Foreclosure in 20176>Question Details

Monika Kumar…, Real Estate Pro in 22182

Hi Realtor Friends, What is the most time a Bank has taken to ratify your buyers contract after everything

Asked by Monika Kumar & Realty Geeks, 22182 Sun Dec 23, 2007

has been agreed upon between you and other agent? Now here is mine; after all the counters the LAST signatures are supposed to come back from the Bank and we are waiting for moe than 3 weeks to get the paperwork - Wells Fargo REO - Now this is height to me!! What is your experience?

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If it's an unapproved short-sale, I've heard up to 6 months from some agents in my area. Though I've never personally experienced that long of a response time, 3 to 6 weeks weeks is pretty standard for an approved short-sale and 1 to 4 weeks for a foreclosure/REO based on my experience.

Just be patient and let your clients know that there're nothing you can do. In fact, if you bug the bank, they will actually put your contract in the bottom of the pile just to get you back for bugging them.

Also remember that it's the holiday season where everything takes longer to get done. Most of the asset managers at the banks are taking time off, worried about shopping and family being in town, etc. And they only get a salary, not commissions so they still make the same whether they get your deal done tomorrow or in a month.
Web Reference: http://www.LoudounStats.com
2 votes Thank Flag Link Tue Dec 25, 2007
2+ months and holding! ...and hoping that we'll still get to settlement eventually! Depends on the bank and the accuracy of the information on the listing sheet. As suggested below, what really is it's staus?? Approved short sale or only hopeful borrower who has defaulted?
Hope that helps
1 vote Thank Flag Link Tue May 6, 2008
I had a very tenacious buyer who waited 11 months and never did get a final response from the two lenders who had an interest in the property. They made an offer that was higher than the asking price and after several months agreed to raise the contract price even more.

My opinion: the agent had not done his homework and the banks were not willing let the property go for the original list price

I decided not to fight about it, but have lost what little respect I had for the offending agent.

Eileen Musser, Gateway Realty, serving Lancaster and York Pennsylvania
1 vote Thank Flag Link Tue May 6, 2008
Our office has had some lenders take up to 5 months to get an answer back. Be patient.
1 vote Thank Flag Link Sun Dec 23, 2007
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
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I have heard from other realtors that it can take well over a month. It has to go to a review and they are in no hurry. Be patient, they always get it done.
1 vote Thank Flag Link Sun Dec 23, 2007
Personally, I've seen between 2 days and over 3 weeks to get signatures back from the bank after being verbally ratified (on an REO).

Deep breaths...
Web Reference: http://www.LoudounStats.com
0 votes Thank Flag Link Tue May 6, 2008
We had one take 4 months from original offer. Although it was listed as a "short sale", the seller had not been approved by the lender. Once the offer was received, the package was processed, but it took time. Buyer's agents need to know the status of the short sale listing and buyers have to expect to wait.

We have also had some close in as little as 4 weeks.
Web Reference: http://www.homefinders.com
0 votes Thank Flag Link Tue May 6, 2008
Thank you so much, it helped a lot by putting all together.

The Bank wanted to close on January 20th 2008 which we agreed more than 3 weeks back not knowing they may take this long to ratify. Now if they ratify on January 10th so it will be hard for my clients to close with in 10 days. How do you address that when initially in my understanding now, we should have said closing with in 20 days after ratification rather than putting a date in the contract to be on safer side!! Any thoughts and ideas to ractify the issue are welcome.
0 votes Thank Flag Link Tue Dec 25, 2007
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