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Just got written approval to close the short sale by 7/31/13. Our lender needs at least 30-45 days to close but we only have until 7/31 so that's only 3 weeks. Can it be done??? It's going to foreclosure sale on Aug 5th!
If your lender "needs" 30-45 days, you need a different lender. This isn't 2009-2010 anymore. Loans don't take 30-45 days anymore. They can be done in under 21 days if you have a lender on the ball.
At the bank, a short sale dept doesn't talk to the foreclosure dept. We are talking thousands of employees. Paperwork can be filed with the foreclosure dept to delay the action, but dont count on the short sale dept to help you with it. A lawyer (or maybe even a realtor) familiar with this process can help.
Banks don't want to foreclose with a pending sale, have your lawyer handle it.
Don't count on it. The house we bought was a foreclosure. At the time of foreclosure, there was another buyer awaiting approval for a short sale, for $18,000 higher than the listing price after foreclosure. Go figure.
If your lender "needs" 30-45 days, you need a different lender. This isn't 2009-2010 anymore. Loans don't take 30-45 days anymore. They can be done in under 21 days if you have a lender on the ball.
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