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i have a negotiator assigned. the bpo was done last week. my offer is well at fair market value.

one bank has it chase bank how much longer do you think before i have a approval?

  • June 02 2011 - Staten Island
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Answers (5)

Profile picture for getygrn11

latest update on my short sale. The bank has went back to the seller and asked for more financial paperwork that she has already submitted 3 times. what is going on that the banks has requested this so many times?

  • June 03 2011
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I 100% agree with Ryan Cook. The Bank has the overall "control" of distressed properties. Also, think of how many Bank Owned Homes there are out there. From a recent seminar I attended, I learned that a lot or most banks are understaffed to handle all of the properties. Keep that in mind.
  • June 03 2011
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Profile picture for getygrn11
FUN. it has been about 45 days since we had the seller sign off on the offer. escrow sent my realtor papers to start escrow saying they we close to getting approval letter. starting escrow will that push the bank to answer the file quicker?
  • June 03 2011
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Profile picture for ExpectFirstClass
getygrn11 - We all wish we could answer this question definitively.  The reality is that the banks are in control of distressed properties and you have to be willing to wait it out if you want the property.

The listing agent can have an effect on the speed of the transaction, if only slightly, by putting together a complete package for the lender (if this is a short sale).  I make it a habit to interview the listing agent for distressed properties in advance of showing my clients so I can understand the listing agent's experience in dealing with distressed properties.  I can generally tell pretty quickly whether or not the listing agent is skilled at handling distressed properties, which will give me an idea as to the chance of closing in a timely manner, if at all.  At a minimum, you can find out if the list agent is a Certified Distressed Property Expert (CDPE), which means the agent has specialized training in handling distressed properties and dealing with the banks. You can look up the agent at http://www.cdpe.com/find/cdpe/basic.

If you really want the property, you need to be willing to hang in there.  The rewards can be excellent in an expensive market such as yours.  Best of luck.
  • June 03 2011
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Your guess is as good as anyones....negoatiators have hundreds of open file they work on  at one time...they normally give preference to the files that have sale dates closer than not.  could be 2 weeks or 8 wekks.  best of luck
  • June 03 2011
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