Profile picture for YoussefCha

how long is the period between signing the arm length and the short sale approval?

I am buy a short sale house. I signed the arm length form already. How long does it take after signing the arm length form to get the approval on the short sale? Also there is a property tax lien on the house.. Who is responsible for paying it?
Ps : no one mentioned that I might pay the tax. Please advise. Thank you.
  • May 18 2013 - Staten Island
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Answers (7)

Profile picture for YoussefCha
The contract stated that I should receive the house free of liens and it also stated that the closing date should be on or around 6/3/13.  Does the bank have to go with the contract or the bank does not have to? And once I get the approval for the short sale will it be like a regular sale and the process will be faster?Thanks for the help
  • May 20 2013
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Profile picture for YoussefCha
The contract stated that I should receive the house free of liens and it also stated that the closing date should be on or around 6/3/13.  Does the bank have to go with the contract? And once I get the approval will it be like a regular sale? Thanks for the help
  • May 20 2013
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Profile picture for YoussefCha
Oh thank you guys. That is really helpful. The contract stated that I should receive the house free of liens and it also stated that the closing date should be on or around 6/3/13.  We got a counter offer that we accepted. The lender already negotiated the hoa dues and we just signed the price amendment. The seller has nys tax lien that is trying to pay off. I also started my mortgage process and locked for 60 day that I am hoping to close before then.
  • May 19 2013
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Profile picture for Kirsten Prizzi
Youssef,
The tax lien is usually paid by seller at closing, except if stated other in the contract. A short sale closing can vary from a few weeks to a few month.
1st was the short sale approved by sellers lender? If yes than short sales move usually very quick. Otherwise it can take a couple of weeks or even a year. Also important is the home in community, than often you will find unpaid HOA fees, the bank needs to negotiate the fees with the associations attorney.
Good luck, I hope it moves quickly,
  • May 19 2013
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Profile picture for Rayne Palmer
Regarding the property tax lien, usually the seller is responsible for outstanding property taxes.  In many short sale situations, the seller's lender makes sure that the property taxes are current.  As Joseph said, ask your agent to check your contract to see who is responsible for outstanding property tax liens in your transaction.    If you want more reassurance about who is paying the lien, ask your agent and escrow for estimated closing costs (an Estimated HUD1).  This document will tell you which side is paying for the various transaction costs. 
  • May 18 2013
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When buying a home via a short sale the max length of time that the bank has to accept or decline your offer will be in your contract.  Standard times from offer to acceptance is 90 days, but your contract may be different.  

Please note that 90 days is just the time you are giving the bank to accept or decline your offer.  Time to close may be much longer.
  • May 18 2013
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Your agent should be advising you what you are responsible for based on your contract and agreement.

With regard to short sales, there are no rules for timing.  Until you have an agreement letter that states the seller and creditors have arrived at an agreement and what the terms of the agreement are you will not know.  Once this step is completed, you will have a chance to decide if you wish to close the transaction or not.
  • May 18 2013
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