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Duration of short sale deficiency amount negotation

Posted by Joel Niamien on February 10, 2011 at 7:53am

Hi,

Glad to be part of the blog. I have been learning alot about short sales. We are currently on a contract to purchase one in Virginia as a first home. The first bank (Chase) approved the sale. The second bank (Navy Federal) has approved the sale conditioned on the seller signing a promissory note. The seller said that she will be sign the note but has hired an attorney to negotiate the amount. What are the chances of the sale falling through? How long can the negotiations take?

 

Thanks alot

 

Joel

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Comments

  • Joel Niamien February 10, 2011 at 9:32am

    Thanks Brian. That's the goal. We were fortunate enough to rate lock last friday, before rates jump again (4.75 compared to the national average of 5.05 that came out today). We have 60 days on this deal however and I hope we will get a favorable response before then.

     

    Thanks again for your help

  • Bryant Tutas February 10, 2011 at 9:29am
    Joel. This is quite common. My sellers always negotiate the note down. It's the smart thing to do in most cases. Sometimes it takes a week or so and sometimes quite a bit longer. It does sound like this is a short sale that will close. Hang in there.
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