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Approved Short Sale My wife and I have put an offer in on a house that's advertised as short sale being approved.
We offered the listing price on 08/17. The seller agreed, as per the process I had to prequal with their Mortgage lender. The offer was forwarded to seller's lender(s) - maybe two on 09/16. We got verbal acceptance of the offer saying that they got an approval from 2nd lender on 09/17. Now they are waiting for first lender to come back. The house is on market for 112 days now. We're still waiting for the written acceptance of our offer. On Friday (09/10) we were also given a form to sign from their lender, basically a Short Sale Contract Addendum.
Any ideas on how much longer this is could take? I know the short sale process can be a long one, but I thought that was typically when the price/short sale hadn't yet been approved.
We are getting anxious! LOL
Last edited by anbad01; 09-18-2009 at 11:05 AM..
Reason: Spell check..
Great answer. There is no standard time and even "approved" short sale offers are hit and miss. Was the list price the "approved" price? If not, then the bank will have to re-evaluate. Did both lenders agree to the "approved" sale? If not, more time. How long ago did they approve - market changes may prompt another review. Nothing is certain in a short sale. Good luck.
On this short sale - the list price was the "approved" price. It was approved a week ago (09/11). The first buyer walked away since it took them almost 5 months to get the short sale approved. We were the first backup.
It may go quicker, but don't expect to close tomorrow. Just have everything ready on your end (financing, ability to work on the lenders schedule, etc..)
Ok..things are moving. We just singned Affidavit of ARM length transaction, Closing date extn, contract addendum and Short Sale Buyer Fee agreement forms. Buyers and Broker/Agents have also signed it. What next? How long it should take for listing agent to get the final approval from the lender? I know for sure that we will be able to close in a month after everybody signs.
Last edited by anbad01; 09-22-2009 at 03:38 PM..
Reason: ""
We got so relieved when we got a GOOD NEWS today! Finally, Lender approved our contract ..we should be able to close before end of next month. I still can't believe we will be getting this house.........so one more short sale success story. I guess patience and persistence pays off after all
Congrats to you!! I hope our ending is similar to yours
We are on Day 36 or 37 of waiting after our offer (accepted by seller) was submitted to the bank (around 8/24). All signs were encouraging at first-- seller's agent is an extremely nice guy and has successfully closed several short sales this year; Only dealing with one bank, and kept hearing that they wanted to "streamline" everything; The bank ordered their appraisal almost immediately and the word was that the results of that were no surprise (in our favor). Now it's just the waiting game. Seller's agent told us about 10 days ago that he hopes to hear within 2 more weeks, so that would put us at the end of this week.
We also had a somewhat unorthodox situation where we have already completed a Purchase & Sale Agreement with seller, at request of the bank (also submitted around 8/24). Our RE attorney worked with them to allow us to get an inspection after short sale approval, so we don't have to put any more money in until approval. So we're good to go right away if hear back.
I really hope we hear soon-- we're at the point right now where we need to move towards closing soon, with the $8k 1st-timers credit expiring soon (I hope they extend it!!!!). We've continued looking and have found two which could be suitable, but certainly don't like them nearly as much as this place! Going to be a hard decision if we have to bail on the short sale-- I'm almost inclined to say screw the tax credit because this place was far and away the best, but who knows how long we'll be waiting
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Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
. There is no standard time and even "approved" short sale offers are hit and miss. Was the list price the "approved" price? If not, then the bank will have to re-evaluate. Did both lenders agree to the "approved" sale? If not, more time. How long ago did they approve - market changes may prompt another review. Nothing is certain in a short sale. Good luck.
