We have had a short sale with US Bank for almost 10 weeks.  We have been told week after week that it is in review.  Friday we were told it is out of review.  Everyone was so excited, but then we were told it was going into underwritting and it would be another 45 to 60 days before we get an answer.  I expect the buyer will walk.  Please tell me they are really not going to take another 2 months!  Anyone done a short sale with this bank recently and can you tell me if this is typical?

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Hi Karen - I just closed one recently. We submitted the offer in mid Sept and received the approval Feb 2nd, so 4 1/2 months. Mine was a VA so that adds some extra time I think. I called every week to make sure all my docs were current and did need to re-submit updated financials twice and some additional forms (Form710 and Arms Length) I had not originally sent.  They are slower than most and your experience so far is similar to mine. In fact we had that same false feeling the approval was forthcoming.   

 

Karen, I am closing one on Monday.  We originally submitted our package last March.  Because my clients qualified for HAFA, we tried to wait until we have approval for the short sale prior to dropping our sales price.  In July, we were told that unless we had an offer on the property, we would be denied.  We dropped our price and secured an offer by the end of July.  Afterwards, we were told that because we received the offer prior to the short sale approval, my clients were no longer eligible.  Our process went the same as yours.  We would submit documents, but they would not be reviewed for 30-45 days, and then would have to submit new docs.  I enlisted the help of Freddie Mac in November, and Freddie Mac received the same treatment irregardless of how high they went up the chain of command.  We finally received our approval in March.  This is BY FAR the worst bank I've dealt with.  Good luck to you!

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