Home Buying in Baltimore>Question Details

C.quinones, Home Buyer in Frederick, MD

I put an offer on a short sale on 8/31 and the offer was excepted by the seller. Still waiting for a ratified contract. The house is vacant.

Asked by C.quinones, Frederick, MD Wed Sep 5, 2012

What can speed up a short sale? I hear that if the house is empty, the short sale will go quicker. Is this true, why? How long does it take for the bank to receive the offer?

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Short sales never have an estimation time. I have seen settlements go from 3 months up 10 months. Seems like the closer we get to settlement the farther is gets strung out. Personally, I have found out that making calls each week to the financial institution and the agent helps out with the process.
0 votes Thank Flag Link Sat Sep 8, 2012
Here is the cold hard truth about "Short Sales": You must first assume the listing agent and the home seller have provided the bank with all of the required documents to qualify for a short sale and continue to provide update documents each month as required.
Also, you should know:
• A large number of short sale offers will not be approved by the bank
• Occupancy is a requirement for some short sale approvals
• An agent in my office went 13 months to complete a short sale
• I completed a short sale in 45 days. However, we where the 3rd contract offer on this house
• The bank will play by its own rules and has complete control
I am not trying to discourage you from your sale. However, you should be prepared for the reality of short sales.

Best of Luck!
0 votes Thank Flag Link Thu Sep 6, 2012
Every short sale is different and as much depends on the lender as it on the Listing Agent. Bank negotiators will not process a file if the seller's short sale package is incomplete, the file will go to the bottom of the pile. The only thing that you can do is contact you real estate agent and try to get an answer in writing from the Listing Agent to have an idea of what stage the short sale is.

Good Luck,

Maria Cipollone
0 votes Thank Flag Link Thu Sep 6, 2012
Short sales can be so uncertain. Yes, keep pressing on your realtor who will do the same to the other side - that can help keep the pressure up for progress. The real issue is that utlimately the bank sets the pace and is in control of the process. That plus the cooperation fo the seller with the bank- not really with you. Your transaction is running in parallel to all of that.

I'm involved in one right now, and the bank's own appprasial of the property, called the BPO, has come back higher than expected and so they are not inclined to agree to our offer, though it was a number they previously accepted from another buyer who ultimately backed out.

If time certainty is a priortiy - then short sales are not the answer that is for sure.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Thu Sep 6, 2012
The best thing to do is to stay a step ahead by being in good communication with your realtor, your lender, your inspector, termite inspector and title company. These professionals may think of things that will be needed by the bank's approval dept. before the approval dept actually contacts you about them. Standing armed and ready to go, while remaining patient is the name of the game. The bank selling the property may, or may not make you feel like you are the customer in this case, but you are the customer of all the other providers I mentioned above, so don't be afraid to stay in touch with them so they can help prepare what is necessary to get the deal done. Good luck!
0 votes Thank Flag Link Thu Sep 6, 2012
Short sales are a long processes and it will depend on if there are one or two loans on the house. In general I would it should take 4-6 months, but expect at least 90 days to get an answer from the bank. Be prepared that some short sales can take up to a year to get approval. The time frame is also dependent on what bank has the loans, how many loans are on the house, if the sellers already have all there paperwork into the bank, if thE home already has the approval from the investor on the sales price or not. Just be prepared short sales are a long process, but you can get a good deal if you are willing to wait it out.
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0 votes Thank Flag Link Thu Sep 6, 2012
Hi C,

Considering we had a weekend thrown in there the paperwork may just be in the process of being signed.

YES you should receive a ratified copy of the contract.

The bank should receive the offer shortly after you sign it but they will need a lot more paperwork from the sellers as well.

But there is really nothing you can do to speed up the process other than have your agent work closely with the seller's agent or short sale negotiator to make sure the file is being moved forward. The squeaky wheel does get the grease but you should plan on 90 days minimum for lender approval and another 30 - 45 days from approval to close.
0 votes Thank Flag Link Wed Sep 5, 2012
Hello C,

Do you have a verbal agreement or has the seller signed your offer and all terms agreed upon? if so, the next step is to submit offer to the 3rd party for approval. This can be scanned quickly, how quickly the bank responds is a different matter. I do not believe the occupancy speeds up the process. just make sure the bank is not foreclosing.

Good luck
0 votes Thank Flag Link Wed Sep 5, 2012
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