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If your agent has been assured by the listing agent that a 3 week turn around is possible, it may be. I'm sure you hope so!!
That said, 'don't sent out your laundry'. The most I can say is hope but don't plan on 3 weeks!
Best wishes!
Got a call from our loan officer (also happens to be my aunt). She spoke with the Realtor for the other side and asked if the seller was pre-approved for the short sale. The listing agent said "no". Because the banks wont even consider a short sale without an offer.
However, my aunt said that is BS. That the paperwork should be in first. The banks prefer it that way? So, anyway, she said to prepare for a long and drawn out ordeal.
I guess the 3 weeks was a pipe dream anyway. Thankfully, I did my homework and came to expect as much. Oy.
Got a call from our loan officer (also happens to be my aunt). She spoke with the Realtor for the other side and asked if the seller was pre-approved for the short sale. The listing agent said "no". Because the banks wont even consider a short sale without an offer.
However, my aunt said that is BS. That the paperwork should be in first. The banks prefer it that way? So, anyway, she said to prepare for a long and drawn out ordeal.
I guess the 3 weeks was a pipe dream anyway. Thankfully, I did my homework and came to expect as much. Oy.
The listing agent is correct, most banks will need an offer to start processing a short sale. And that is a big reason why an agent can't guarantee how long it will take. 3 weeks is extremely optimistic unless the bank had a previous offer that started the process.
The listing agent is correct, most banks will need an offer to start processing a short sale. And that is a big reason why an agent can't guarantee how long it will take. 3 weeks is extremely optimistic unless the bank had a previous offer that started the process.
And maybe that's the case? I've never heard of a pre-approved short sale. Does it happen?
And maybe that's the case? I've never heard of a pre-approved short sale. Does it happen?
Agents will advertise homes as "approved" or "pre-approved" if a previous buyer fell out and it was far enough along that the bank gave them a price they would accept. Then you could step in and offer the "approved" price to hopefully close faster. However, some banks may still reset and start the process over again.
Was the BPO already done on the home? Did a previous buyer walk and the loss mitigator already reviewed the file? If so, you have a chance. If not, it's not going to happen. We offered $15K over asking on a short, that was already approved. We gave the relator 2 weeks to get an asnwer and she was sure she could. We got the approval on the last day, but the lender could not get clear title in 45 days. We walked! Short sales offer a nice discount, but they are a real headache to say the least. Bedroom promises my friend. The agents lie, the banks don't know what they are doing, people singing off deeds they have no authority to sign and so on.
I know a guy bought a bank repo cash, found out 4 weeks later there was a $77,000 lien on the home! He's screwed as the title insurance company excluded muni liens.
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