Profile picture for cka3ka29

How long does it take for bank respond to short sale counter offer?

We finally got response from bank on short sale after 3+ months (we are buyers) and they raised price to $50K over what house's market price is. We actually did official appraisal which shows actual property price and send it to the negotiator/bank (Chase). This was on December 10th. We have not received a response yet (it's January 13th) and almost ready to pull out.
How long does it usually takes for bank to respond to counter offer?
  • January 13 - Town of Warwick
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Answers (6)

Best Answer

Each bank is different and I have dealt with them all. In a case like this I would expect about 30 days or less, given that you sent them a recent appraisal.
  • January 13
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There is no set rule for the process but yes you must be patience enough as the process is very slow and you might get frustrated. Each bank has own procedure. However it may take approx 2-4 weeks depending on the no. of files the negotiator has on their desk.

  • January 13
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Profile picture for wetdawgs
You are right, short sales take tremendous patience. I suspect the lender had a BPO that was considerably higher than your appraisal.   Both are opinions.

Good luck with your next foray into a purchase offer.
  • January 13
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Profile picture for cka3ka29
Thank you all! Amazing but bank just got back to us few hours after I posted the question. So it was just a little over 30 days.
Bad news is they still want $30 over what house is actually worth, I don't know if they are greedy or just don't care, but obviously we cannot do that as mortgage might get approved. So we are out after 4 months of wasted time and being basically homeless.
If you are thinking about Shot Sale, short tip from me is to pass :)

Thanks again!
  • January 13
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Profile picture for Outer Banks N C
Often the first buyers do pull out in frustration because, as you have found it, nothing happens quickly or as expected. The short sale process is easier once the ground has been broken and it sounds like you broke it. Now you must wait for the bank to have more meetings, get their own valuations done and updated before they have another meeting and then give you an answer. Since the bank works 3-4 days a week it can take a couple weeks to get a reply.


tim
  • January 13
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Profile picture for craigfial
There is no requirement for the lender to respond, but I recommend somebody escalate the matter for some response.  There could be many lenders that need noticed along with Mortgage Insurer.  Unfortunately these things take much more time that anyone wants to deal with.
  • January 13
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