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Short Sale Approval after Arm's Length Affidavit is signed

We made an offer on a short sale and offer was based on the market fair value (we made the appraisal and it came back about 2K about our offer). It has been about 120 days, and according to the updates from the agents we received the approval from the "2nd lien holder" and we arenow waiting on the 1st to approve the sale. The file is now with the investors and, last week the investor asked all parties to sign the "arm's length affidavit", which we did. My question is: How long it usually takes for a small bank issue the approval letter after we sign the affidavit? Is there any chance of the short sale being rejected at this point? Is there anyway to expedite the process?
  • August 20 2012 - Atlanta
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Answers (2)

Are you using a buyer agent to represent you?  If so, they should be able to communicate daily or weekly with the listing agent to get you updates.  If you are not using an agent, you will have to speak with the listing agent and ride them to get these answers.  Each bank is different and each loan has different investors so the process is not consistent.
  • November 22 2012
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Profile picture for BoulderBobGordon
Short sales should be called long sales.  I wrote that in my blog post:  [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines] Sounds like your sale is moving right along.  The "arms length" addendum is just so the bank knows no one is related/benefiting from their loss on this sale. Hang tight, you are within sixty days of closing.
  • November 26 2012
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