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Short Sale Approval

StrateUp
Regular Contributor

Short Sale Approval

Anybody buy a short sale? How long did it take for the sellers bank to approve the short sale? I wrote my earnest money check on December 27 and STILL haven't heard back from the sellers bank even though the sellers in in good shape with the HOA AND there is no second lienholder on the house. I'm about ready to jump off a bridge.

Message 1 of 18
17 REPLIES 17
StartingOver10
Moderator Emerita

Re: Short Sale Approval

I sell a bunch of them.

Who is the bank?

Message 2 of 18
LondonMassey
Frequent Contributor

Re: Short Sale Approval

I'm "hoping" to be in your boat shortly!  Faxing back the addendum to my realtor tonight.

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Message 3 of 18
StrateUp
Regular Contributor

Re: Short Sale Approval

Wells Fargo/Las Vegas

I even went to Wells Fargo to qualify for the mortgage; while there, asked to LO if being an insider she had any pull or communication at all with the short sale people there. It was a stretch. She evaded the question every way she could.

Message 4 of 18
StrateUp
Regular Contributor

Re: Short Sale Approval


@LondonMassey wrote:

I'm "hoping" to be in your boat shortly!  Faxing back the addendum to my realtor tonight.



You absolutely DON'T want to be in this boat. My financing has been arranged for months but I can't beg somebody to sell me a house.

Message 5 of 18
LondonMassey
Frequent Contributor

Re: Short Sale Approval

was the price seller approved and in the addendum was there any time frame? In the addendum I have to fax to my realtor it gives a time frame for the bank to agree.
Cap1(sc) 550, Cap1 750, Walmart 750, Home Depot 3000, Amazon 700, US Bank 1500, Childrens Place 1100, JC Penney 700, Old Navy 700, PayPal 700, Torrid 700, Lane Bryant 150, Avenue 500, OSP 500, Amex Blue 2000, Disc it 1000, Walmart Disc 2200, Old Navy Visa 1700, Mortgage 09-2012, Car Loan 03-2013



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Message 6 of 18
StrateUp
Regular Contributor

Re: Short Sale Approval

Yes, the seller agreed. There would be no short sale package delivered to the sellers bank if the seller didn't agree.

Unfortunately, the short sale lienholder is not concerned about any stipulations you or I might include in an addendum. That is only the amount of time I am obliged to my realtor. Banks that are considering taking a loss on a loan are not concerned about my demands the seller or I might place upon them. Hiring additional short sale processors is like hiring somebody to toss the banks money out the window. There are just so few people processing the paperwork and they have to be so meticulous about it. Short sales just take forever.

Message 7 of 18
LondonMassey
Frequent Contributor

Re: Short Sale Approval

I meant bank approved not seller approved, sorry.  I know one short sale (and one that I currently have a bid on) was at a bank approved listing price.

Cap1(sc) 550, Cap1 750, Walmart 750, Home Depot 3000, Amazon 700, US Bank 1500, Childrens Place 1100, JC Penney 700, Old Navy 700, PayPal 700, Torrid 700, Lane Bryant 150, Avenue 500, OSP 500, Amex Blue 2000, Disc it 1000, Walmart Disc 2200, Old Navy Visa 1700, Mortgage 09-2012, Car Loan 03-2013



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Message 8 of 18
StrateUp
Regular Contributor

Re: Short Sale Approval

You are fortunate that your house already has a short sale approval. Mine does not. It's that approval that I've been waiting for for almost 3 months. That's what this thread is about; peoples experience with time frames obtaining that approval. I've got 3 banks with all the paperwork I can send them just waiting to plug in the bottom line figures but I'm just waiting for the sellers bank to say "we allow the sale of this property for this price" or "we reject the figures the seller and would be buyer propose to us." That's what I need to get on with things.

I'm trying very hard not to move during the summer. That's all that really matters.

Message 9 of 18
Catacam
Frequent Contributor

Re: Short Sale Approval

I am with you on waiting. I hate it and I'm tired of it! This process is so slow!!

Here is to hoping you hear soon!!

CLOSED ON OUR FIRST HOME MAY 30TH!!!


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Message 10 of 18
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