Home Buying in 08854>Question Details

johncecchini, Home Buyer in Piscataway, NJ

I agreed to purchase a home in Georgia that was advertised as an approved short sale. I gave a deposit, it has been 3 1/2 month and still no closing.

Asked by johncecchini, Piscataway, NJ Fri May 17, 2013

I have cash to purchase the home why does it take so long. The owner has moved out of the home and it is empty.

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Answers

7
When you heard that it was an "approved shortsale" that meant that the Homeowner had already gotten permission to shortsell the house, based on their "hardship".
It had nothing to do with the LISTING PRICE or the SELLING PRICE, much less YOU>

The Offer still had to go through the process, and there was no guarantee that the Bank you approve the sale. This is normal.
You have to be patient.
1 vote Thank Flag Link Sat May 18, 2013
Dear John,
Buying a short sale can be a very lengthy experience. Some of the things that can slow down the short sale process are: 1)if the listing Realtor is not familar with short sales, the process will be very lengthy as banks are very specific about their requirements and time frames. 2)the current seller must cooperate in order for the short sale to continue to move forward. If the seller does not cooperate in a timely manner, the listing Realtor may have to start the process over numerous times. Hope this helps.........if nothing else it will afford you the opportunity to ask your Realtor the questions posed in this post. We wish you all the best. Feel free to reach us at (908) 912-5298. In the event we are on the phone, please leave a voice mail and we will return your call promptly.
0 votes Thank Flag Link Thu Oct 24, 2013
This question was posted in May 17, 2013.
0 votes Thank Flag Link Wed Oct 9, 2013
The short sale process can take up to 6 months depending on the bank. Time frames have gotten a lot shorter lately but they are still lengthy. Talk to your Realtor and ask him/her to get an update for you, but don't get upset if they don't have an answer for you. Even though the bank had agreed to a short sale, that doesn't mean that they agreed to sell the house for the amount the seller listed it for. Once the offer has been accepted by the seller, the bank has to review EVERYTHING that has to do with the house, the mortgage, and the offer to assess whether or not they will be willing to accept the loss. Unfortunately when dealing with a bank you are on their time, they aren't on yours. You can get a good deal when buying a short sale and many times the time it takes to close is worth the wait!
0 votes Thank Flag Link Wed Oct 9, 2013
A short sale can ultimately provide you with property at a reduced price but you need to have patience. As other have said the bank needs to approve the offer and it takes time.
0 votes Thank Flag Link Wed Oct 9, 2013
The lender has to approve the short sale price, review your offer, compare it against other offers, and in the end be sure that the numbers make sense.

Unfortunately, there isn't a science to what how the lenders are accepting offers. Even cash offers are taking a long time... Before you hear anything.

Hang in there.

Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Retired Mortgage Banker
http://www.everlastingcredit.com
0 votes Thank Flag Link Sat May 18, 2013
Unfortunately only the bank can answer this question for you. Short sales share only one characteristic...they are not short in duration.

Good luck and best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Sat May 18, 2013
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