My husband & I put in an offer on a short sale home. Seller accepted our offer. Seller's lender is SunTrust Mortgage. I understand that it's all in the bank's hands now and it could take quite some time. Does anyone know if there is anything we can do to speed up the process?
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Comments
Although you can't make it go faster, you may be able to help it be more likely to go through. Make sure your agent has prepared their own broker price opinion that supports the price of your offer. Also VERY helpful would be to send over your home inspection along with an estimated expense for each needed repair. Most bpo's take very little into consideration for property condition, and you need to make the case that your offer is reasonable given the cost of needed repairs.
SunTrust has a Seller Short Sale Guidebook.
If it does not show up attached to this reply Google It.
Thanks for the feedback! We are going to keep our fingers crossed for good news from the bank! :) Until then, we'll just have to be patient.... ;)
Dina. There's really nothing you can do on your end except be ready to close once the approval is received. Suntrust is actually one of the better lenders and recently I have been getting approvals from them in 60 days or less. Of course it helps if the listing agent and the seller are getting documents over to the lender promptly and completely. I hope is all works out for you!!