Home Buying in Baltimore>Question Details

Jinx6024, Home Buyer in Nottingham, MD

Questions about short sales

Asked by Jinx6024, Nottingham, MD Fri Jan 24, 2014

I am in the process of buying a home, and it's a short sale. I was told that the file from the bank will be out of review and assigned to a Solutions Specialist. What is a Solution Specialist? And does that mean that my contract will go through? Or is this simply a normal step in the short sale process? Any Answers would be greatly appreciated.

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It's a normal step and acceptance can come soon or perhaps not for awhile. It's difficult on you, not knowing, but this is quite normal in short sales.
2 votes Thank Flag Link Fri Jan 24, 2014
Hi Jinx, that is just a representative/negotiator of the bank or investor that will be reviewing the paperwork to see if the home qualifies for a short sale and if so at what price. It does not mean your offer will be approved but it's a step forward.
2 votes Thank Flag Link Fri Jan 24, 2014
I have a blog and recently wrote about the process...

http://crabbyhomes.com/2013/07/foreclosure-vs-short-sale-for…

Suzie Coronel
410-336-2569
RE/MAX Preferred
1 vote Thank Flag Link Sat Jan 25, 2014
Hang in there. Short sales are anything but "short." This type of sale can be very time consuming. As long as the negotiator or Realtor is in regular communication with the bank, you'll be aware of development as the file progresses. Nothing is guaranteed even in a regular resale. Since you said below that the bank approved the price; sounds like you're in the final stages. Keep in touch with your agent and whomever is negotiating with the bank on the seller's behalf.

All the best,
Marlene
1 vote Thank Flag Link Fri Jan 24, 2014
A solution specialist as an internal title given to an individual in the process of your short sale. They have some basic administrative function. They have no impact on whether or not your short sale will go through. In a short sale your offer will be reviewed by the loss mitigation department of the bank, they are looking primarily at the numbers of your offer, there total losses in regards to short sales, and the value of the neighborhood. Good luck with your offer! http http://:www.mortgagelendingman.com
1 vote Thank Flag Link Fri Jan 24, 2014
That sounds like a cute name the bank has given yet another person whose desk the file will sit on in its journey of being approved.....or not.
Which bank?
I really don't know if that term is universal or lender-specific, but it has a nice ring to it! "Solutions Specialist"! Sounds friendly and promising!
Bottom line..........you're not approved until you're approved.
Do you know if the bank had a BPO done as yet? (broker price opinion). That's when the bank puts a valuation on the home....and, as a result, might come back and ask you for more money.
Good luck!
1 vote Thank Flag Link Fri Jan 24, 2014
well sit back and relax....3 months is nothing! good luck!
Flag Fri Jan 24, 2014
Yeah, I haven't heard that term used before, so I didn't know. But the bank is Suntrust. And I was told the bank had already approved the price. And the haven't come back with a counter. It has been 3 months in so far
Flag Fri Jan 24, 2014
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