Short Sale Process Please

Re: Short Sale Process Please

• ERS2011

  April 2012

  Morning,

  Without knowing more detailed information about your situation (what the offer contract states, which bank, how long the process has been going on, etc) it's tough to say. BUT, many lenders are doing a much better job now of speeding up the short sale process. Bank of America who had a reputation as being one of the harder banks to work with on a short sale now have a new short sale timeline where you should receive answers on offers within 20 days. Freddie Mac and Fannie Mae are also taking huge strides to speed up their short sale process. Hopefully this helps you out! Definitely speak to your agent with any concerns or questions!
  

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• LoveKiss member

  

  April 2012

  We are short sale buyers, so we don't have the full lowdown on the seller's experience. However the seller's agent has been great about keeping us up-to-date on things, so I do know a bit about their experience. After the bank ordered the BPO, our sellers were asked to provide additional, updated financial information to prove that their hardship continued to exist. That was a week and a half ago, and the bank recently informed the seller's agent that they intend to make a decision by the end of April. We are 6 weeks into the process. If the bank answers on April 30, it will have taken them 8 weeks to approve the deal, which is lightning speed in the short sale world.

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• JNL$LSM member

  

  April 2012

  Thank you for you reponse:

  Prior to us putting our home on the market we complete the Chase's Short Sale package, our realtor then sent them the MLS. We got an offer on Saturday, let them know about it on Monday. Tuesday they were fax the offer, the offer is pretty solid, our home is condo, it would be the highest selling price condo in our complex in the last year. We got a call on Thursday requesting to do an apprasial (SP) that was completed last night. We are just wondering what the next step is.

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• cg-pm52111

  April 2012

  We are buying a short sale and we were (sort of) kept in the loop about the process.  I know there was an appraisal done.  After the appraisal we got final approval that our offer was accepted.  That seems like it would be the next step.  After that your buyer will need to get their financing in order, have an insepction (if they haven't already done so, etc.

  
  <a href="http://www.thenest.com/?utm_source=ticker&utm_medium=HTML&utm_campaign=tickers" title="D

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• jenny1980

  April 2012

  JNL$LSM:

  Thank you for you reponse:

  Prior to us putting our home on the market we complete the Chase's Short Sale package, our realtor then sent them the MLS. We got an offer on Saturday, let them know about it on Monday. Tuesday they were fax the offer, the offer is pretty solid, our home is condo, it would be the highest selling price condo in our complex in the last year. We got a call on Thursday requesting to do an apprasial (SP) that was completed last night. We are just wondering what the next step is.

  No personal experience ,but I would think the next step would be your bank approving (or not) the agreed upon price based on the appraisal. If they do not approve it, your buyers would have the option to increase their offer to a level the bank would accept.

   

  Lucy, 12/27/2009
  

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