Home Buying in 08021>Question Details

Philadelphia1, Other/Just Looking in Husser, LA

I put an offer in on a short sale 50 days ago and have not had any updates since, I thought there was a 30 day rule, and final decision in 60 days?

Asked by Philadelphia1, Husser, LA Wed Sep 19, 2012

To help avoid the trend from continuing, the Federal Housing Finance Agency, which oversees Fannie Mae (FNMA, Fortune 500) and Freddie Mac (FRE), laid out rules that will require lenders to review and respond to short sale requests within 30 days and make a final decision within 60 days. The lender is also required to provide weekly status updates to the borrower if the offer is still under review after 30 days.

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Good morning,

Yes, those rules are in effect. But if the short sale Lender doesn't have a complete package from the Homeowner, or the Homeowner's negotiator is clueless about how to move a short sale along, then you're dead in the water with the Lender until that package is submitted completely and perfunctorily.

The very few of these transactions I've worked on delayed in EVERY single case because of the Homeowner's lack of responsiveness.

When my clients I'm working with here in New York express interest in buying a short sale I'm frank with my advice and response: DON'T DO IT. Nightmare on Elm Street was a Disney movie when compared to the short sale process.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Thu Sep 20, 2012
The current mortgage company may be awaiting additional information from the seller. IE: it is common to ask for updated pay stubs, bank statements, etc.

In order to successfully complete a short sale, the following must exist:
1. Motivated and cooperative seller.
2. Real estate agent must have a good system for processing.
3. Contract price must be in the "reasonable" range of market value.

Feel free to call me,
Robert Greenblatt
Keller Williams Realty
0 votes Thank Flag Link Thu Sep 20, 2012
Hello Philadelphia1,
Thanks for your question.
The time start counting when all the complete short sale package is sent to the bank. Ask your Realtor when was it sent or if there is a coop he/she can ask the seller's Realtor or attorney.
Have your agent to stay in close contact and keep asking for updates.
Good luck with your purchase,
Ines De La Cruz
RE/MAX Connection
0 votes Thank Flag Link Wed Sep 19, 2012
Updates are made and yes the 30 day rule is from the day all paperwork is submitted.

You need to ask for the updates

Search foreclosures and short sale here: http://www.BuyNJShortSales.com
Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips
Larry Sarlo
RE/MAX Preferred
609-868-1171 call / text / email 7 days
0 votes Thank Flag Link Wed Sep 19, 2012
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