Home Buying in Dunning>Question Details

Angelica, Home Buyer in Chicago, IL

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

Asked by Angelica, Chicago, IL Thu May 1, 2008

from the bank. Is there ANYTHING I can do to speed it up?

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Laura Rosales’ answer
Hi Angelica, Short sales can be a lengthy process. I have a buyer who is closing on one tomorrow that went under contract 4 months ago. There is nothing you can do to speed up the process. It is controlled by the bank. Short sales can be frustrating but, usually well worth the wait. Contact your agent and ask them to call the listing agent for status. They should be able to tell you how close you are getting. Best wishes to you, Laura Rosales-REALTOR
0 votes Thank Flag Link Sun May 12, 2013
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.
2 votes Thank Flag Link Thu May 1, 2008
Ute Ferdig -…, Real Estate Pro in New Castle, DE
MVP'08
Contact
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
1 vote Thank Flag Link Fri May 2, 2008
Nothing you can really do. If you have an attorney he or she can call a lot but that really won't matter. The best thing you can do is practice patience. My wife and I are going through the same thing right now. What we did is put an offer on 2 properties. 1 was a short sale. 1 is a regular sale. We really liked both properties. Being in the business, I know good and well this short sale can take forever so I wanted to cover my bases.

Well the offer got accepted on the normal sale and the bank is still screwing around with the short sale. They only have about a week left for the contingency date on the short which there is no way they will make. So, I will get my earnest money back on the short sale and my loan is almost done on the normal sale.

If you can afford the multiple earnest money deposits, you may want to consider not putting all of your eggs in one basket.

Good luck!


Sean Cochran
V.P. Marketing and Development
Quality Mortgage Lending
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0 votes Thank Flag Link Mon May 13, 2013
You always can start the financing ! And when they get the approval you can close in 3 days ! I did this in my last 5 shortsales ...

Lo que puedes hacer es empezar la financiacion , antes de tener la aprobacion , y cuando te dan el approval solo necesitas 3 dias y puedes cerrar .

Este procedimiento lo he realizado varias veces en Chicago , si tu banco te dice que no puede empezar la financiacion busca otro banco ...

Saludos
0 votes Thank Flag Link Sun May 12, 2013
You can make sure the file is complaint and should be calling the negotiator every day to see if they need anything. Many delays are not even known why because the short sale agent is not calling to find out.
0 votes Thank Flag Link Sun May 12, 2013
but at 2.5 months, youre not behind schedule by any means
0 votes Thank Flag Link Sun May 12, 2013
no, there is really nothing that the buyer can do - the speed of a short sale approval is 75% on the seller's attorney or Realtor. If they arent checking in and bugging the bank at least once a week, the file will fall behind and it will be delayed. After working in that particular field for a while, I've realized that sometimes its the bank (e.g. Everhome), but most of the times, its the seller's side that isnt doing their job.
0 votes Thank Flag Link Sun May 12, 2013
Depend of the bank and depend of the people that handle the shortsale ...i closed more that 100 shortsales some of those are like a regular sales like pna bank from new york , another can take more that 4 months like flag start.

Depende del banco y quien esta enviando los papeles , depende de la oferta ...yo he notado si es cash la revisan en otro departamento y es muy rapido .
Chase bank cierra los shortsale en 45 dias .
Suerte Angelica
0 votes Thank Flag Link Sun May 12, 2013
another 4-6 weeks to go. make sure the property is not being neglected and I hope you have negotiated that home inspection takes place after bank approval not ...seller approval. also make sure that the property is vacant at closing...
0 votes Thank Flag Link Thu Oct 18, 2012
Angelica
it's way too long , you should have been received an initial response - counter offer- at least a month ago unless seller's lender is PNC ( for example).They are very , very slow.
0 votes Thank Flag Link Thu Oct 18, 2012
As everyone is saying here short sales can take a while. I currently have a short sale that we received an offer on back in early May and the seller signed it and we submitted everything to the lender and we didn't hear anything until the week before last so right around 90 something days.
0 votes Thank Flag Link Fri Aug 31, 2012
This is normal.... some are faster than others. BUT, my experience is either the property forecloses or they keep telling you it will go through.(forever) If you get to 5 months the chances are almost 0... After 5 months, kill it and move on.
0 votes Thank Flag Link Fri Aug 31, 2012
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.
0 votes Thank Flag Link Mon May 12, 2008
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.
0 votes Thank Flag Link Fri May 2, 2008
Are you working with a Realtor?
0 votes Thank Flag Link Fri May 2, 2008
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
0 votes Thank Flag Link Thu May 1, 2008
Nope. Unfortunately, that's the nature of the beast.
0 votes Thank Flag Link Thu May 1, 2008
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.
Web Reference: http://www.VassiSaviano.com
0 votes Thank Flag Link Thu May 1, 2008
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.
Web Reference: http://www.GoPackerUp.com
0 votes Thank Flag Link Thu May 1, 2008
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