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I hope we don't go through the same issue. The house we are in the process of purchasing is a short sale and we are a bit worried that this will take forever. I was told by the agent and the lawyers that the property only has one lender so that is usually easier to deal with. I am also hoping that the attorneys knowing each other cut's some of the squabble time out.
One lender should be faster but with multiple mortgages, I'd say be prepared to wait 3-4 months, worse case scenario.
The short sale I bid on was purchased with a mortgage and then re-fi'd twice. The last loan company is now out of business for -surprise- giving over inflated loans. So I have NO idea how long this ordeal could take but the listing agent said to be prepared to wait 60-90 days although it may be sooner. But no guarantees.
I am in week 2 of the waiting game since the seller accepted my offer and (in theory) submitted it to the bank.
We've already been waiting 3 months, how much longer can this possibly take?
Ewwww.....that's not the kind of thing I like to hear.... I know each case is different, but if you have ONE lender and have been waiting that long, I suppose it doesn't bode well for the rest of us!
First of all...good luck since you want the house. As far as looking, I think you should definitely keep looking until a signed deal is in place. With the current housing market it is possible to find an even better deal...you just never know. Just to show how a deal is not necessarily a deal. I refinanced with IndyMac in 2003 when rates were super low (I think 4.4, or maybe 4.6).We went through the whole process....we went and had a closing! After the closing, yes AFTER the closing they decided not o give us the loan! Of course rates had gone up a little. They sited a technicality with the closing company (which was who they hired!). Long story short....I sued them. We won as soon as my lawyer got NYS involved (I forget what agency)..they relented and gave us the loan. I guess they thought they could just walk all over us, and picked the wrong person. That's why I say, keep looking...it's not even over when it's over sometimes, as hard as that is to believe.
Again...good luck...and don't trust anyone. The Realtor does not work for you...only your own lawyer can properly represent you.
One lender should be faster but with multiple mortgages, I'd say be prepared to wait 3-4 months, worse case scenario.
The short sale I bid on was purchased with a mortgage and then re-fi'd twice. The last loan company is now out of business for -surprise- giving over inflated loans. So I have NO idea how long this ordeal could take but the listing agent said to be prepared to wait 60-90 days although it may be sooner. But no guarantees.
I am in week 2 of the waiting game since the seller accepted my offer and (in theory) submitted it to the bank.
Well they have 2 mortgages, could that be why it's taking longer?
Yes, a second mortgage with a different lender can definitely hold things up!
Depending on the shortfall for the first lender, if they offered $5K, that may be their max offer. Sometimes they will agree to give up to 10% to the second lender, but often is't only a $1,000 amount - again depending on the shortfall. So $5,000 sounds like a pretty good deal for a second lien holder (glad it's not me, though LOL).
Question: How much experience does your attorney have with short sales? That too can make a difference.
Question: How much experience does your attorney have with short sales? That too can make a difference.
Well here in Youngstown, Ohio, there is no involvement of attorneys. It's just buyer's realtor -to- seller's realtor. That always throws me off when I hear of people talking about their attorneys in all of this. wEIrD
I think every forum is the Simon-LongIsland forum (or LongIsland-Simon if you prefer)
Hahaha!
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I know each case is different, but if you have ONE lender and have been waiting that long, I suppose it doesn't bode well for the rest of us!
