How do I Know My Short Sale Offer was Submitted to the Bank?

How do I Know My Short Sale Offer was Submitted to the Bank?

 

The truth is you may not know.  However, an agent has a fiduciary responsibility to you and to act in an ethical manner on any and

all real estate transactions.  Being ethical is the crux of this dilemma many buyers face with their Real Estate Agents.  Is the listing agent behaving in good faith and submitting all  short sale offers to the bank…or are they holding ones where they do not represent the buyers?!

We expect the real estate profession to be above board here.  Realize also that the seller may not be willing to sign off on the offer because they feel it is too low in price or the contingencies placed on the sale by the buyer are unacceptable to them.  It takes more than the short sale price sometimes to make an offer attractive to the seller…i.e, what contingencies are also placed with the offer, number of days to close, amount of dollar deposit put down on the offer, number of days the buyer will wait for short sale approval letter and dollar amount financed.

First and foremost work with a reputable short sale real estate agent to represent you.

One who has a track record of knowing and understanding the short sale process.  Do not go it alone in this process.  Representation is no cost to the buyer and will ensure financial protection in this process.

Secondly, request that your short sale real estate agent is copied on all corresponding emails to the bank so they can track the progress and know that the offer is moving and was submitted to the buyers lender.

As a North Kingstown short sale agent, my legal team is on top of all short sale transactions to ensure they are moving within the wheel cogs of the Bank and ensure no glitches occur.

Thirdly, the bank may have a bottom line dollar number (or the banks if there are multiple loans on the real estate in question) that they will accept.

Knowing this amount will give you more information in this process.

 

There is more to submitting a short sale offer than the piece of paper and earnest money it is submitted on.  Call Ginny Lacey Gorman today for more on short sales in Rhode Island real estate at 401.529.7849.

 

How do I Know My Short Sale Offer was Submitted to the Bank? 

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 Ginny Lacey Gorman is your go to North Kingstown real estate agent for real estate in North Kingstown RI and beyond…knowing the geographic area, schools, happenings, important tidbits of information and businesses well.

 As a North Kingstown short sale agent, if you are having trouble paying your mortgage contact Ginny to help you through the short sale process successfully. 

  Waterfront, oceanfront, luxury and coastal RI real estate are my specialty but all of RI is my backyard.  When you are in need of a good professional for your buying and selling needs and an internet savvy marketer who sells RI houses in this real estate market – call Ginny at 401.529.7849.