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I am currently trying to purchase a short sale property. It's been 2.5 months so far waiting for an answer

from the bank. Is there ANYTHING I can do to speed it up?
Thu May 1 2008, 17:36 - Dunning - Home Buying - 9 answers
 
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Angelica
Home Buyer
in Chicago
Angelica, Home Buyer in Chicago in Chicago
Answers (9)
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Ute Ferdig -… was FIRST TO ANSWER
Hang in there! Some banks take longer than others. Make sure your realtor keeps in contact with the lenders or listing agent for updates. I have found that the file gets moved around many times and can even change hands of responsibility so staying in touch is crucial.

Mon May 12 2008, 18:57
 
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Some banks are better than others at getting back to you but most are so overwhelmed right now with short sale offers right now they don't even know what to do. Good luck and hang in there

Fri May 2 2008, 08:49
 
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In Shortsale Transactions, it is not unusual for the Lender to take 75 days or more to approve, disapprove, or counter an offer. Make sure you ,or your Realtor, check with the Lender often.

Fri May 2 2008, 08:31
 
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Are you working with a Realtor?

Fri May 2 2008, 08:28
Web Reference: http://www.nilhomeseller.com
 
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Nothing you can do, one question though why would you want to buy in Dunning it is still dropping like a rock. You would be better off in the south end of portage park (south of irving pk. rd. Too many undesirables in dunning

Thu May 1 2008, 21:36
 
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Nope. Unfortunately, that's the nature of the beast.

Thu May 1 2008, 19:43
 
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Beside lack of follow up by the listing agent or the seller's attorney, and an overwhelming amount of short sales, another reason for delay is an incomplete short sale packet presented to the lender. Banks will not look at an offer unless they have all the documentation supporting the seller's hardship.

Thu May 1 2008, 19:21
Web Reference: http://www.VassiSaviano.com
 
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Angelica,
I agree with what Ute Ferdig said - make sure your agent is in constant contact with the listing agent.
I had one short sale offer last year with one of my Buyers that we waited over 3 months for, and ultimately it never got approved. All or most of the bank loss mitigation departments are overwhelmed, and it is not an easy process to go through.
Did your offer include a clause that you could withdraw your offer at any time prior to bank approval?
If so, you may want to continue looking at homes, and in the event you find something that you feel is worth pursuing, have your agent serve notice of withdrawal on this property and write on the other one.

All the Best to you.

Thu May 1 2008, 18:18
Web Reference: http://www.GoPackerUp.com
 
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FIRST ANSWER
Hi Angelica. Unfortunately, there's really nothing a buyer can do to expedite the process, but your agent should check with the listing agent frequently and make sure that the listing agent calls the lender(s) regularly to keep things moving along. Sometimes the listing agents don't understand that they need to be the squeeky wheel. You may also want to look at other houses that may fit your needs as there's no guarantee that the lenders will approve the short sale. 2.5 months is a long time waiting even in a short sale situation. Good luck.

Thu May 1 2008, 17:39
 
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