Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Long Island
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 11-11-2010, 07:40 PM
 
62 posts, read 250,501 times
Reputation: 31

Advertisements

When is a short sale put under contract in MLSLI (MLS Long Island New York)? Is it after the bank approves it or just after seller and buyer agree on an offer? Please advice. Thank you.
Reply With Quote Quick reply to this message

 
Old 11-11-2010, 08:09 PM
 
Location: NEPA
177 posts, read 312,910 times
Reputation: 115
A short sale has to be approved by the bank. Until then it's just an offer.
Reply With Quote Quick reply to this message
 
Old 11-11-2010, 11:01 PM
 
62 posts, read 250,501 times
Reputation: 31
This property also had a previous offer by another buyer 7 months ago which was rejected by the bank. so the paper work is intact and the bank is aware of the short sale. My offer is 10K higher than the rejected offer with a subtantial 20% down. What are my chances of approval and any possible time frame?
Reply With Quote Quick reply to this message
 
Old 11-11-2010, 11:37 PM
 
Location: Long Island
9,918 posts, read 23,035,914 times
Reputation: 5872
Quote:
Originally Posted by geethal View Post
When is a short sale put under contract in MLSLI (MLS Long Island New York)? Is it after the bank approves it or just after seller and buyer agree on an offer? Please advice. Thank you.
The bank won't consider an offer unless there is a fully executed contract, i.e. both Seller and Buyer have signed it.

On MLS it should show as "PBA", but often still shows as available with a notation under "remarks" that there is a contract and it is subject to bank approval.
Reply With Quote Quick reply to this message
 
Old 11-11-2010, 11:40 PM
 
Location: Long Island
9,918 posts, read 23,035,914 times
Reputation: 5872
Quote:
Originally Posted by geethal View Post
This property also had a previous offer by another buyer 7 months ago which was rejected by the bank. so the paper work is intact and the bank is aware of the short sale. My offer is 10K higher than the rejected offer with a subtantial 20% down. What are my chances of approval and any possible time frame?
There could be any number of reasons why the previous offer was rejected, including the possibility that the bank isn't convinced there is a "hardship". Being "under water" isn't reason enough by itself for a short sale to be approved...
Really not enough information to give meaningful advice :-(
Reply With Quote Quick reply to this message
 
Old 11-12-2010, 05:27 PM
 
62 posts, read 250,501 times
Reputation: 31
Default Can a bank approve a short sale offer and cancel it later may be after the appraisal?

Quote:
Originally Posted by Elke Mariotti View Post
There could be any number of reasons why the previous offer was rejected, including the possibility that the bank isn't convinced there is a "hardship". Being "under water" isn't reason enough by itself for a short sale to be approved...
Really not enough information to give meaningful advice :-(

I represent the buyer and the listing agent plans to send the short sale package to Wells Fargo. There has been already a rejected offer on the property 7 months ago. House is appraised as the same price I am offering as well. Does anyone have an estimate of the approval time frame? I called Wells Fargo Loan Mitigation dept. and according to them it's 45 to 60 days. Even after it was approved can the bank cancel it in the last minute. Agent said that's what happened to the last offer. Does anyone have a experience of a short sale with Wells Fargo? Does anyone have an idea what to expect?
Reply With Quote Quick reply to this message
 
Old 11-13-2010, 01:18 AM
 
Location: Long Island
9,918 posts, read 23,035,914 times
Reputation: 5872
Quote:
Originally Posted by geethal View Post
I represent the buyer and the listing agent plans to send the short sale package to Wells Fargo. There has been already a rejected offer on the property 7 months ago. House is appraised as the same price I am offering as well. Does anyone have an estimate of the approval time frame? I called Wells Fargo Loan Mitigation dept. and according to them it's 45 to 60 days. Even after it was approved can the bank cancel it in the last minute. Agent said that's what happened to the last offer. Does anyone have a experience of a short sale with Wells Fargo? Does anyone have an idea what to expect?
Wells Fargo is pretty good with short sales at this point; although based on what I've experienced and observed with other transactions in our office, I would say it's closer to 60-90 days. And yes, even with the bank's approval of a short sale, "stuff" can happen and the deal can fall through.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:




Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > Long Island
Similar Threads
View detailed profiles of:

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top