Comments on: Buyers Beware: Homebuyer Survey Says – “Market conditions” making lender’s service worse….really? http://www.californiateachersandemployeeshomeloanprograms.com/buyers-beware-homebuyer-survey-says-market-conditions-making-lenders-service-worse-really/ Mon, 15 Mar 2010 22:56:14 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Scott Schang http://www.californiateachersandemployeeshomeloanprograms.com/buyers-beware-homebuyer-survey-says-market-conditions-making-lenders-service-worse-really/comment-page-1/#comment-1081 Scott Schang Tue, 24 Nov 2009 19:51:20 +0000 http://www.californiateachersandemployeeshomeloanprograms.com/?p=3947#comment-1081 Hi Desiree, Yes, you are not alone! Regarding your situation, it is literally three times harder to get a short sale approved when there are three lenders. I believe you have chosen the right path - I would move forward. You would be surprised how many people I have spoken to in your exact situation that ended finding a home far better than the one they were waiting for. I know this is kind of corny, but if that short sale comes through before you find another home....then I guess it was meant to be. I don't really believe in that kind of thing but I have no better way of saying it :) There is no time line for short sales, each not holder is different and they all play by their own rules. Perhaps a better approach would be to ask yourself the question of how much is enough - you are the only one that can determine when it's been too much of a hassle because the red tape and confusion you are experiencing from the short selling lenders know no bounds. Good luck, hopefully this new agent will show you a different side of the home buying process - and as always, let me know if there's anything I can help with :) Hi Desiree,

Yes, you are not alone!

Regarding your situation, it is literally three times harder to get a short sale approved when there are three lenders. I believe you have chosen the right path – I would move forward. You would be surprised how many people I have spoken to in your exact situation that ended finding a home far better than the one they were waiting for.

I know this is kind of corny, but if that short sale comes through before you find another home….then I guess it was meant to be. I don’t really believe in that kind of thing but I have no better way of saying it :)

There is no time line for short sales, each not holder is different and they all play by their own rules. Perhaps a better approach would be to ask yourself the question of how much is enough – you are the only one that can determine when it’s been too much of a hassle because the red tape and confusion you are experiencing from the short selling lenders know no bounds.

Good luck, hopefully this new agent will show you a different side of the home buying process – and as always, let me know if there’s anything I can help with :)

]]> By: Desiree Payne http://www.californiateachersandemployeeshomeloanprograms.com/buyers-beware-homebuyer-survey-says-market-conditions-making-lenders-service-worse-really/comment-page-1/#comment-1078 Desiree Payne Tue, 24 Nov 2009 17:56:51 +0000 http://www.californiateachersandemployeeshomeloanprograms.com/?p=3947#comment-1078 Thank you for this article. Helpful to know that other buyers are encountering issues and we are not the only ones experiencing some of the same issues. Being first time home buyers, and going through our first experience in purchasing a home, my husband and I have little reference to guide us through the home buying process. I hoping to get some advice from you. We are in the process of trying to purchase a short sale. The first time we sat down with our agent and submitted our offer was in early January (2009). In March we heard our offer was accepted, signed all the appropriate documents and prepared for our closing date, scheduled for the end of April. In April we completed the inspection and home appraisal. It is now December and we've since passed 4 closing dates. According to our agent he is experiencing issues with all the financial institutions involved in this short sale (Freddie Mac, Saxon Mortgage and CitiMortgage). What he is relaying to us is that it is close to impossible to get a person on the phone that has the authority to deal with our file. And then when he is finally able obtain contact he has trouble getting that individual to take the action needed to close escrow. IMy husband really wants to try to wait this short sale out. I feel that this has taken long enough, and that something is not right. I advised our agent that I do not foresee ourselves moving into 2010 still trying to purchase this short sale. As of this month I have obtained another agent and I am looking at other homes, while waiting this short sale out. My question for you is: How long is too long? Is it normal, in this current real estate market and economy, to experience so long of a delay in purchasing a short sale. In my opinion 12 months is too long. Thank you for this article. Helpful to know that other buyers are encountering issues and we are not the only ones experiencing some of the same issues. Being first time home buyers, and going through our first experience in purchasing a home, my husband and I have little reference to guide us through the home buying process.

I hoping to get some advice from you. We are in the process of trying to purchase a short sale. The first time we sat down with our agent and submitted our offer was in early January (2009). In March we heard our offer was accepted, signed all the appropriate documents and prepared for our closing date, scheduled for the end of April. In April we completed the inspection and home appraisal. It is now December and we’ve since passed 4 closing dates. According to our agent he is experiencing issues with all the financial institutions involved in this short sale (Freddie Mac, Saxon Mortgage and CitiMortgage). What he is relaying to us is that it is close to impossible to get a person on the phone that has the authority to deal with our file. And then when he is finally able obtain contact he has trouble getting that individual to take the action needed to close escrow.

IMy husband really wants to try to wait this short sale out. I feel that this has taken long enough, and that something is not right. I advised our agent that I do not foresee ourselves moving into 2010 still trying to purchase this short sale. As of this month I have obtained another agent and I am looking at other homes, while waiting this short sale out.

My question for you is: How long is too long? Is it normal, in this current real estate market and economy, to experience so long of a delay in purchasing a short sale. In my opinion 12 months is too long.

]]>