Shortsale Timeframe Estimate?
Hi, I am the (hopeful) buyer on a shortsale property in central Florida. I was able to find out that NationStar is the seller's bank. I am hoping somebody can give me an educated estimate on 1) if my offer is approval worthy by NS and 2) what kind of timeframe I would be looking at for NS to approve and close on the deal.
The house originally listed on 1/6 at $119,900. On 2/3 it was reduced to $99k. I made an offer on 3/5 of $92k, with $5k down once approval was given by the seller's bank, accompanied by a pre-approval letter from a finance company and we entered contingency on 3/11. Zillow currently has a "Zestimate" of $91,500.
According to the seller's agent, an external BPO was done prior to the house being listed. On 3/23, NS asked for the seller's financials and ordered an internal BPO which was done on 3/27.
I don't know if this is enough to go on for an answer to my question or not but would appreciate any input.
Replies to This Discussion
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Permalink Reply by Tara Samney on
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Sam - Quoting a Zestimate as something you based your price on is meaningless. I regularly see homes go 10s of thousands up and down of the price. It is not an appraisal and the Zestimate knows nothing of what the home is inside as well as being regularly flawed.
We don't know who investor is on it or what type of loan seller had (or if there is just 1 loan) or MI....but you say a BPO was done prior to it listing (but not whether agent said that price was preapproved)- a $20,000 drop in a month is suspicious.
If your agent pulled good comps and you put your offer in expecting to be 10-12% less than market value as best scenario you will be fine. Expect NationStar to counter anyway.
I recently completed one with them, and they moved quickly. We had an approval within 3 weeks of BPO date and that was with MI approval.
Also NationStar is the servicer- they may not be the investor (who the investor is makes a difference on time frame).
Good luck!
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Permalink Reply by briank on
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hi sam, any update from the bank yet? just to give you an idea where we are at, our BPO was ordered and completed on day 45 from our offer and today is day 75. Today we just heard back from the bank regarding the second mortgage lender shortfall. If there was not a shortfall, I would assume we would have an approval today. Hopefully it doesnt take as long for you from the internal BPO, but I am content with the progress we have made in 75 days. I have a feeling we have another week or two to work through the deficit issue, but we shall see!
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Permalink Reply by Sam Bruckner on
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Hi Brian and all. Good news! I got a call this past Tuesday, 5/15, that the seller's bank approved the offer! They want to close no later than 7/16. Yippee!
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