short sale question

MrsNikkiV · March 2012

My H and I just put in an offer on a SS that already has a bank pre-approved amount they were willing to accept. We offered at that amount.The owner's signed the contract so now we just have to wait on the bank. My question is, will the bank have to come back out to re-evaluate the home? Does anyone have any experience with this kind of SS? Did the bank take forever or was it a little faster? (Its Wells Fargo which I've heard moves a little faster then say BOA.)

NatS2125 · March 2012

We're in a similar situation. We made an offer on a short sale, the bank and owner have accepted and approved. Now they're working toward closing and we'll have to get an appraisal. But they made it sound like everything should be pretty similar to a normal sale. Not sure though, so I'm happy you asked.

There's a house in town that is a foreclosure and BOA is dealing with it. It has been vacant with a full price offer for 2 years now. The bank just hasn't gotten their poop together to close. Fingers crossed neither of us deal with this!!

redfoxtrot2 · March 2012

I currently have an offer on a SS with a bank pre-approved price. However, once the offer was mutually accepted, the bank decided it wanted to RE-approve the price. Very frustrating. It's been nearly two months since I put the original offer on and we are still waiting to hear back so we can move to the inspection process. I had hoped this would go more quickly since it was pre-approved, but I guess not. Hope you are more lucky than I am!

kaylie622 · March 2012

In the last two months I've seen three short sales in our area that were pre-approved. Each was under contract in mid-January and all three are now sold for the list price. Some banks are probably easier than others, so here's hoping yours is with an easy one!

BriarRose84 · March 2012

We just got under contract with a SS. My realtor said to expect to hear back from the back in 60-90 days, especially with BOA. DH and I are hoping it might go a little faster since it was pre-approved and we offered a little above the pre-approval price. I have heard that BOA is the worst though but our realtor said they have gotten better recently. Fingers crossed!!!

BrianaBones · March 2012

It is different every time, often the pre approval means nothing.

They took so long to make a decision on the short sale I just closed on, that the bank even had to appraise the house twice. Just while deciding on our offer. Things often expire and have to be re-done.

The whole process took about 9 months from our offer getting accepted to close.

That said, there was another short sale we had an offer on, waited about 6 months, and then backed out of. The next offer they took closed really fast, like a month later. I think they had the banks approval from our offer, and moved fast enough to transfer that to another buyer.

RevJen · March 2012

With our short sale, the bank did send out an appraiser to make sure they weren't getting hosed on the deal that they pre-approved. We're going to be closing soon (fingers crossed) so they must have felt it was good.

acbell4415 · March 2012

On our SS, we didn't have pre-approval, (it took 8 months total from the time we put in our offer til closing) but from the time they approved our offer til the time we closed was 3 months. SS just always take a long time, but you usually get a great deal, if it's something you love it's worth the patience!

short sale question

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