Melanie, Home Buyer in Brooklyn, NY

If a property is an approved shortsale and an offer was made, how long should it take to hear back from the listing agent

Asked by Melanie, Brooklyn, NY Fri Jan 15, 2010

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Great Question! Generally everything with the bank takes 10-15 days to even process a contract that has been submitted. For example, when you submitted your offer to the listing agent, the listing agent should have submitted that offer to the bank via fax or email(only if they have been assigned a negotiator). If they have not been assigned a negotiator for the property, then the offer was faxed in. Once you fax an offer to the bank it generally takes anywhere from 5-10 days for the bank to receive it. At that point, your offer will be randomly assigned to a negotiator. The negotiator may request multiple BPO to be done on the property by other agents to determine the current market value of the property (this can take anywhere from 5-10 days).

You should also ask the listing agent if they only present one offer at a time to the bank. Some listing agents continue to send in offers to the bank and this only slows down the process for everyone.

After that, the negotiator will decide whether or not to accept the offer or reject the offer. If they accept the offer, this speed up substantially after that. They usually like to try and close near or around the same initial date you put on the offer to close by. That means that inspections and other contingency items placed on the offer need to happen very quickly.

The process can be long, but if accepted will be worth it...hope this helps! Have a great day!
1 vote Thank Flag Link Sat Jan 16, 2010
Dear Melanie:

The agent should be reporting back to you with status and keeping you in the loop so to speak.

With short sales it is hard to answer your question because there are so many variables that come into play. The short sale has to first be accepted by the homeowner and then presented to the bank for approval. Some banks are fast and some are slow. A lot of it depends on how much money the bank is losing.

Once the bank accepts the short sale the rest should happen relatively fast.

The government is in the process of enacting policy to make the process more standardized and faster.

Right now you have to simply stay on top of the agent and I would also suggest you hire an attorney right away to help you with this.

If I can be of further assistance please let me know.

Sincerely,
Mitchell Feldman
Associate Broker/Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
1 vote Thank Flag Link Sat Jan 16, 2010
In the past, offers were submitted with expiration dates to force the listing agent to respond quickly while the offer was still valid. This is not always the case with short sales. Some offers are submitted with no expiration due to the lengthy processing time to get a short sale approved. This reduces or eliminates the need for the listing agent to respond in a timely manner.

I think a listing agent should acknowledge an offer within a couple days. Even so, it's always possible that the seller is not available and more time is required to review the offer.

I would suggest having your agent contact the listing agent directly to inquire about your offer. if you are representing yourself, then you could call the listing agent.
1 vote Thank Flag Link Fri Jan 15, 2010
Hello Melanie I can tell you in my experience short take four to six months for the bak to close the deal. A short sale rarely takes a short time there is a long list of requirements for the home owner to qualify before they are approved from their bank for a short sale. The bank and the homeowner can back out at anytime until the closing and the buyer has no control to the outcome. To find out more about short sales check out Brooklyn Real Estate Blog.

If you’re trying to buy a Brooklyn home I can help. Call me at (718) 253-9600 ext 206 or email me at charles@brooklynrealestatesales.com for more information.
0 votes Thank Flag Link Sat Jan 16, 2010
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