Home Buying in Mishawaka>Question Details

Bulls23, Home Buyer in South Bend, IN

Just heard that a short sale apraisal is going to be done tomorrow on a property we made an offer on back in Feb how long to hear from the bank?

Asked by Bulls23, South Bend, IN Thu May 5, 2011

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Jim Metcalf’s answer
It really depends on the bank and if you have an aggressive agent who is helping push the process along. Unfortunately it could take months depending on the number on offers the bank has received but now days the agents are more prepared and knowledgeable of the short sale process and the process seems to move much quicker. Also, if there is more than one bank/mortgage involved it usually takes longer. Hoping you have an agent who is working hard for you.
0 votes Thank Flag Link Thu May 5, 2011
In my experience the lender does not order an appraisal until all of the other paperwork has been reviewed and is acceptable. Then, they do an appraisal to determine if by selling to you, at your offering price, makes sense. If they are not willing to take as much of a loss that the difference between your offer and the appraised value would bring them they will decline the offer and most likely determine that a foreclosure would make more sense to them.

Short sales are usually a long process but can be worth the wait. Just don't be too agressive with the price so that at the start you are not a viable purchaser.
0 votes Thank Flag Link Thu May 5, 2011
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