear back from the bank? Once a week? Once every 2 weeks?? We submitted an offer on a short sale and I know it can be a long process and I dont want to be a pain by keep calling?

Re: how often?

um we spoke to ours daily

Re: how often?

on a short sale- every 2 weeks is good

I list and sell many short sales- if there is an update I generally tell the buyer or seller with out them asking

there is not much we can do to make the bank go faster- it depends on so many factors beyond on control

the bank, the processor, the investor who owns the loan- there are MANY people who are involved in the transacation

also- do yourself a favor- and don't "threaten to walk" if you are getting answers quick enough- the bank doesn't care - they aren't going to work faster

we all work as fast as the bank will go- I would say each of my files is touched daily or every other day by my short sale processor (not the bank processor)

we all only get paid when it closes- so nobody has any reason to not work as fast as we can

good luck- I know it's a long, painful process- but remember you are asking the investor (not the bank) to take a huge loss on an investment they expected a nice return on- so don't expect them to be all giddy and quickly accept the loss!

Re: how often?

also - are you in contract on the property?

or did they just send "offers" to the bank?

I personally only send 1 contract to the bank- so if you put in an offer on one of my properties- consider it accepted b/c of the way I do them- we will fight the bank on value and get the deal done-

if the listing agent is sending offers- I would honestly walk away-

your agent should have asked all these questions a head of time and advised you

the most important thing to know about short sales is that there are no rules

any agent can take one- but VERY few can get them closed- before I sell anyone elses short sale I spend at least 20 mins asking them certain questions to see if they have a clue- I still can't believe some of the answers I have gotten from people with broker lic

Re: how often?

Thanks for all the info Beth!
From what we understand---The people are getting a divorce, wife has submitted all the proper paperwork..husband has not. House had been abandoned by husband and wife a year ago but the teenage son lived there alone and distroyed the property,took walls down..holes all over in sheetrock..it is a big mess. There are 3 other offers on the property, all from investors. We were told only 1 offer goes to the bank(highest), and we think we are the highest at this point. We are under the impression that once the husband submits the paperwork then our offer is submitted to the bank. We own currently and are going to rent our place out, bc we cannot get what we want for our place. If this was to ttake a year to go foward, I think it is worth the wait. We really love the neighborhood and the house has alot of potential. We have a place to live currently so we dont really mind the wait. thanks for the reply again!