My husband and I are 1st time homebuyers. We recently signed a contract to purchase a short sale house at $380k from my husband’s friend of 20 years. The bank approved the short sale amount of $360k. There were 2 other offers then, $385k and $395k. However, our friend signed our offer and rejected the rest.
Agent Hell 1st told us 23rd June that we would get the house by end of July. 25th June, she called us up said she would only submit the offer if we use her as our loan officer. We agreed. 27th June, she called our friend up and said she would buy the house from him at $380k and give him another $20k cash on the side, which my friend refused. 27th June late afternoon, she called my husband up and said bank rejected our offer. Our friend called the bank up and the bank said no offer was received. So our friend called her up and told her if she tried anything funny again, he’ll change agent.
Loan’s approved, went into escrow, I assume, since cheque was cashed and house off market.
Agent HELL told us the bank approved the offer but she refused to give us a copy of the approval letter.
This has been dragging on for the last 3 weeks. She had been threatening us that if we don’t let her be our loan officer, we’ll never get the house etc. She only locked in the interest rate last week and charged us 7.9%??!!! She added, “It’s not the interest rate that matters, IT IS WHETHER YOU CAN GET THE HOUSE!” My husband said just let her do it, we’ll refinance next year.
Husband went to see her today, she refused to say anything. She seems to be trying to drag out the whole thing so that the house will go into default.
We were thinking of complaining about her to the real estate association, however, everything’s not under her name—> Agent’s and loan officer’s names are other ppl’s names, not hers.
Now we don’t even know whether we would get the house and our lease to our apt is almost up.
Please kindly advise!
Thank you very much!
We did have our own agent. Agent HELL lied to him, i think, that the commission is only $5k. Our agent then decided that it’s not worth the trouble so handed all ‘rights’ over to her.
I didn’t know anything about this because my husband was the one who handled the whole thing.
Yes, I do know that verbal agreements/threats do not stand unless written, that’s why we are having such big headaches now.
I was going to complain to the local authorities about her but my husband told me that NOTHING’S UNDER HER NAME. Agent HELL is operating under someone else’s name for the loan.
This is ultra frustrating since we are trying to get out of this apt complex asap because we also have a neighbor from hell.
If she uses someone else’s name for the loan, can we still lodge a complain? We have the emails from her with loan details.
My agent called my husband and this is what he told him. “Agent HELL called him at 10am, told him she’s going to wait out now, wait till the original owner’s move out and the house go into default. Then she’ll put a lockbox on and then accept the highest offer or buy the house for herself!!!!!!!!!!”
My husband said he’s been trying to call her for the last 2 hours BUT she refused to pick up the phone.

Clarification: The agent’s name listed on the contract is not Agent HELL’s name, the loan officer’s name is not hers either.

I’m in California, this is the 1st house buying for us, that’s why we do not know what is going on.
My husband just called the Escrow company. They said that she did submit the bank’s approval letter for the sale of the house. HOWEVER, she took it back from the Escrow company last Friday after she locked us into the 7.9% interest rate, saying that there’s a 2nd approval from the bank she needs to get.
Erm…what is going on now? Agent HELL still refuses to answer the office’s phone and she offed the cell phone.

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We purchased a Short sale house on September 10th and the seller approved the sale on the 15th. We were approved by the bank and put a whooping 120,000 Down payment on the house hoping it will go faster.

The homeowner bought it for 695,000. September 20th I checked the value of the home and it was 520,000. The bank approved the offer for the house for 440,000.
Now its january 27th and we are still waiting. I checked zillow’s value of the home. ITS ONLY 410,000 now!

when will we get to move into this house that the prices has been dropping since.
The bank approved the offer back in Septemeber they took our offer because we offered the most for the house and had amazing credit. Also finding 120,000 Down payment was not easy

I put an offer on a short sale property back in April 09, listing was 118 and so there wouldn’t be any problems i put an offer at 128 including closing costs. So time drags on and finally now in Jan2k10 is when the finally send over what i thought would be the final package with everything approved. but WRONG! they counter offer with not wanting to pay ANY of the closing costs. The offer i put in was my cap i cant go any higher and i cant afford to pay for all the closing costs. Has anyone encountered this situation before? Any advice? Should i just tell the bank to stick the house where the sun don’t shine and start over?

We have already signed the escrow papers a week ago, the lender has already made payment 5 days ago and now our real estate agent and escrow is saying they need to FINAL short sale approval from bank of america in order to send it to registar in order to close so we can get our keys!!! The house has been vacant for 3 months so its not like the amount of time for escrow matters. The real estate agent says bank of america has a 72 hour hold before they approve? I have never heard of this? We are already paying mortgage for this place and we cant even get the keys.. does anyone have any advice? we keep getting the close date pushed back farther and farther and we have to be out of our apt in a few days! does anyone know anything that can help us? Thank you
we have approval from bank of america but we are being told that they must approve everything after it goes to escrow again

Hi, I’ve signed a counteroffer, The seller and buyer (me) have come to an agreement and both have signed the paperwork…yet we’re not in escrow yet! My agent says the bank has to approve the short sale and that it can be timely…its almost been a month!! How long do these things take??? I feel if the house listed at a certain price and Im purchasing it over asking price..shouldnt it be fine? Im just hoping im not wasting time waiting on this house and then it falls through…Thanks for your help anyone.

I bid on a approved short sale with two loans. I got the approval from the first bank, just waiting for the second. What is the chance of me getting the loan approved? I was told the second home loan was for $10,000 and was being negotiated. Do I have a good chance? I really like the house. any advice? thanks

The listing said subject to bank approval. The seller accepted another offer that was put in (before mine) so the contract went into attorney review. We were told by the listing agent that didn’t mean anything because the bank didn’t approve it so they were still accepting offers. My husband and I put in an offer, the listing agent said our offer was better than the first one but we still haven’t heard back from the bank, since its a short sale we weren’t expecting to hear back any time soon. I think the listing actually said pre-foreclosure too. (not sure if that’s the same?) Anyhow, I checked the listing today just for the heck of it and it says contract date 2/18/09. Called my realtor, she called the listing agent and they said even though they haven’t heard back from the bank, the first offer that went in was put through attorney review so they said even though the bank didn’t approve anything they said it was nj law that they had to list it as under contract. That sounds bizarre to me. The listing agent said that doesn’t mean the other party got the house and said again that our offer was better and it was up to the bank to decide. Does that sound correct? I want to note that we got our pre-qual letter from the same bank that the house is defaulted under. And the listing agent said our offer was higher but couldn’t say by how much. Can anyone offer insight?

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