Short Sale agents exaggerating their ability to close deals

[Bienes Raices]

I put in an offer on a promising property and the SS listing agent told me that they had a great, aggressive negotiator (attorney) and could probably close in 45 days. I thought this was overly optimistic but I went ahead and the seller accepted the offer.

Three months passed. I called and she said they everything was set and we could close in three weeks...two weeks went by--sound of crickets chirping....

Every time I called thereafter there was a glib, ready-made excuse ("the bank just needs to order another BPO", "they've got a new processor, things should go faster now").

It's now been five months since the seller accepted and...still waiting. Yes, I know: shame on me for ever believing anything they said in the first place. But I would rather deal with someone who just says "I don't know how long it's going to take" instead of just making things up.

When the listing (or the agent) says that a negotiator has been assigned, does that really mean anything in terms of closing faster? Or is time on the market or an already approved price the only thing that can be counted on?

[Jason Grote]

Really, it means nothing in the sense of days till you can close. What it does mean is that the listing agent has a listing agreement, a signed and faxed 3rd party authorization, the bank has done an initial review, and there has been an initial outreach to the seller. When it comes to short sales, he or she who has the most patience wins. Experienced short sale agents will typically shoot you straight because they do not want to be hounded. The inexperienced buy into much false hope with the timing of the bank's performance and pass that false hope to you the buyer!