Keep in mind, If all parties agree to the terms of the offer (buyer, seller, and any other debt holders), your short sale offer will be approved. Remember, a short sale approval may take longer than getting a traditional mortgage approved. Once your loan has closed, the proceeds are paid according to the terms of the agreement.
This is the first time we've heard of stages associated with a "short sale" transaction. There are definitely things that should occur but until now have not heard them referred to as stages.
Do you know if the seller has:
filed a letter of hardship
taken care of all necessary paperwork
if a bank appraisal has been done
if a loss mitigator has been appointed
has the bank agreed on an acceptable sale price
a) Sale offer submitted
b) Seller buyer agree to terms of submitted offer
c) Executed contract
d) Escrow in title
If you bid was submitted on 5/21 now 7.31 have you closed 2 months would be an extremely loooonnngggg time
Confer with your buyers agent based on executed sales agreement
National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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Was your offer accepted by the SELLER on May 21, 2009? If so, then your offer is still contingent on the bank's agreement.
Has the seller already gotten the general ok from the bank to do a short sale? How many banks are involved (one mortgage or two?).
While some banks have are organised now to deal with short sales and foreclosures, others are totally overwhelmed.
Check out this website that tells you the steps a seller is going through ,so you can ask the right questions to find out where in the process you are: http://www.hud.gov/offices/hsg/sfh/nsc/faqpfs.cfm (this applies to FHA mortgages( only.