Profile picture for LanaRush

re: short sale, how long does an offer take to get accepted, how long to close w/mortgage

  • March 29 2012 - Garden City
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Answers (11)

Profile picture for sunnyview
You need to consider that a CDPE agent is not a guarantee of competency or experience. If that's what you want to use as a screening tool, ask agents whether they are CDPE or look them up on the website that sells the CDPE training courses. Hope the link helps.
  • March 11 2013
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Profile picture for CathySciangula

How can you find out if an agent is CDPE?  Thanks for the reply...

  • March 11 2013
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Can be 2 weeks to 2 years.  I would figure 120 days and if your lucky you'll get approval in 30-90 days.  Depends on the sellers cooperation and the listing agents ability to know how to deal with lenders and BPOs.
  • August 24 2012
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Profile picture for user206093
I am 4 months into a BoA short sale right now and must say it is the most excruciating process.  We hear nothing from the bank for weeks on end then random requests to re-verify with current documents that we must provide within 24 hours.... 3 months in the Bank gets back to us saying we have approved and have set a Close No Later than date, where "You as buyers must close escrow no later than this date).... Guess what, this date just passed and I not only was not able to close escrow, I HAVEN"T EVEN RECEIVED THE ACCEPTANCE LETTER from the bank with no word or update since.  I had to put in  my 30 days notice on my apartment and order furniture and now I am stuck with no home and no place to store my furniture because the bank forced my hand and they couldn't be bothered to honor the timeline that they set. This is a cash offer without multiple liens. Unless my experience improves rapidly I must advise, please at all costs avoid BoA shortsales.
  • August 24 2012
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Profile picture for Matt Hiatt
Two main questions that I always ask is how many loans are on the home and who is handling the short sale. If you have more than one loan, it can take a lot longer to go through if at all, because now you need two bank approval unless they are with the same bank. The bigger question is who is handling it and how many have they done. Here in Arizona, I have a way of looking it up because I had one agent who told me he does a ton of them, only to find out he only had one transaction all year and it wasn't even a short sale. The average time is 60-90 days, but banks are getting better.
  • March 29 2012
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Profile picture for Ofe Polack
This is the $1m dollar question!  Unfortunately, there is not a straight answer.  I have done one in 6-weeks and another in more than a year.  If there is only one loan, it will go faster if everybody cooperates and that includes both lenders.  When there are various liens on the property it becomes a bit cumbersome.  Make sure that your lender has all your information uptodate, at the end all that will be required will be the appraisal and go to underwriters.  Sorry I can't be more precise.  Good luck! 
  • March 29 2012
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How long to get it accepted is totally dependent on who and how many lien holders (mortgages) there are. Mostly WHO they are. I've done them with BofA in less than 2 months and also with BofA that have taken 6 months. I think it depends on the banks negotiator, the listing agents ability AND the seller as to how cooperative they are in getting required paperwork to lender. Many variables! 

As far as once you have approval and how long it will take to close - that all depends on your lender - some can do it in 2 weeks - some ask for 45 days - EKKK!!! 
  • March 29 2012
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Lana, be aware that quite often the bank may counter the initial offer price. Otherwise it can take as little as two weeks or up to 9 months or more for acceptance depending on the lender and/or how many mortgages are on the property. I would advise you to avoid short sales with two mortgages if possible. It is a common occurrence these days for the second mortgage to demand that the seller pay a portion of the outstanding balance. Otherwise, they will not approve the short sale. In this scenario be prepared for a long wait at best. Good luck Lana!

  • March 29 2012
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Profile picture for kapyarets
You negotiat the offer with the owners. After they accept the offer it will go the the bank for approval. Approval can takes up to 2 months depending how good is the seller's attorney. Bank can come back and renegotiate the offer. After approval is granted it's usual time for mortgage 30 days or so.
  • March 29 2012
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It depends on the investor. Credit union like DFCU 1 week, tcf bank 2 weeks. BofA 3-4 months, Sun Trust Mortgage 6 months to never.

If you agent is a CDPE they will know. If they are not you picked the wrong agent.
  • March 29 2012
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Plan on about 60 days for acceptance and 30 days after that to close and finalize your mortgage.
  • March 29 2012
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