Q: I am purchasing a short sale that is supposed to close in two days. I have wired my funds to the Escrow?s bank. The Short Sale seller?s agent still has the property listed taking backup offers. This agent appears to be purposely delaying the completion of forms so that the bank will not get all the funding conditions required in the remaining 2 days. The short sale agent is not returning phone calls from my agent nor escrow. All throughout this purchase, the short sale seller?s agent has caused repeated delays in completion of all the required documents.
?Anonymous, Riverside, CA
A: It?s understandable for you to be anxious about your upcoming closing. It is not uncommon for delays in the process, nor is it uncommon for backup offers to come in behind yours, especially with the current changes in the market.
Focus on the things you can control:
a. Contact your financial institution (online, in person, or on the phone) to confirm that the funds have been processed (into the correct account).
b. Contact your Agent and ask to make sure that all of your paperwork is in order.
c. Contact your Closing Attorney and ask if they have everything and/or if they are waiting on anything from you (or your representatives).
d. If all of your paperwork is in order and you haven?t done anything (like recently buying a car) that would affect your credit, then everything ?should? fall into place. So, relax!
If you still find yourself suffering from pent up anxiety, then divert your energy towards something positive. Like packing! Go get some boxes and pack up all the stuff in the kitchen (if you haven?t already). With just a few hours until ?closing?, you could feasibly be moving into your new home this weekend (or Monday?). Leave the bare minimum unpacked and pack the rest. Chances are you will need either 1 placesetting for each family member, or a pack of paper plates, but you probably can pack up the gravy boat. So, instead of fretting? use your energy to prepare for your move.
BTW, Congratulations! I hope you (and your family) are able to build memories that last a lifetime and turn your new house into a home. El
El Brant Wilmington, NC
El Brant is a Realtor? with Wilkinson & Associates Real Estate in Wilmington, NC.
A: Dear CA Short Sale Buyer, This situation is beyond the scope of a Realtors experience and into the field of Real Estate Law. I would recommend you work with a professional trained to answer this question by hiring a Real Estate Attorney.
Dorene Slavitz is a Realtor? with The Real Estate Group in Culver City, CA and Torrance, CA.
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