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ohhhh short sale : x

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ohhhh short sale : x

April 29th I put in an offer on a home $4,000 over selling price with seller paying $4,000 of closing costs (other offers were on the table)...and I got the house.  My loan quickly went through underwriting, inspections have been performed, and now I sit waiting for the seller's bank to respond if we're a go.  How long does this typically take?  The files were submitted to the seller's bank on May 9th.  According to the purchase agreement, my target closing date is June 13th.  For those of you who have gone through this or are familiar with the process...how long do you think it will take to hear back from the seller's bank?  Do you think I'll still close anywhere around June 13th?

 

Waiting is killing me!!! I'm not made for a short sale lol : x

Message 1 of 4
3 REPLIES 3
Regular Contributor

Re: ohhhh short sale : x

Im looking at a short sale also, and everything Ive read says...it depends. Could be 30 days could be 9 months. Or anything in between.

Message 2 of 4
New Member

Re: ohhhh short sale : x

I guess I should add that the seller is in a redemption period. I was told that they would hit foreclose by June 30th. I was figuring that the process would be quicker with this very specific time limit. Any ideas how this works?
Message 3 of 4
Moderator Emeritus

Re: ohhhh short sale : x

Do you know whether there was a second mortgage on the house?  If so, then the negotiation between the two lienholders could be prolonged.

Message 4 of 4
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