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CnG143
LIF Toddler
Member since 11/09 379 total posts
Name:
Mrs.N
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If you bought a short sale....
How many months from the time you put in your offer to the bank responding did it take?
Its only been a month and a half and I'm loosing my patience. Lol We were told to expect 8 months.. Ugh
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Posted 4/26/12 7:45 PM  |
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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: If you bought a short sale....
we have been waiting a few weeks now, maybe a month and losing my patience. Everything is going well. The homeowner works for the bank that she is doing short sale, so that paperwork is done. There are renters in the house, and the bank is trying to do an appraisal, but they are never home when they need to go, so it is 
Our mortgage broker told us the fastest short sale he seen was 3 months. We gave the bank 90 days.
Good luck
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| Posted 4/27/12 8:20 AM |
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Re: If you bought a short sale....
I think so much depends on the seller (and how cooperative he/she is), the listing agent/real estate office (and their knowledge), the bank(s) involved, who is handling the negotiations with the bank(s).
My office just started partnering with a leading short sale company that says they can routinely get short sales closed within 90 days of contract. This company has a lot of leverage with the banks, because they are negotiating not just 1, but 20 or 30 deals at a time. It advises us on the price the bank will accept, and works with the seller to get everything to the bank quickly. They really streamline the process. We are in the midst of a few sales with them now, so we'll see if the 90 days holds true.
But if anyone is thinking about putting their home on the market as a short sale, please get in touch with me. I can definitely help, and our short sale partner has been doing amazing things for sellers (including sometimes negotiating relocation fees for the seller of up to $38K).
But for buyers, the waiting is definitely hard... there's just a lot of uncertainty with a short sale for a buyer.
Sorry for getting off topic...
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| Posted 4/27/12 9:07 AM |
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CnG143
LIF Toddler
Member since 11/09 379 total posts
Name:
Mrs.N
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Re: If you bought a short sale....
Posted by Century 21 Dallow - Christine Braun
I think so much depends on the seller (and how cooperative he/she is), the listing agent/real estate office (and their knowledge), the bank(s) involved, who is handling the negotiations with the bank(s).
My office just started partnering with a leading short sale company that says they can routinely get short sales closed within 90 days of contract. This company has a lot of leverage with the banks, because they are negotiating not just 1, but 20 or 30 deals at a time. It advises us on the price the bank will accept, and works with the seller to get everything to the bank quickly. They really streamline the process. We are in the midst of a few sales with them now, so we'll see if the 90 days holds true.
But if anyone is thinking about putting their home on the market as a short sale, please get in touch with me. I can definitely help, and our short sale partner has been doing amazing things for sellers (including sometimes negotiating relocation fees for the seller of up to $38K).
But for buyers, the waiting is definitely hard... there's just a lot of uncertainty with a short sale for a buyer.
Sorry for getting off topic...
Hmm Interesting. Our seller is VERY cooperative. She wants out asap. We have everything done. Mortgage, appraisal, any and every document. Just waiting now....
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| Posted 4/27/12 4:25 PM |
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ReRe17
LIF Infant
Member since 1/11 305 total posts
Name:
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Re: If you bought a short sale....
I guess I'm the minority. We put in an offer at night, heard bank accepted it the following afternoon, signed contracts the next day and closed 5 weeks later. I'm not sure how it happened so quickly, but it did. I hope you hear back soon.
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| Posted 4/27/12 5:48 PM |
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ThePinkGoose
In Your Hands
Member since 8/08 4706 total posts
Name:
Nunya
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Re: If you bought a short sale....
We put in an offer in December and closed on May 15.
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| Posted 4/27/12 6:57 PM |
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CSK
LIF Adolescent
Member since 9/11 892 total posts
Name:
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Re: If you bought a short sale....
Posted by Diane
we have been waiting a few weeks now, maybe a month and losing my patience. Everything is going well. The homeowner works for the bank that she is doing short sale, so that paperwork is done. There are renters in the house, and the bank is trying to do an appraisal, but they are never home when they need to go, so it is
Our mortgage broker told us the fastest short sale he seen was 3 months. We gave the bank 90 days.
Good luck
this is a complete side note question........
but wouldn't the bank have a problem with an employee essentially sticking it to them?
I would think the bank might do the short sale and dismiss the employee, but maybe that is just me overthinking things.
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| Posted 4/28/12 9:42 AM |
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Re: If you bought a short sale....
Posted by CSK
Posted by Diane
we have been waiting a few weeks now, maybe a month and losing my patience. Everything is going well. The homeowner works for the bank that she is doing short sale, so that paperwork is done. There are renters in the house, and the bank is trying to do an appraisal, but they are never home when they need to go, so it is
Our mortgage broker told us the fastest short sale he seen was 3 months. We gave the bank 90 days.
Good luck
this is a complete side note question........
but wouldn't the bank have a problem with an employee essentially sticking it to them?
I would think the bank might do the short sale and dismiss the employee, but maybe that is just me overthinking things.
I think there are a lot of misconceptions out there about short sales.
People who do short sales, for the most part, are not "sticking it to" the bank. Someone can't just decide to do a short sale unilaterally. They have to qualify for a short sale, which generally means that they are in a financially distressed situation. They have suffered some hardship -- such as a job loss, illness, death of a spouse, divorce, etc. -- that makes it impossible for them to continue to pay their mortgage. Many of these sellers would prefer to keep their home (sometimes it's a family home, there are children, etc.), but it's simply not feasible.
It usually is in the best interest of everyone, including the bank, to do a short sale. If someone is not paying their mortgage, they are heading toward foreclosure. But in NY, foreclosure is a judicial process that takes many many years. And it costs the bank lots of money -- legal fees, carrying costs on the house, etc. So from the bank's perspective, it saves them a lot of time and money to allow a short sale if the circumstances warrant it.
A lot of sellers who are in financial distress are in denial and know they can keep living in the house for years while not paying their mortgage before foreclosure becomes an issue. But that's a horrible way to live and it can drag on for years. Many people whose homes are foreclosed upon have to file for bankruptcy. A short sale allows them to get closure and move on, - they get to leave their home voluntarily, minimize the damage to their credit, and may even get relocation assistance.
So for a seller and a bank, a short sale is generally the best solution available. So I don't think their should be any shame or stigma attached to it. Short sale sellers are usually not trying to "get over" on the bank but trying to work with the bank for the best outcome that's also in the bank's interest. And that's why the banks allow short sales -- not out of the goodness of their hearts! 
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| Posted 4/28/12 10:12 AM |
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mrsboss
my little love
Member since 12/09 5054 total posts
Name:
Me
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Re: If you bought a short sale....
3 mos
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| Posted 4/28/12 11:28 AM |
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Ray8183
LIF Adolescent
Member since 6/10 621 total posts
Name:
Renay
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Re: If you bought a short sale....
5 mo
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| Posted 4/28/12 12:05 PM |
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