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We have an offer in on a home that is a short sale (short sales ARE the market in my area, very few to no regular sales).
The first is with Citi the second is with National City. Both have already completed BPOs and have all of the paperwork from the seller. Citi is currently reviewing the file. National City is waiting to hear about approval from Citi and how much they will be allowing to the 2nd (National City).
I know that short sales are a lengthy process. If the first bank takes roughly 60 days to get us an answer, is it typical that the second bank would take an additional 60 days, or would it be shorter since they already have all of their information (BPO, financial packet, etc) and they are just waiting to hear from the first?
What are other people's experiences in this situation?
Last edited by wcaamyg; 12-02-2009 at 01:29 PM..
Reason: typo
Depends on the amount of loss, the reason for the hardship and the status of the loan (is it current?) and what state - was it a refi, a heloc, or purchase money 2nd?
Most of them have been able to respond within 30 days of the 1st's acceptance letter.
I don't know how mcuh the loss is or if the loan is current. We are in California and it was a purchase money 2nd. Seller is in the military and had to relocate to a different state.
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