Home Buying in 95307>Question Details

Tammie Walker, Home Buyer in Riverbank, CA

How many stages are in a short sale? Our agent told us we were in stage 2 . Short sales are verry confusing.

Asked by Tammie Walker, Riverbank, CA Fri Jul 31, 2009

Our bid was accepted on may 21, 2009. Thats about all we know. Thanks

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This is the step of ngotiation where the bank can decide if the offer that the sellers accepted is enough for them to short sale or if they want to counter the buyer. this can take up to 2 months to get an answer. The bank will sometimes decide to get an appraisal done at this time to see the actual value of the home prior to moving forward.
0 votes Thank Flag Link Mon Aug 20, 2012
I like the way Lynn broke down the steps (A - G).

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.
0 votes Thank Flag Link Mon May 16, 2011
Yes there is stage 2.Once your file moved to stage 2,it means that the processing of your short sale is now negociated and after that you may have an approval from the lender.Remember that even in phase 2 of negociation,the approval can takes longer time.Each lender have different time period .When my short sales reach to phase 2,i feel more hopeful.
0 votes Thank Flag Link Tue Oct 27, 2009
Tammie,

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

Good luck
0 votes Thank Flag Link Wed Aug 12, 2009
Never heard term "stages" usually step process.

a) Sale offer submitted
b) Seller buyer agree to terms of submitted offer
c) Executed contract
d) Escrow in title
e) Inspection
f) Appraisal
g) Closing

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

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0 votes Thank Flag Link Tue Aug 11, 2009
The site below should explain the process for you. Sorry it is so confusing,...your agent should be able to guide you.
Web Reference: http://shortsalesheep.com
0 votes Thank Flag Link Fri Jul 31, 2009
Cindi Hagley,…, Real Estate Pro in San Ramon, CA
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Confusing for everyone involved! Just make sure your agent is intouch with the sellers agent and that they work together.
0 votes Thank Flag Link Fri Jul 31, 2009
Short Sales are confusing! And it is a difficult and long process.
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.
Web Reference: http://www.mokaiser.com
0 votes Thank Flag Link Fri Jul 31, 2009
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