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.

Replies

Kelcie Grabill April 20, 2015 at 11:56am

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.
Jonathan Katz April 17, 2015 at 11:57am

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.

Brett@ishortsalenow.com

310-564-6389

www.ishortsalenow.com

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