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08-05-2012, 03:05 PM
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Quick Shortsale
I've read these forums for a long time, a lot of research has gone into a lot of things. The wife and I made an offer on short sale 3 weeks ago. It is one lien short sale through BOA. We offered a bit less then what the owner was asking, they accepted and then this past friday we got a acceptance letter from the bank. Home inspection is set for tomorrow, hopefully everything all goes well. I was really expecting this to be a long experience by everything I have read and was ready for the wait. Looks like i am one of the lucky ones in this process.... thats if no hurdles pop up
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08-05-2012, 03:16 PM
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2,068 posts, read 2,204,469 times
Reputation: 1009
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2. No secondary lien holders
3. No secondary lien holders who took out insurance
4. Distress sellers probably truly were broke
5. Distress sellers probably didn't do any cash out/home equity ATM transactions.
So yep. Some short sales can be fast.
Unfortunately many short sales involve some of the above I mentioned.
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08-05-2012, 03:29 PM
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Location: The Triad (nc)
11,299 posts, read 7,423,568 times
Reputation: 8251
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quick shortsale = oxymoron
(n. A figure of speech in which apparently contradictory terms appear in conjunction)
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08-06-2012, 10:36 AM
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82 posts, read 30,789 times
Reputation: 65
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Congratulations! It sounds like you beat the odds!
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08-06-2012, 12:01 PM
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Location: Baltimore
1,404 posts, read 1,225,026 times
Reputation: 692
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If it closes, you ought to buy the list agent a drink for getting everything done on the front end expeditiously.
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08-07-2012, 02:04 PM
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Location: Philadelphia
229 posts, read 261,578 times
Reputation: 150
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It is possible that it is a cooperative short sale where everything is done ahead of time with the bank. BOA is really on top of them. In this kind of short sale, the borrower contacts the bank and request a coop short sale. If they meet the requirements they get all the paperwork together, the bank gives them a list of agents that have done short sales with them, the bank orders an appraisal and sets the price that they are willing to take from that appraisal. They communicate the price to the agent who then puts in on the market for the price. It is a very clean process. I had an approval 8 days after submitting an offer to them.
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08-08-2012, 11:46 AM
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From what I am aware this was not a coop short sale, also home inspection went well, the usual minor things it seemed, and looks like will be closing end of the month.
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