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So my buyer clients put an offer on a short sale back in the beginning of April. Listing agent insisted it wouldn't take as long as a normal short sale. The 2nd lien had already been negotiated. Well its now August and still no approval. We have been told we are waiting on the investor and the deal is currently in 'audit'. Anyone had a prior experience with this? How long did it take to get out of audit. We are running out of patience.
My last short sale was Chase. I had two morons and then a wonderful guy that ran it though without anymore pain. That is the real issue - who is the Chase person? (Don't answer me - it was rhetorical)
Its an FHA loan. I have heard plenty of horror stories about Chase. Just wondering if anyone heard of the approval documents being with 'audit' and how long after being in an audit, the approval was given.
We finally got our approval from the bank on the offer. I would say it took about 2 weeks to get out of the audit. Should be able to close next week. It took about 5 months to close on this short sale from the date we made the offer. I have heard of a lot worse!
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