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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.
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?
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.
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 :-(
Can a bank approve a short sale offer and cancel it later may be after the appraisal?
Quote:
Originally Posted by Elke Mariotti
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?
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.
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