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.
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,
Keller Williams Realty
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
You need to ask for the updates
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