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Old 05-11-2011, 02:50 PM
 
Location: Rancho Cucamonga
34 posts, read 105,666 times
Reputation: 21

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Unfortunately there is no easy way to speed up the short sale process. The banks are so overwhelmed right now that most short sales are taking a minimum of 45-60 days for approval (and that's considered fast). Bank of America has acutally been working to streamline their process, but they are still working out the kinks so try to be patient. Unfortunately, there isn't much your agent will be able to do to speed things up; however they should be trying to get regular updates from the listing agent.

This website is from the National Association of Realtors and gives some helpful information about short sales. Short Sales: The Basics for REALTORS from the National Association of Realtors (http://www.realtor.org/realtors/basics_short_sales?wt.mc_id=rd0041 - broken link)

Good luck with getting the bank's approval!
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Old 05-11-2011, 02:56 PM
 
Location: Kountze, Texas
1,013 posts, read 1,425,216 times
Reputation: 1277
Thanks Dena - We actually have made another offer on a different house - corporate owned. hopefully will hear something soon.
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Old 05-11-2011, 03:00 PM
 
Location: Rancho Cucamonga
34 posts, read 105,666 times
Reputation: 21
Oh good luck! Those are much easier to close if your offer is accepted. I'll cross my fingers for you guys.
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Old 05-14-2011, 08:56 AM
 
Location: Kountze, Texas
1,013 posts, read 1,425,216 times
Reputation: 1277
Thanks Dena - the crossed fingers worked!!! Our offer was accepted Thursday!!
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Old 05-17-2011, 06:33 PM
 
Location: Over There
402 posts, read 1,407,886 times
Reputation: 779
Quote:
Originally Posted by House4kids View Post
yeah - i figured that - and yes - it is Bank of America. so shoot me now. But Thank you anyway.
Have both real estate agents stay on top of things. It can be done quickly (less than 2 months) if people don't lag. Push the inspectors and verify that both banks (BofA and whomever you are financing through) have everything that they want/need.

We bought a "short sale" (from Bank of America) at full asking price and here is what the timeline looked like:

From our offer to bank acceptance: one month.
From bank acceptance to close of escrow: six weeks.
It would have been faster if the inspector hadn't taken 2 weeks to complete his report.

*For others reading this: short sales do take longer than normal sales and the prices aren't any different.

Last edited by Justin Time; 05-17-2011 at 06:36 PM.. Reason: forgot something
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Old 05-18-2011, 02:08 PM
 
Location: Kountze, Texas
1,013 posts, read 1,425,216 times
Reputation: 1277
We are withdrawing our offer on the short sale - found something smaller - (but bigger than current house) - and much less $$.

But thanks for the info Justin Time!!
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Old 05-18-2011, 02:48 PM
 
Location: Over There
402 posts, read 1,407,886 times
Reputation: 779
Quote:
Originally Posted by House4kids View Post
We are withdrawing our offer on the short sale - found something smaller - (but bigger than current house) - and much less $$.

But thanks for the info Justin Time!!
You're welcome.
Best wishes.
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