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Replies (8)
- Don Fabrizio-Garcia, "FabRealEstate"
- Contributions:140
Yingchen-
I've had banks respond to short sale offers in as little as a few days, and I've had them take over six months. There is no definite answer here, and each situation is different. Usually, if they are saying it's a bank-approved short sale, that simply means that the sellers have already submitted an offer that was approved, but that deal fell apart. The norm is that with each offer, the whole process with the seller's lender approving the offer begins all over again.
That being said, expect to wait 30-90 days once your offer has been submitted to the bank to hear whether or not they will accept your offer.
Of course, there are exceptions, and on occasion a lender will say "If we receive an offer of $X we will accept it." But, even then, the offer has to go through the proper channels at the seller's lender's offices which can take time.
Don't expect a quick response, and you will not be disappointed. However, if a seller's lender does approve your offer, do expect them to demand that you then close in 15-30 days. I've had them demand we close in as little as 14 days or else they would foreclose. So, even though the banks are taking their time, you need to make sure you have all your financing set up so that you can move quickly when the time comes.
Good luck!
- Jeff Konstant, "jkonstant"
- Contributions:1970
Don is pretty much on target. However, we were given 10 days to close so be prepared or better yet be certain your lender is prepared.
- asugradinwa
- Contributions:37
Many "Bank approved" short sales are not really approved. One "Bank approved" a friend of mine looked at's owner didn't even qualify for a short sale!
If it is "Bank approved" I'd ask the listing agent for the paperwork from the lender saying that the short sale is approved. If they can't produce it then you are more then likely dealing with someone who is full of hot air.
If it is "Bank approved" I'd ask the listing agent for the paperwork from the lender saying that the short sale is approved. If they can't produce it then you are more then likely dealing with someone who is full of hot air.
- FriendshipProperties
- Contributions:783
I would also be very weary on how 'approved' the short sale is. If its approved show me the approval letter with your name on it. They can't. If another offer was approved why isnt it under deposit? Ok so maybe the bank approved the asking price to a CERTAIN BUYER at a CERTAIN POINT IN TIME. Is the BPO and Seller Hardship Documents up-to-date? After 90 days .. probably not.. which means they can start most of the process all over again.
So, while the Short Sale might not be approved, it probably has gone through most of the process already, the bank has verified the sellers hardship, assessed the properties value and knows how much they would like to 'net' from the sale. If they find a new buyer with-in 30 or 60 days of that approval, then maybe hey can get an acceptance in 2-3 weeks IF YOU OFFER ASKING PRICE.
So, while the Short Sale might not be approved, it probably has gone through most of the process already, the bank has verified the sellers hardship, assessed the properties value and knows how much they would like to 'net' from the sale. If they find a new buyer with-in 30 or 60 days of that approval, then maybe hey can get an acceptance in 2-3 weeks IF YOU OFFER ASKING PRICE.
- Linda Strasberg, "L Strasberg"
- Contributions:2315
anticipate 60 days
- Cameron Foster, "Cameron The Prop Net"
- Contributions:37
If the bank has truly accepted a short sale at a predetermined number...and you're coming into the situation after months of negotiating to get that approval..you should be looking at less time than starting from scratch. Generally it's a matter of notifying the bank of the new buyer's information. They will probably request updated paperwork from the homeowner in trouble..to confirm the short sale is still appropriate for the homeowner's situation.
Good luck to you and i'd guess anywhere from 30-90 days...!!!
- mrhobbes
- Contributions:1
it's been 6.5 months and just today received a counter offer thats way out of the ball park from the last bpo
- Dee Ceylan, "Your Local Expert!"
- Contributions:161
Dear Yingchen74,
there are a few things you need to know:
-if the bank is local, it can be as quick as 2-3 weeks.. I did one locally and it worked out very nicely...
-if not please find out about the number of the loans on the property..(first mortgage , second mortgage), and who the bank is.
even in a situation like this, it might take up to 4-6 months to finish the process..You need to be very careful and extremely patient...
Tell your realtor to follow up, follow up, follow up
Good luck..
Dee Ceylan, Realtor
Bank approved short sales
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