Home Buying in 60102>Question Details

ddesmond, Home Buyer in Lake in the Hills, IL

How Long for a short sale negotiator to accept your offer?

Asked by ddesmond, Lake in the Hills, IL Tue Jul 20, 2010

I've put an offer in on a short sale property. They said the negotiator was going to review the file on Tuesday July 13th. How long, on average, does it take for a negotiator to agree to or deny your offer?

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Answers

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Renee Pflanz’s answer
That is the million dollar question these days. The most honest and forth coming answer I can give you is anywhere from 48 hours to a month or two. However, any experienced listing agent will keep the communication steady. With that, the banks do give quicker responses because you are in front of their faces and building a trust relationship with that negotiator. Compile that with an aggressive attorney specializing in Short Sales and the turn around time shouldn't be long. One more important factor is whether the original loan was an FHA or Conventional. Convential loan short sale approvals tend to be much quicker.
My advise to you is whether you are just curious or have a short sale to list or all ready listed, having an experienced team behind you should be top priority. I hope I was able to answer your very important question. It's been my pleasure assisting you. SIncerly, Renee Pflanz Coldwell Banker Primus 847-854-3639
0 votes Thank Flag Link Tue Jul 20, 2010
Keep in mind that short sales are by no means fast sales, and some lenders are quicker than others--unfortunately there are no set standards of time as to how long it will take for any lender to accept, reject or counter any offer. Your agent can best advise you, as it relates to your particular situation.
0 votes Thank Flag Link Tue Jul 20, 2010
The negotiator does not make the decision. It depends on whether the loan is held by the bank or is owned by private investors. Most banks only service the loans and sell them to 3rd party investors. Delays can be due to banks not processing documents efficiently, appraisals taking longer than normal to be completed, requests for additional documents, investors taking their time, etc. Lastly, the skill of the person submitting the offer also plays a part as they often must stay on top of things. The time varies wildly from loan to loan. You will need to be patient as it could take many months before the bank will sign off on your offer. They may also ask for more money and seem like they would rather have the home go to foreclosure. Be prepared for a long and difficult process. Or it could all go smoothly and you'll be closing next month. Good luck.
0 votes Thank Flag Link Tue Jul 20, 2010
Could be from 48 hours to several weeks, they claim they are overwhelmed with properties, but mainly it may take your agent many tries to get to the CORRECT CONTACT PERSON. I had one property last year that had two mortgages, the Primary lender accepted the offer which whould have cleared their loan, the second lender would not even negotiate. They kept requesting more and more financial information from the original borrower. This borrower moved out of state, refused to cooperate, this NEW buyer walked after several months of waiting for answers. The home went into foreclosure. it sold for almost 90,000 LESS than the total loan amount.

I am basically a LISTING AGENT working with banks and mortgage companies, once the property goes through foreclosure.. I tell them at WHAT PRICE their properites will most likely sell. And they do sell.
Much easier to work with a property once it clears that process. you know right up front what the bank wants, and if you present a lower offer, I usually have an answer within 48 hours.
0 votes Thank Flag Link Tue Jul 20, 2010
It all depends on who the bank is and how well the listing agent stays on top of the file. The earliest a contract could be looked at can be a few weeks and I've experienced some banks taking atleast 90 days.

Here's a good short sale article. http://brandonschuppe.com/custom9.shtml
0 votes Thank Flag Link Tue Jul 20, 2010
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