Home Buying in New York>Question Details

Jkcolino, Home Buyer in Perth Amboy, NJ

I'm buying a short sale and is take for ever is have been a six month and I ask my agent said they send all the papers that the bank ask how

Asked by Jkcolino, Perth Amboy, NJ Mon Jan 21, 2013

much long

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8
Keep in mind that short sales are by no means fast sales; much will depend on the number of liens involved, who is negotiating the sale on behalf of the seller, did/is the seller providing required paperwork in a timely fashion, etc. If you agent has no updates, consider asking your attorney any questions you may have...
2 votes Thank Flag Link Tue Jan 22, 2013
Hi, unfortunately nobody but the bank in question can accurately answer this question. You are at the mercy of the lender and it will depend on if there is a second lien holder and the banks processing dept.
1 vote Thank Flag Link Tue Jan 22, 2013
It is a painful purchase for sure. I just closed 2 short sales in Florida that took us 1 year each. i have been working with distress properties for many years and unfortunately short sales are a nightmare!

Joana filgueiras
http://www.Joanarealestate.com
0 votes Thank Flag Link Tue Jan 22, 2013
How many loans are involved? When a seller has 2 or more loans involved the short sale process can get really complicated. On clean short sales (1 loan - all paperwork submitted correctly etc...) I have had responses in as little as 20 days but average is more like 45 - 60 like Scott said. I did have a very very complicated short sale with 2 loans both of which were very large loans. It actually took almost 2 years to get the banks to finally come to an agreement and fortunately the buyer waited patiently and finally got a great deal on the property.
0 votes Thank Flag Link Tue Jan 22, 2013
Shorts sales should not be taking 6 months any longer, I have receoved answers in as little as 30 days. the average is 45-60 days. At this point there is something wrong,. your agent needs to start from the begginning and get a complete update on the offer, they should know exactly what the holdup is and what the bank needs to move forward.
0 votes Thank Flag Link Tue Jan 22, 2013
Apparently your agent doesn't seem to be very helpful with securing information so why don't you try your attorney to see what status he can obtain from the listing team. After 6 months there should be something more definitive to tell you other than the bank has all the papers. While short sales can take a long time to complete at this point there is something holding up the approval - find out what that is. Good luck.

Janet Nation, CBR
Sailing Home Realty
Direct: 646-321-9649
Office: 516-377-4760
Licensed Real Estate Salesperson
Web: jnationproperties.com
0 votes Thank Flag Link Mon Jan 21, 2013
An advantage of a short sale is that you save quite a bit of money on your purchase. A disadvantage is that you have to wait a very long time. It's all on the bank's time. Ask your broker to check with the listing agent who can get you a status update, but the reality is if you love the house, you'll have to wait.

Ross Ellis
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
212.317.7828 direct
770 Lexington Avenue, 10th Floor
New York, NY 10065
rellis@halstead.com
0 votes Thank Flag Link Mon Jan 21, 2013
Hi Jkcolino,

Have your Realtor contact the Listing Agent to see the status of the short sale. The Listing Agent can contact the short sale negotiator (bank) for a status update - your Realtor cannot contact the short sale negotiator (bank).

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Mon Jan 21, 2013
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