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Need help in NY on Short Sale

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BozWalker

Member
What is the name of your state (only U.S. law)? NY

Hi Again All, My mom has found a condo she likes and the price is right but it is a short sale. Yes this is the one with the power off and the listing agent wont even approach the bank with the offer unless my mother puts $3k down and signs a contract to buy it then they will put in the paperwork to start the 90 day process to see if they accept her offer but meanwhile 3 weeks have went by since she made the offer and the agent hasnt put it in..

my question is if this is common practice. If it takes 90 days for approval and the listing agent is holding back the offer until mom signs a buying contract to start the process after knowing for 3 weeks that she made the offer to buy....

im confused...
 


Your first step is to get in touch with the agent if you haven't already. Short sales typically move pretty fast, but it's not unheard of to see delays like this. Usually the reason an offer won't be officially put in yet is if the seller is still looking into the buyer's credit history etc. Even though it's a short sale, they still want to make sure the parties check out.

Try getting in touch with the agent and get an update.
 

BozWalker

Member
update

Your first step is to get in touch with the agent if you haven't already. Short sales typically move pretty fast, but it's not unheard of to see delays like this. Usually the reason an offer won't be officially put in yet is if the seller is still looking into the buyer's credit history etc. Even though it's a short sale, they still want to make sure the parties check out.

Try getting in touch with the agent and get an update.
Ok first not sure if i mentioned this is a cash buy all cash right up front what im concerned about is 3 weeks ago my mom signed only a disclosure about the condo and then made a bid signing a paper stating how much of a downpayment she can make and what her offer is.

The Agent has Not put the offer into the bank instead contacted the buyers lawyer who sent a contract to my moms lawyer and said she needs to sign a purchasers contract and put the money down BEFORE they even think about accepting or declining the offer...
 

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