Short sale seems to be moving along

[Chickrae]

We also closed on our short sale last Thursday. I still can't believe we got the home. From start to finish Dec 9 through Jan 29th, so not too bad in "short sale time". We were out of state which made everything much more difficult.

[batmanwcm]

Congratulations Chickrae! I'm also in the shortsale buying process and waiting for bank approval. We went into contract at the end of December and now we are just playing the waiting game. One problem is that the owner has 2 mortgages and so it'll be harder to negotiate.

[Braunwyn]

I got word today that it will take another week or two to get an answer on our offer based on the appraisal done last thurs.

[Chickrae]

Originally Posted by batmanwcm

Congratulations Chickrae! I'm also in the shortsale buying process and waiting for bank approval. We went into contract at the end of December and now we are just playing the waiting game. One problem is that the owner has 2 mortgages and so it'll be harder to negotiate.

Ours had two mortgages too and after we did the offer, a month later the bank that had the first mortgage wanted 1,000 more. We thought, well we aren't going to lose the deal for just 1,000 so we agreed. I asked well what about the bank with the second mortgage. Our agent said they were ok with it. Then the day we closed we noticed they had posted a public auction notice on the window. It never happened of course but the 2nd mortgage bank is the one that posted the auction notice (so we were told) It all doesn't make sense to me, but we got the house

[Eileen48]

Well we got tired of waiting for the approval on the short sale and found something else, which was nicer. It was not a short sale but already bank owned. Got it for less than the short sale would have been and will close at the end of the month. Something really should be done through legislation that prohibits a bank from taking their time in approving short sales. There should be a time limit. Good luck on anyone else who is going this route.