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Answers (7)
- Carroll Anderson, "CCACCA"
- Contributions:2
This question now has a definite answer (sometimes) according to recent US TREASURY Rules which require some banks to respond to Short Sale Offers within 10 DAYS!
Basically if lenders have accessed any bailout funds or mortgage adjustment funds, they are bound to the new ruling.
See this Miami Herald report for some digested information . . . .
http://www.miamiherald.com/business/story/1421797.html
Basically if lenders have accessed any bailout funds or mortgage adjustment funds, they are bound to the new ruling.
See this Miami Herald report for some digested information . . . .
http://www.miamiherald.com/business/story/1421797.html
- sunnyview
- Contributions:25115
Hang in there. It can be worth the wait if it is a house that you really like. My fingers are crossed for you.
- cah918
- Contributions:1
A seller accepted my offer for her short sale on Sept. 11, 2009. I have been assigned to a person with the lender for 113 days now and pending a total of 160 days today. It took me 47 days to even be assigned with the lender. The wait for a short sale is the worst wait I have ever experienced in my life! It is definitely a waiting situation and nothing is in the buyer's control. I hope to see progress on the homefront soon!
- gr14
- Contributions:7
I just placed a bid on a short sale and had it accepted by the sellers, who I think ran into finacial difficulty beyond their control. They are doing their best to maintain the property in a sellable condition, but have moved over 1,000 miles away. The question I have for you, is did you put a limit on the time period for the bank/mortgage company to make a decision. Upon my realtor's advice we set the limit at 60 days once the attorney review is completed. Frankly, on day 61, i plan to be searching again. To many houses out there for anyone to wait for a lagging bank.
Tim NYC
Tim NYC
- dmkhern
- Contributions:17
No, no, don't take me wrong...I completely agree with the "defaulting" act being something frowned upon by the bank. I understand making financially sound decisions and know the banks are not happy for that (there are some individuals though that just happen to be unlucky for reasons beyond their control). On the other hand, banks are also at fault for much of what's happened. What I meant is that the banks, in my opinion, are spending too much time "squeezing" the mortgagees. With today's technology, in my opinion, all that is needed to make a decision could be completed in a week to 10 days, but I still believe that their anger (rightfully so) is playing a part here and delaying the process. If as tha bank I know my borrower is going to walk/default I probably would very quickly be able to estimate my losses from proceeding with a foreclosure versus the offer on the table for a short-sale. I don't care at this point how upset I am with the borrowers, the next step is to minimize my loss asap. I'm sure I am speaking to the choir here.
- Rick Stockel, "RickStockel"
- Contributions:106
Good luck with your offer on the short sale. I am a Realtor and have just written and offer that was accepted by the sellers and am now awaiting a reply from the lender, Countrywide. I am expecting to have a final answer in 45 to 60 days.
I do disagree with your premise that the lenders try squeeze as much as possible from the mortgagees as being a bad thing. After all, these mortgage companies made a loan to the borrowers and expected the borrowers to pay back the loan. I can't imagine any company or individual who made a loan to willingly just accept a loss without trying to recover as much of the loan amount back as possible. That is what businesses do. They try to make a profit or mitigate any losses on their investments.
But you are very correct that the time it takes to get back an answer is unduly long. The number of short sales and foreclosures have escalated at such a rapid pace that these banks cannot catch up and are overwhelmed. Oftentimes the folks working in this area are new hires with little experience. You will need an aggressie Realtor (a Buyers Agent) who can put pressure on the listing agent to get you answers. I have found that the squeaky wheel get the oil in these cases!
My advice is to hang in there and be patient because you will get a very good price on a short sale home. In the long run you will be rewarded for this patience with built-in equity.
As a Realtor I spend a very long time explaining to my clients who write offers on short sales and foreclosures the timeline of what will happen and all the potential pitfalls of writing offers on these types of homes. I do this before we even see a short sale/foreclosure home so they have realistic expectations should they like one of these homes. I hope you get an answer back soon and I hope it is the answer you want! Good luck!
I do disagree with your premise that the lenders try squeeze as much as possible from the mortgagees as being a bad thing. After all, these mortgage companies made a loan to the borrowers and expected the borrowers to pay back the loan. I can't imagine any company or individual who made a loan to willingly just accept a loss without trying to recover as much of the loan amount back as possible. That is what businesses do. They try to make a profit or mitigate any losses on their investments.
But you are very correct that the time it takes to get back an answer is unduly long. The number of short sales and foreclosures have escalated at such a rapid pace that these banks cannot catch up and are overwhelmed. Oftentimes the folks working in this area are new hires with little experience. You will need an aggressie Realtor (a Buyers Agent) who can put pressure on the listing agent to get you answers. I have found that the squeaky wheel get the oil in these cases!
My advice is to hang in there and be patient because you will get a very good price on a short sale home. In the long run you will be rewarded for this patience with built-in equity.
As a Realtor I spend a very long time explaining to my clients who write offers on short sales and foreclosures the timeline of what will happen and all the potential pitfalls of writing offers on these types of homes. I do this before we even see a short sale/foreclosure home so they have realistic expectations should they like one of these homes. I hope you get an answer back soon and I hope it is the answer you want! Good luck!
- dmkhern
- Contributions:17
5 weeks and 6 days, so far (but who's counting) and no answer. Someone has been assigned, we have signed an "Arms Length Transaction" and BPO has been completed for several weeks. We are told the first mortgage has been approved by Suntrust and the second mortgage also with Suntrust is now being evaluated by another division within the bank - that does not make sense to me... I don't think there is anything else that needs to be done except the bank trying to squeeze as much as possible from the mortgagees. Also, I believe the bank finds joy in taking many of these troubled borrowers "down" with them instead of cutting their losses by a fast short-sale approval process. They prefer to loose money in the long run (emotion versus financial reality). By the way, our offer was 90% of comparables and as far as I know pretty close to 90% of BPO. I don't think there are specific reasons that can be delineated since every case is unique and the process has major flaws and lacks common sense.
I'm not a realtor so would be interested in reading what the experience of those on the list are.
Good luck and be patient (very patient...)
I'm not a realtor so would be interested in reading what the experience of those on the list are.
Good luck and be patient (very patient...)
Short Sale Timeline after the file has been assigned to a person. How long should a response take
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