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HOW LONG DOES THIS TAKE?!

Sooo.... I've been trying to close on this "short-sale" house for a long time now.  The latest word we received today was that "The file is currently held up with the investor".  

Something you may need to know.  a little over a month ago we (Wells Fargo & I) settled on a price.  I had thought that once we did that, then we would get a closing date!  NOPE! 

I am wondering WHAT is the time frame that one sees when they get this.  PLEASE NO ONE ANSWER "its a short sale --you never know".  I already know I should have never went for a short sale since I like to have more control over situations than this limbo jumble of a mess.  BTW I'm a first time buyer so I've been firing from the hip on this whole thing. Saying that, give me a little slack!
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June 26 2013 - US
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Answers (3)

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Congrads on being a first time buyer!

Short sale is a generic term.  Do you know what type of loan the seller has?  FHA, VA, Conventional, USDA Rural Development?  Each has different rules that if not followed to the letter...cause greater frustration for all involved.

It sounds like it's a Conventional Loan with Fannie or Freddie as the investor.  If you settled on a price - it does go for investor review which generally has been taking 10-15 days.  

I too am firing from the hip with my answer.  Having done several of these short sales with Wells Fargo...it is frustrating even for folks who do this every day.  If you have any additional information, it could change my answer to be more specific.




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June 26 2013
The short sale buying process requires extreme patience and tolerance. While you are waiting for the process to unfold expect delays, changes, and more than likely disappointment. I would highly recommend that you work with your realtor to look at additional properties preferably non-short sales. As you continue to wait there is a strong likelihood that mortgage rates will continue to rise and affect your purchasing power. Something you may want to consider.
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June 26 2013

I guess where I get stuck is that the investors are the ones who will give their final say. You shouldn't get a short sale approval letter until the investor has given their stamp of approval. So I'm not sure what it means that you and Wells Fargo have come to an agreement on price.

Do you have an approval letter in your hands? If you don't, then you don't have an agreement yet. And if you do, the letter will give you the date by which you must close.

Without any additional information, I would have to guess that you don't have an approval and the investor is still reviewing the file. You will have to hold tight. if I'm missing or misunderstanding any information, let me know.

Best,
Amy

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June 26 2013
 
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