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About 3 1/2 months ago my wife and I put an offer in on a short sale. Almost immediately, the offer was accepted by the sellers and was forwarded to the bank for approval. In the interim, we have received many empty promises as to when we should hear an answer. Most recently we were told by the seller's agent that we would have an answer in 2 or 3 more weeks because the bank just assigned a different negotiator to the case (why they needed a different one, I don't know).
The biggest problem is not only can we not get any info from the bank (which we expected), but the sellers agent won't reveal any info about the sellers, such as whether they submitted all the necessary paperwork and such. The only thing we know is that they are going through a divorce and arent' on speaking terms.
The offer we put on the house was a very good one for both us and the bank in my opinion, so I'm just trying to figure out what the hold up could be. Does anyone have suggestions / advice?
It could be ANYTHING.... and most likely its just because your file is sitting on someones desk and they haven't gotten to it yet. We are scheduled to close on a short sale by the 29th of this month. Which is.... 6 month, 2 negotiators, and one extension of our closing date later (originally was meant to be the 15th, but the bank messed up on the wording of approval letter and we had to sit around and wait for them to fix it.)
From about 2 months in we have heard "we should have an answer by next week".... we just started ignoring those empty promises and kept looking at different houses. We were just about to expand our search and look in a different city to find something new when the approval came in that very day... SO... keep looking. If you find something else thats even better, Great! If not... you can keeping waiting. :-)
Many short sales are getting approved quicker and quicker. Typical hang ups are incomplete files. If the seller sends things, but not everything, bottom of the pile it goes... The listing agents needs to know exactly what needs to be in the package and send it all at once.
Approval to Participate is the FHA loan version of acceptance into the program, the contract has to be compared to the value and sent to FHA for review.
Just got word from the listing agent that we are approved pending him submitting a few addendums. They have given us a settlement date of 10/19. I'll keep you guys posted.
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