Home Buying in Tampa>Question Details

Tampashortsa…, Home Buyer in Tampa, FL

I am wondering a more substantial time frame on a short sale that I am involved with other then the norm.

Asked by Tampashortsale, Tampa, FL Sun Jun 28, 2009

Currently purchasing a Short sale in Downtown Tampa FL. It has only one lender which is Wells Fargo and I do not currently know how much the owner owes. It is officially 30 days from the offer going in, we got notice that they received the offer 23 days ago. WF assigned a negotiator and appraised the condo 10 days ago and asked for a Pre-Approval letter 5 days ago. Now I am wondering when we will find out the BPO, they will accept the offer or counter. My Realtors has been good about keeping me updated and I don't want to continue pestering them. Anyone have and knowledge or experience on this?

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There is no exact answer since every short sale is different. I have seen short sales take as long as 6 month to get to where you are saying you are at in the process. The BPO usually takes 2 weeks for the bank to get it back and then the bank will review it (another 2 weeks). Finally, they will then either accept the offer or counter it.

Sounds like your agent is doing a great job and do not be afraid to keep checking on it ...

Erika
0 votes Thank Flag Link Mon Jun 29, 2009
As I am sure as you can tell from the answers so far, every short sale is different. One of the things that could substantially delay receiving a response from the lender depends upon the type of loan the seller had. From my experience with Wells Fargo, if it was a VA loan, and if they are still on active duty, that could extend the period another 30 days. Ask your agent to find out what kind of loan the seller had, i.e. VA, FHA, or conventional, and whether or not the seller is on active duty service. WIth a little patience you should have your new home soon. Best of luck!
Web Reference: http://www.kathydelhaes.com
0 votes Thank Flag Link Mon Jun 29, 2009
Based on our experience with short sales it sounds like things are moving along. We have had some that have occured in the 30 day window and others that have dragged out to 45 or 50 days.

It seems your agent is staying on top of it, but you should always feel free to give them a call.

Hang in there it will be worth the wait
Web Reference: http://www.dwellintampa.com
0 votes Thank Flag Link Mon Jun 29, 2009
"My Realtor has been good about keeping me updated and I don't want to continue pestering them. "

You are Not Pestering, if you keep the calls brief and to the point.


You have every right to contact your Real Estate Agent.


A good Realtor will take the one or two minutes per day, to assure you that things are still on track.


Best wishes,
Fred
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0 votes Thank Flag Link Sun Jun 28, 2009
I have clients closing on a short sale with Wells Fargo tomorrow. I'm the agent representing the Seller. I've done a ton of short sales and can tell you Wells Fargo is one of the better banks to deal with. We submitted the offer March13th and it was approved for closing May 15th, so it took about 60 days from the time the offer was submitted.

This is the timeline Wells Fargo gave me (in business days):
3 days to assign a negotiator once the offer and packet are submitted
5 days for the negotiator to review the file
10-17 days for negotiating any liens (such as HOA) and investor approval
2 days for a decision to be made and letters issued.
37 business days total

Now, if Wells Fargo asks the Seller for additional information and the Seller takes a few extra days to get it to them things could be delayed. Or if the agent who is doing the BPO turns it in late, add another day.....and so on.

It sounds like you're in the home stretch though. Good luck with it!
Web Reference: http://www.welovetampa.com
0 votes Thank Flag Link Sun Jun 28, 2009
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