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Well, it has been 3 weeks now since we put our offer in on a property that was listed as a short sale and we're still waiting to hear back from the bank.
From everything I've read on this site, I knew that short sales could take up to a month if not more before you get response. That doesn't sound like a long time until *you* are the one kept waiting.
Sigh... this feels like we've been waiting forever!!
Anyone here had any luck with short sales that took less then a month to hear back from the bank?
Depending upon the lender it could be 3 months or more.
Countrywide will not look at any offers until after a home has been on the market 3 months (at least this is what one person there told me) so if you make an offer soon after something is listed you would have to wait and wait and wait.
Each lender is different and if there is no one calling the person handling it and keeping after them it could take longer.
In our MLS only 10% of the short sales will actually close the rest end up foreclosing.
yes Jedi. working one right now. We heard back from the bank within 1 to 2 weeks, right after the appraisal was done (took a week for the appraisal). the bank countered to the offer(s), one has survived and is now at the MI (mortg. insurer i.e. fannie mae, freddie mac) to review and bless. It has been with them for just over a week and the bank said up to 3 weeks due to their backlog. But we call and check up on it all the time.
Find out if a) the BPO (brokers price opinion) or appraisal has been done; b) find out whether the lender has reviewed or not; c) or is it at the MI?
Also, my broker closed one about a month ago IN THREE WEEKS, START TO FINISH. I know, I was amazed!! And he had the seller.
We just put an offer in yesterday on a short sale. Hopefully it won't take 3 months. It only has one mortgage so that should help but the seller is being very private and won't give her agent authorization to contact the bank. The seller wants to do all of that herself. I hope this doesn't cause problems and that she is just being private and it isn't something else that could cause problems. I figure that we won't see too many new listings before January anyway so we might as well wait out this one for a few weeks and see how it goes. Good luck to you and wish us luck!
No bank involvement with agent is not a good sign ...
Quote:
Originally Posted by Bridget
We just put an offer in yesterday on a short sale. Hopefully it won't take 3 months. It only has one mortgage so that should help but the seller is being very private and won't give her agent authorization to contact the bank. The seller wants to do all of that herself. I hope this doesn't cause problems and that she is just being private and it isn't something else that could cause problems. I figure that we won't see too many new listings before January anyway so we might as well wait out this one for a few weeks and see how it goes. Good luck to you and wish us luck!
Unless the seller is some kind of super insider I would not feel good about this situation. Banks make decisions about short sales based on what is the best outcome for THE BANK, not the potential buyer (you) or the upside down seller. Basically the lender needs to believe that they have gotten every last cent out of the borrower/lender that they will ever see, and that the potential buyer is the ONLY WAY to minimize the loss to the lender.
As real estate agents spend A LOT MORE TIME with the pool of buyers and sellers than pretty much any bank, it is generally helpful when the agent is working to get the complete picture communicated to the lender...
Possible that the seller has an inside line, but I would not pin my hopes on it...
Seems like another 30 days till we hear anything back. So we wait and wait.
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No bank involvement with agent is not a good sign ...
