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08-09-2009, 05:06 PM #1
Renter
- Join Date
- Aug 2009
- Posts
- 1
Short Sale
I recently put in an offer on a house that is subject to third party approval. We are one month into the process but the only information we get is from the sellers agent.
My question is can my agent contact the bank and inquire about the house or do we have to let the sellers agent do all the talking with the bank. I have been told that it is unethical for the buyers agent to talk with the bank. Is this true?
Thanks
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08-09-2009, 07:13 PM #2
Renter
- Join Date
- Aug 2009
- Posts
- 1
you can try, however my experience is the bank will not speak with you unless the owner has given YOU approval to speak to the bank. this would mean talking directy to the Sellers agents clients and that could be a problem in a number of different ways. I've waited months at times and at times they closed and at other times they went to foreclosure...cross your fingers.
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08-09-2009, 10:17 PM #3
Fixer Upper
- Join Date
- Oct 2006
- Location
- Las Vegas, NV
- Posts
- 50
The only way someone can speak with the seller's lender about their loan is only if that person has a signed 3rd party authorization sent into the bank. This is what is required for the seller's agent to even speak with the bank as well. I highly doubt the seller or their agent would be willing to allow you to get authorization to speak to their lender. There are several reasons why. First, their loan information is very private. Second, you could accidentally say something to mess up the short sale in process. Third, you could just make things more confusing for everyone.
Let the seller's agent do their job and gain the info that is needed. Your agent can always ask the seller's agent to contact the bank and get a current update from them at anytime. I list and sell a lot of short sales and I try to give frequent updates to the buyer's agent involved in the transaction. I am very aggressive with the banks though. I call them constantly to get updates and push the process along as fast as possible.
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