Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Short sale wording
Our offer was accepted by the seller last week, and his realtor says that they submitted the "short sale package" to the bank this week.
"Short sale package" means all of HIS stuff to claim hardship in order to have the short sale, am I right? And this means we are in for an even longer wait for approval?
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Re: Short sale wording
Yes, your REA should have explained the process but depending on what area of the country you are living in, this process can take 6+ months. We submitted an offer on a short sale this week and we know we won't hear anything for at least 90 days. I would have normally ran from a short sale but we live in Las Vegas and its a short sale haven. Its all thats on the market. Good news on short sales is that you can get great deals if you have the patience to wait.
GL!
She told us it could take between 45 days and 6 months, but when we originally put the offer in on the house, we were under the impression that the short sale package had already been submitted by the seller. I didn't realize he was waiting for an offer before submitting the package to the bank.
But. I would actually rather wait the 6 months vs. 45 days, in all honesty. It is a perfect house, it gives us time to save up more money, and as long as we get it in the end, it's all good. We are month to month with rent at our apartment and in no rush. But I do wish we could just have a "yes" and then know we were approved. Waiting is hard!
That phrasing could be misleading. It could mean the whole package, seller financials and required paperwork PLUS your stuff - offer, PreHUD, MLS print out etc. Or it could just mean your side of stuff now that there is an offer - offer, PreHUD, MLS print out etc bc the bank asked for seller stuff prior to an offer.
Ask your REA to ask listing agent to clarify if you are curious. However, each bank/investor is soooo different that even if seller paperwork was previously submitted, this does not automatically mean shorter process till approval.