NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
If you'd like I can send you the info on a Realtor I know who is an EXPERT with short sale transactions. Good luck!
If my response was helpful, consider clicking BEST ANSWER!
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
Keystone Realty USA
Long Island's Commission Rebate Realtor
Horan & Wagner, P.C.
33 Walt Whitman Rd.
So. Huntington, NY 11746
For example I'm currently working with a client on a short sale that an offer was accepted and the deal died. Since this is already an approved short sale once the bank accepts our offer it will be as though we are under contract with a typical deal that is just waiting for financing to clear.
Hope that helps Marie!
There is no way anyone can predict how long or short a time it will take. Every bank (holder of the note) operates differently. Some of the banks have it all together, special people assigned to each deal and it goes like clockwork.
The time also depends on how forthcoming and cooperative the seller is.
I have one short sale that "looks like" it may actually close in the next month or two; it's been over 3 years! Yes, that's certainly an exception, but it is important for you to be prepared for any outcomes.
Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
#1 Listing & Selling Office on Long Island
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803