Home Buying in Westbury>Question Details

Ppika168, Home Buyer in Westbury, NY

I been waiting five months for short sale approval from wells fargo on a house I am in contract with. I was just asked to sign a contract addendum.

Asked by Ppika168, Westbury, NY Mon Jun 28, 2010

How much longer will I have to wait?

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Answers

5
The most important question is, do you still want the property? Even if you don't, consult your attorney regarding the ramifications to you if you don't sign it - will you get your down payment money back if you don't? Unfortunately, short sales can take an amazing amount of time to complete and there's not much you can to speed it up. When they're ready, they'll expect you to be ready. Sorry you're having a hard time. Good luck!

Ralph Windschuh
Century 21 Princeton Properties
631-467-0009
0 votes Thank Flag Link Tue Jun 29, 2010
Our office is involved in a transaction with Bank of America that is just now closing after 10 months! I can not fathom how any bank could so incompetent, as to drag out the closing of a wasting asset that long. Sign the addendum to extend the closing date IF you want the house and are willing to have your patience tried!
0 votes Thank Flag Link Mon Jun 28, 2010
Unfortunately short sales require bank approval of any contract that you sign with the seller. As you are aware by now, the bank has certain policies that must be met in order for them to approve the short sale - after all, by this process they are agreeing to accept (most likely) substantially less than what the seller owes them on the mortage note.

In exchange for purchasing a home at possibly much lower than market value, the wait for bank approval can be substantial! There is no answer as to how much longer the bank will take before making a final decision - they take into account many factors, not only the proposed price and your financing capabilities, but also the hardship of the sellers, the amount that the bank will be left with after all the past due taxes and commissions and other fees are paid from the sales proceeds, the possibilty that the sellers might be able in reality to afford the mortgage and are just stepping away from it because the home is not worth what is owed on it, the market value (appraisal) of the property, etc.

Does your contract have an "outside" date by which you are no longer obligated to make this purchase? If so, you can back out of the contract after that date - but you will have to look for another house to purchase.
So - if you want THAT house, patience is the key!

If you would like additional information about short sales, bank owned purchases or any other real estate information, please contact me!

Regards,
Arlynn

Arlynn B. Palmer,
Associate Broker, REALTOR
Coldwell Banker Claire Sobel
Direct: (516)410-3594
Office: (516)621-6300 x 205
Arlynn@ArlynnPalmer.com
Web Reference: http://www.ArlynnPalmer.com
0 votes Thank Flag Link Mon Jun 28, 2010
Unfortunately, as you already know short sales are by no means fast sales, and much patience is needed--was the amount offered accepted--without many details, your agent and or attorney will be your best source of advice as it relates to your specific situation--ask both the question and go from there.
0 votes Thank Flag Link Mon Jun 28, 2010
Depends on the back. Have the bank approved the amount? If yes you could close in 30 days.
If not approved it will take longer
0 votes Thank Flag Link Mon Jun 28, 2010
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