I have a home for sale. I'm underwater in it and lost not only the job that I had in the city that the house is in but also the job that I moved to another state for. It has been listed for sale for six months and I have an offer on the home that is not a bad one (owe $180K on the home, listed for $170K, offer at $164K). I have been working with a Pennymac contact for 6-7 weeks on a short sale approval and the offer was actually made about four weeks ago. Pennymac just needs to say "yes" and it's a done deal with no real work on their part but I'm not seeing any movement. Does anyone have any suggestions? I really want to get this house gone and I'm afraid that the buyer will back out since it's taking so long. The house has only had the one offer and it was up for sale for more than a year when I bought it and I bought it only because it was the only one available at the time.
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Short sales time frames are quoted 45-90 days. They can take longer and not often take shorter. Has the bank already done a valuation on the home?
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com
No valuation that I know of.
I will probably just let them foreclose but one would think that having most of the legwork done for a short sale would motivate someone to go ahead and approve it. Hopefully an approval will come. I don't count on the buyer staying interested if it might take another two months (or even one) to approve.