Short Sale Approval

[Anonymous]

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.

[StartingOver10]

I sell a bunch of them.

Who is the bank?

[LondonMassey]

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

[Anonymous]

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.

[Anonymous]

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@LondonMassey wrote:

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

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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.

[LondonMassey]

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.

[Anonymous]

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.

[LondonMassey]

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.

[Anonymous]

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.

[Catacam]

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!!