Waiting for Short Sale Approval
In the process of purchasing a short sale. My SO and I fell in love with this house And are very hopeful that we will get it. I wanted to see other people's experiences with buying/selling short sales to see if we can get a ball park range on how much longer this process might be.
Background Information:
Conventional Loan
Only 1 Loan
Cenlar is Lender
2/23 - Drive by House
2/24 - View House
2/24 - Submit Offer
2/25 - Asked by Seller Agent to modify our offer
3/3 - Asked to Submit iur beet last ofFer
3/4 - Best Offer Submitted
3/5 - Best Offer Accepted by Seller
3/10 - Short Sale Packed submitted to bank
3/13 - Seller Agents finds out loan sold to new back and requested nee package be sent from Cenlar
4/1 - New package mailed to bank
4/10 - BPO came back supporting purchase price
So now, we are waiting. We're not getting antsy quite yet but are curious as to how much longer. Bank told us up to 60 days, so that gives them up to June 2. I was wondering opinions/feedback on it.
Background Information:
Conventional Loan
Only 1 Loan
Cenlar is Lender
2/23 - Drive by House
2/24 - View House
2/24 - Submit Offer
2/25 - Asked by Seller Agent to modify our offer
3/3 - Asked to Submit iur beet last ofFer
3/4 - Best Offer Submitted
3/5 - Best Offer Accepted by Seller
3/10 - Short Sale Packed submitted to bank
3/13 - Seller Agents finds out loan sold to new back and requested nee package be sent from Cenlar
4/1 - New package mailed to bank
4/10 - BPO came back supporting purchase price
So now, we are waiting. We're not getting antsy quite yet but are curious as to how much longer. Bank told us up to 60 days, so that gives them up to June 2. I was wondering opinions/feedback on it.
Replies to This Discussion
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Permalink Reply by Short Sale Superstars LLC on
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Once the value returns and the file is in the negotiators hands at the bank, they will either counter the offer and/or fee's on the sellers side on the Est. HUD. If the offer is in line with the value, they will double check to make sure they have all of the paperwork in order to have it submitted for a final decision. If everything moves smoothly, you could hopefully have the file submitted for a final decision shortly.
310-564-6389
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Permalink Reply by Kelcie Grabill on
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Update*
4/20 - Case has been sent to negotiators desk. Owner has 640 credit score. Current rule for loan modification is 620. Seller trying to obtain waiver due to health concerns. Negotiator says it should be no issue and is awaiting paperwork for waiver.
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