Short Sale repeat

[Anonymous]

Hi All:

Quick question... I'm buying a short sale house. We are nine weeks into it. The bank (Tristar I think) has made the seller submit paperwork over and over again (three times). The listing agent just told us that they asked her to upload the offer I submitted. Should I take this as a sign that things might actually be moving forward and hope this thing will actually be done in two months or does this basically mean nothing more than getting paperwork together? It's been nine weeks of hearing NOTHING from the bank and frustrating to know they hadn't even looked at the offer until today. Will it go even slower once they assign it to a negotiator?

[Anonymous]

Also the short sale bank is called Nation Star. Anyone heard of these people?

[Anonymous]

I suppose it doesn't matter anyhow. I was looking at a new MLS listing and it seems that the house has gone to auction. Nice.

[StartingOver10]

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@Anonymous wrote:
I suppose it doesn't matter anyhow. I was looking at a new MLS listing and it seems that the house has gone to auction. Nice.

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Look for another property

For furture reference if the paperwork isn't completed and uploaded to the lender within a week of the seller signing, that is the sign of a problem in the deal. The lenders usually use Equator and all the paperwork is uploaded through that system. Nationstar is the servicer for many short sales.

Remember even though the property is offered as a short sale - the forclosure continues on its course during the short sale process. Whichever gets there first - f/c or closing of short sale - 'wins' the property.  Unfortunately the servicer can tip the scales either way. They can drag out the short sale process to make sure the property is foreclosed or they can speed up the short sale process to have it close prior to the foreclosure sale. I have seen it both ways but frankly in this market now the lenders servicers are pushing foreclosures rather than short sales at this time (at least in my area).

[Anonymous]

Hi there; thanks for response. The paperwork was uploaded the day the seller selected my offer but the bank made them redo it so it was on their paperwork then again for whatever reason and then they asked for my offer to be uploaded again and then the house went to auction. I thought I was being prudent by selecting a short sale with the package already completed haha.

[VanRickets]

I short-saled my home, with a contract signed in September 2011.  It closed a year later.  Everything was uploaded through Equator & mortgage was held by Bank of America. They were back-logged at the time.  Things might be better now.