Home Buying in Parsippany>Question Details

ayeggs, Home Buyer in Los Angeles, CA

How long should it take for investor approval?

Asked by ayeggs, Los Angeles, CA Wed Jan 30, 2013

I put in an offer on a short sale back in Aug 2012. It is now Jan 2013 and I was told two weeks ago that the approval was forthcoming. I was then told that the paperwork now needed to go to the investor for approval. How long does this part usually take? I was under the impression by the sellers lawyer that it would have recieved approval within a few days but it has now been two weeks since then..

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Yesterday, I closed on a short sale that began on Feb 16, 2012.
If time is a factor, there may be trouble brewing in the kingdom. The investor may choose to do a shakedown of the exiting owner or the present buyer, accept the offer or decline it completely. And they will do so in accordance to the schedule kept by the investor board meeting.
The only reliable answer to 'How long?" is "Too long."
The best guidance is to keep this clinical. Don't allow your emotions to get involved. The seeds of impatience grow the fruit of disappointment. Let the process do what it will and don't get married to the result. It can be heart breaking.
0 votes Thank Flag Link Wed Jan 30, 2013
Unfortunately, when it comes to short sales there is no "usually". The servicer/bank and investor move at their own speed which in most cases is very slow. As Laquita says timeframes and deadlines should be taken with a grain of salt. When it comes to short sales I tell my clients patience, patience, patience. If the short sale is a good deal, waiting is part of the price you pay for it. Whether the wait is worthwhile is up to you? In many cases buyers walk away because it is not.
0 votes Thank Flag Link Wed Jan 30, 2013
With my experience dealing with banks and short sales, I have learned to take the timeframes and deadlines the banks give us with a grain of salt. In most of my short sale deals, rarely has the bank kept to their word with the deadlines and the timeframes they give us. They may tell you approval should be received within a week and then its a month later and your still waiting....

Entertaining a short sale is all a gamble in which all parties involved must have severe patience.
While the time may pay off in the long run if your offer is accepted by the bank, its not always guaranteed to end that way.

Best with your situation and offer....

Laquita Baez
Licensed Realtor in NJ and GA
Weichert Realtors
474 Morris Ave Summit, NJ 07901
Office: 908-277-1200
Cell : 973-687-7095

Dream Homes ARE Within Reach!!!
0 votes Thank Flag Link Wed Jan 30, 2013
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