Profile picture for dawnisin

i put a fair offer on a short sale two months ago and because it takes the bank involved so damn lon

  • June 14 2013 - Merritt Island
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Answers (4)

The short sale process can be very tedius and requires a lot of documentation mainly from the seller. There are processes and stages in which the realtors must follow provided by the banks instructions. Most often times the delay is because the file is missing paperwork and so many parties involved. Once the lender has confirmed all docs are in, they will assign the case to a negotiator and order a appraisal / broker price opinion which can take about the first 15-30 days. When the negotiator has everything, he/she can then make a decision to accept, reject, or counter the buyers offer. However once the buyer and negotiator come to a meeting of the minds, the negotiator must still get a final approval from the investor who actually owns the loan which can take however long as the investor is considering several other factors such as seller hardship, market conditions, etc. If an approval is issued, then escrow can be opened and can take another 30 days from there to close.

  • June 15 2013
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Profile picture for Pacita Dimacali
Hopefully your realtor set expectations regarding a short sale.  It may take 4-6 months, even longer, depending on many factors.

How many loans
Who are the lenders
What was your offer
How the BPO (broker's price opinion) compares with your offer price
What were the terms of your offer

Here's a start on buying a short sale and what buyer needs to know

Good luck.
  • June 15 2013
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It can be a timely process.  The realtors need to be aggressive with pushing the bank for an answer.
  • June 15 2013
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Yes they do.  But the wait can be well worth it.  I typically tell my buyers and sellers 2-5 months.  Any longer and it could truly being issue with Agents involved, possible clouds on title, HOA  involvement.  Many factors the bank is checking into. Remain patient and seek advice of your Realtor and make sure both Agents are keeping everyone informed.  Maybe becoming more informed will lighten your stress.  Good luck and Be like Frog on Lilly Pond .. waiting "patiently" . 
  • June 14 2013
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