Profile picture for user9923333

My sister but a offer on a short sale in 11/2012 and the seller accepted but the bank has yet to res

  • January 27 2013 - Orlando
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (11)

This is not unusual. There are many factors that can stall the short sale. Among them: more than 1 mortgage, other liens, unacceptably low offer price, etc. Best advise is to talk to the Realtor representing your sister or to the party negotiating the short sale in order to get a better understanding of the process.
  • February 26 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I can say that Short Sales are a hit or miss. Very tricky and the reason is this. When I worked for a law firm that handled mods and short sales, most of the people attempted a modification first in order to save their home. If they were unsuccessful, they'd list it and wait it out. Many refused to move and were just trying to buy time until they could either improve their situation and save the property or ride it out for free and then let it foreclose. Few would actually care to go through the Short Sale process while they lived in it and refused to move. So now I am very cautious and usually exclude short sales unless the property is vacant and has not been on the market long. When I see short sales that have been on the market an extended period of time, the issue is either what I explained above or the lender is being difficult. Neither are good for my buyer. 

With that said, I do have a friend that gave up on a short sale she placed an offer on. It's been nearly a year, I believe. We started looking again and we just received a call that although the Seller was not being cooperative, the lender (a small lender) had accepted her offer which was way below market value in a great location. 

Like another said, there's nothing short about a short sale most of the time and it's a hit or miss because both, the Seller and Lender need to be cooperative. It helps if the Realtor is also knowledgeable but that's in all scenarios. In the end, it's really up to the lender. 
  • February 24 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I have seen bank responses happen as fast as 2 weeks, and take as long as 12 months. It all depends on who is actually working with the lender to get it approved, and how backed up the bank is that is reviewing the short sale. I always recommend searching for properties that have a bank approved price prior to putting in an offer. Good luck.
  • February 23 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for JoshBarnettREIB
Short Sales take awhile, I agree.
  • January 28 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for NinaHarris

Sounds like the short sale price was not approved prior to the listing going on the market so the process is taking a little longer.  Contact your agent to inquire if a BPO or Appraisal was performed on the property.  Once the bank requests this it normally means it is moving along, but please be advised that this process can take a very long time.

  • January 28 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for MyrtleBeachMary
Short Sales can be tricky, you have to stay on top of the process, weekly.Certain larger banks take longer than others. They have recently passed legistation to speed up the process. Have your Agent "Get on the Phone"......
  • January 28 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

short sales typicall do not stop the foreclosure process and per your other comments about the HOA now owning the property, this short sale is no longer viable.

The HOA association now owns the property.

Eve
  • January 28 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

A short sale is typically anything but "short" but some transactions close quicker than others. Many times it's in the homeowners best interest to not have the timeline be extremely short in that it gives them time to save the money they would typically spend on mortgage payments. It also allows time to work up a plan of where to live next.
A short sale process can take 30-60 days from the date the offer is received and sometimes up to a year. Regardless of the buyer, the seller must be approved for a short sale and all the pieces must fit for the transaction to continue. At any point an offer can come unglued and the process start all over. The seller should try and make mortgage payments throughout the process because a short sale can turn into a foreclosure if not adequately taken care of. Each transaction is unique and specific to the lender, the seller and the buyer. 
  • January 27 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Ofe Polack

In order for a short sale to be successful the listing agent has to be knowledgeable about the process and the buyer agent has to consistent and focused.

  • January 27 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Neeraj Jassal
In a short sale, a seller can accept an offer but it ultimately goes to the bank for approval.  It can be a slow, tedious (and frustrating) process.

Hopefully the listing agent is well-versed in getting short sale approvals but it doesn't sound that way in your sister's case.  Put some heat on the other side to get you an answer.
  • January 27 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

it is common for short sale approval to take 6 weeks to several months to approve the short sale.  Have your sister keep tabs with her agent and the other agent weekly for a status.
  • January 27 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.