My broker (a relative) keeps assuring me that she knows what she is doing - but after asking her about buyers being able to walk because thier offers have expired before CW has even assigned anyone to our case, she stated that no deposits were put into escrow since mortgage company had not agreed to SS contract. All are free to walk.
IS THIS RIGHT? :banghead
Don’t you need a deposit to show it is a legitimate offer to submit?
I just don’t see why any of the buyer would stick around with FMV continuing to drop, especially since they don’t even have a deposit in escrow :shocked
At least CW left a message today saying they received our contract and would be sending out an appraiser shortly (appraiser to contact us within 5 days). Does this mean we have a case worker now?
I am SO done with the whole thing - just can’t spend money on attorney to over see that this is done right.
I thought deposit was a no brainer :help
That is correct, no deposit is put into escrow until an approval has been received. Remember these are short sales, not like Reo’s or traditional transactions. With short sales, it’s on the bank - it’s not a done deal until they say it is. A deposit does not seal the deal in this case and most buyers will not put in the deposit knowing the ss has not yet been approved. They money could be sitting there (or will be) sitting there for months. Worst case scenario is to ask for a refundable deposit but no one will pay it.
Sounds like your case has finally been assigned to a Mitigator - BPO on it’s way 
- just stick with it. Continue to market the property and review back up contracts that come in. 9 x’s out of 10 the original buyer will walk (especialy with countrywide deals) always have back up. or :flush
Ok, thanks for the info- this has been a rocky road to say the least.
We were just going to allow foreclosure to occur and she talked us into listing with her as a short sale.
Didn’t seem worth saving a few credit points we just finished chapt 7 bk, our credit is shot anyways. Real pain showing the house because we have a yappy dog that my neighbor has to go remove from the home for each showing so as not to drive out any potential buyers!
Just tired of double checking everything - especailly since she wasn’t even working on the 2nd since they told her they just sit back and wait till CW tells them what they will offer.