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Short Sale Frustration
We are 3 & 1/2 months into our contract on a Short Sale, and were recently told by the sellers lawyer that we should be getting the approval from the bank "any day now", but that was 2 weeks ago...
We knew the issues w/ short sales going in, but the property was too good to pass up for the price, and we were told the sellers were up to date w/ everything, and that the bank was probably only taking a small loss by apporving the short sale.
We really want to live there, and would wait forever if I wasn't pregnant and due in May. We need to move by May, and don't know how much longer we can wait.
Does anyone have any positive short sale advice they can share? Is this still in the typical time range for a short sale??
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Posted 2/10/11 2:02 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: Short Sale Frustration
Posted by MrsECullen7319
We are 3 & 1/2 months into our contract on a Short Sale, and were recently told by the sellers lawyer that we should be getting the approval from the bank "any day now", but that was 2 weeks ago...
We knew the issues w/ short sales going in, but the property was too good to pass up for the price, and we were told the sellers were up to date w/ everything, and that the bank was probably only taking a small loss by apporving the short sale.
We really want to live there, and would wait forever if I wasn't pregnant and due in May. We need to move by May, and don't know how much longer we can wait.
Does anyone have any positive short sale advice they can share? Is this still in the typical time range for a short sale??
We also bought a short sale back in May I was due in June.
Is there only one bank on this property that has to approve the short sale or are there two banks?
If there are two banks I would walk away they are never going to agree on how much each of them should get. We were on contract on one SS home for over 9 months and it didn't go anyway. We were able to back out and we found our home now SS we put in the contract that if we didn't here of an approval of the SS in 3 months that we were able to back out and get our deposit back. This home did go thru very quick but that is very very rare only one bank and we didn't have a realtor so the listing agent got commission on both ends so she worked really hard for this deal. Hope this helps let me know if you have any other questions.
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| Posted 2/10/11 8:54 AM |
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JennZ
MY LIFE!!
Member since 8/05 25463 total posts
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Re: Short Sale Frustration
My parents just bought a SS. From start to finish it was about 4 months, maybe 4.5.
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| Posted 2/10/11 9:31 AM |
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ThePinkGoose
In Your Hands
Member since 8/08 4706 total posts
Name:
Nunya
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Re: Short Sale Frustration
Posted by NoStressBride
Posted by MrsECullen7319
We are 3 & 1/2 months into our contract on a Short Sale, and were recently told by the sellers lawyer that we should be getting the approval from the bank "any day now", but that was 2 weeks ago...
We knew the issues w/ short sales going in, but the property was too good to pass up for the price, and we were told the sellers were up to date w/ everything, and that the bank was probably only taking a small loss by apporving the short sale.
We really want to live there, and would wait forever if I wasn't pregnant and due in May. We need to move by May, and don't know how much longer we can wait.
Does anyone have any positive short sale advice they can share? Is this still in the typical time range for a short sale??
We also bought a short sale back in May I was due in June.
Is there only one bank on this property that has to approve the short sale or are there two banks?
If there are two banks I would walk away they are never going to agree on how much each of them should get. We were on contract on one SS home for over 9 months and it didn't go anyway. We were able to back out and we found our home now SS we put in the contract that if we didn't here of an approval of the SS in 3 months that we were able to back out and get our deposit back. This home did go thru very quick but that is very very rare only one bank and we didn't have a realtor so the listing agent got commission on both ends so she worked really hard for this deal. Hope this helps let me know if you have any other questions.
I disagree, I wouldn't walk away. Our SS had two banks...took a little negotiating but we worked it out and got a GREAT DEAL on our house. Good luck to you.... 
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| Posted 2/10/11 10:02 AM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: Short Sale Frustration
Posted by AnaMaree77
Posted by NoStressBride
Posted by MrsECullen7319
We are 3 & 1/2 months into our contract on a Short Sale, and were recently told by the sellers lawyer that we should be getting the approval from the bank "any day now", but that was 2 weeks ago...
We knew the issues w/ short sales going in, but the property was too good to pass up for the price, and we were told the sellers were up to date w/ everything, and that the bank was probably only taking a small loss by apporving the short sale.
We really want to live there, and would wait forever if I wasn't pregnant and due in May. We need to move by May, and don't know how much longer we can wait.
Does anyone have any positive short sale advice they can share? Is this still in the typical time range for a short sale??
We also bought a short sale back in May I was due in June.
Is there only one bank on this property that has to approve the short sale or are there two banks?
If there are two banks I would walk away they are never going to agree on how much each of them should get. We were on contract on one SS home for over 9 months and it didn't go anyway. We were able to back out and we found our home now SS we put in the contract that if we didn't here of an approval of the SS in 3 months that we were able to back out and get our deposit back. This home did go thru very quick but that is very very rare only one bank and we didn't have a realtor so the listing agent got commission on both ends so she worked really hard for this deal. Hope this helps let me know if you have any other questions.
I disagree, I wouldn't walk away. Our SS had two banks...took a little negotiating but we worked it out and got a GREAT DEAL on our house. Good luck to you....
ok never mind it does work out every situation is different then with SS good luck and if this is house you do truely love and want then wait it out and see what happens!! We thought the first one we waited on for 9 months was the one but then this one came along and we just feel in love over again and so glad the first one didn't work out way to small.
Good luck!!!
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| Posted 2/10/11 10:46 AM |
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Re: Short Sale Frustration
Thanks everyone! As far as we know,there is only 1 bank. The bank assigned someone to the sale, and apparently the sellers lawyer have worked w/ this person before, and he recommended approval and submitted his decision to the bank, which led their lawyer to tell us an approval could come any day now, but since that was 2 weeks ago, Im starting to get discouraged.
We may start looking around, but stay in contract unless we find something we truely love more!
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| Posted 2/10/11 12:53 PM |
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