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In a short sale how long does the insurance company and Feddie mac take to come back with an answer?

I am purchasing a short sale. It has already been over 2 1/2 months and it finally been sent to the sellers insurance company by the negotiator. If they approve its going to Freddie Mac (I think). But my rate expires end of July (less than 25 days). How long does the PMI company and Freddie Mac take to approve the sale??
  • July 07 2009 - Hillsborough
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Answers (4)

We have short sales currently available and ones we closed on. We have had the banks respond within 10 days and we've had them take as long as 4 months. I don't know why but each bank seems to work differently. We also call at least several times a week to get answers to no avail. We really can't see what the problem is with the banks taking so long, losing paperwork, transferring us from one rep to another but it works that way most of the time. It's very time cosuming, aggrevating, and costly to us when instead of taking out Buyers or Taking Listings we're on the phone on hold for an hour or more sometimes just to get an I don't know we'll review it and get back to you answer. We know we have to call back again and again until we get someone who really helps.  So it's nearly September now I hope you got your approvals.
  • August 28 2009
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Profile picture for OhioPrettyHomes
In my experience, if the PMI company approves the offer, management will do likewise. How long it will take for the PMI company to get back to you depends on how back logged they are. My average response time has been 1 week. I hope you are working with an agent who is experienced with short sales and willing to contact your negotiator every other day to get an update! Good luck!
  • July 07 2009
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Hello mdsnowdon,

We work many short sales. This could still close in July but you need to try and escalate with the Short Sale Lender. Try and get to a Supervisor and plead your case that your lock expires end of July and you must close. Seeking an escalation may be your best solution to getting this deal closed by the end of July. You or the one who is negotiating with the Lender must create a sense of urgency if at all possible. Escalating can acheive this atmosphere.

Thanks,

Steve Dancer
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  • July 07 2009
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Md,
It sounds like you are very close to an answer, usually the negotiatior prepares the package for the investor to give a " final decision".. so you may be a few weeks away or sooner for an answer.
Hopefully you were counseled by a Loss Mitigation Specialist Realtor so you would know what to expect.
If your offer was based on " fair market value" for the property and the condition of the property you should be ok.
Remember , just because it is a short sale doesn't mean the investor doesn't know what the fair market value is in the area.
Hope this helps...
Valerie McGillivray
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  • July 07 2009
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