Question From a Seller - Are we close?

We are about two months into our short sale process. I believe the buyers agent set an unrealistic timeline and our buyers are getting anxious. Things have actually gone pretty quickly with the bank. Full package received in August and BPO was ordered mid-August. In September, I received an update that our package had cleared document review and initial review. 

 

I recently received the following update from my realtor. How close are we to the finish line? Fannie is the investor and there is not a second.

 

"SINGLE TRUST SHORT SALE

 This file has cleared document review and is in the valuation stage at the bank. ** is working on the existing offer to determine a final answer to the offer received. No new updates are being requested at this time.


 As of September 15 2011: No new update requests are being made. File is 100% compliant. ** is still reviewing and performing internal tasks related to this file."

 

Thanks!

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Replies to This Discussion

Permalink Reply by Jeff Payne on September 16, 2011 at 2:57am
Who is the lender?
Permalink Reply by Samson_is_Furry on September 16, 2011 at 3:13am
Navy Federal
Permalink Reply by Jeff Payne on September 16, 2011 at 3:49am
I don't have any experience with them, hopefully we can get some members here to respond
Permalink Reply by Samson_is_Furry on September 16, 2011 at 4:41am

I posted the same question in the Navy group, but it's been quiet over there since May. 


Thanks, Jeff.

Permalink Reply by Joshua Gayman on September 16, 2011 at 9:08am
I did one with Navy Fed and it took right at 4 months to complete. At this point tho, as is the case with all lenders, the timeline is going to come down to how much negotitaions take place. If the bpo value came in at a value that justifies the offer amount, then I think you could have final approval in as little as a couple weeks. Other than that I think it really just depends on how much the person processing and negotiating the short sale with the bank are pushing them to stay prompt.
Permalink Reply by Renee on September 18, 2011 at 1:54am
"File is 100% compliant" is referring to Fannie guidelines.  (the true decision maker) I hope somebody is staying in constant contact with the negotiator as sometimes they need a little push.
Permalink Reply by Samson_is_Furry on September 19, 2011 at 7:03am

Thank you for sharing your experience, Joshua. The bank has not disclosed the BPO. A few homes recently closed for less than our offer. So, here's hoping!

 

Thanks for your advice, Renee. I trust my realtor, but I am very interested in keeping my name in front of the bank's negotiator. It's difficult to discern if I need to be patient or persistent.

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