NMLS # 6395
Financing Kentucky One Home at a Time
Short sale transactions take time for the short sale bank to process. Wells Fargo has worked on their short sale process and usually closes their short sales quicker. You agent can contact the Wells Fargo Field Representative to assist in the short sale process Wells Fargo is the servicer for the short sale loan but the all of the short information has be approved by the investor which may take time. My buyers recently have been getting short sale approval in 45 days which is quick for todayâ€™s market. Short sales require patience but the buying a desirable home at a good price is worth the wait.
Prudential California Realty
Let me get this straight...you are the buyer , who has a mortgage in pplace, but are still waiting for the SELLERS bank to approve the short sale and your offer on the property?
That puts another spin on the problem. The SELLERS bank can take up to 6 months (tho not the norm) to approve a short sale and the offer you made. There is a new law in effect that makes the banks have to answer within 30 days UNLESS there is missing paperwork, or they need additional paperwork. They don't have to answer until the packet is complete.
The SELLERS bank can accept, reject or counter-offer your contract as well. I would have your agent speak to the sellers agent to find out if the bank does indeed have ALL the paperwork for the bank's loss mitigation people to make a decision on your offer. I can't stress this enough, missing or incomplete paperwork can delay the process substantially.
Once the bank actually approves the short sale and your offer, typically they give up to 45 days to get your final mortgage commitment and close...the old wait.. wait.. now hurry up routine.
Good luck to you,
I would venture no more than a week or so if all is right.