Home Buying in 43214>Question Details

Achurch12000, Home Buyer in 43214

Short sale and Mortgage Insurance Approval

Asked by Achurch12000, 43214 Sun Apr 17, 2011

My short sale offer has been accepted by the seller and has managed to clear all other hurdles. I have been told that we are at the "final stage." The file has been sent to the mortgage insurance company for approval. In November, the mortgage insurance company approved the sale for another buyer (the deal fell through because they could not sell their house). Per the short sale company that is assisting the seller, they have asked that the file be expedited and have called the processor at the MI company personally. This was about 10 days ago. Can anyone tell me how much longer this may take? We are currently at day 47 in the short sale process and are supposed to close (my financing is in place and the appraisal has been completed) on April 30...

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Your question is a difficult one to answer as there are a number of factors that come in to play here including but not limited to the number of files on the processor's desk (with the MI Company). The good news is if the current offer is close to the current offer you're pretty much guaranteed to get the approval. 2-3 weeks is a common time line for approval from a mortgage insurance company on a short sale though and you should have an answer very soon! IF your financing is in place you shouldn't have any problem meeting your closing date but the seller's agent should be calling the seller's lender to remind them of the closing date. Banks and mortgage insurance companies tend to focus on deals that are scheduled to close by the end of the month so this also plays to your favor.
0 votes Thank Flag Link Sun Apr 17, 2011
Sorry to hear about with what you are going through, but unfortunely, this is what we are up against with short sales. The bank and MI company work on their time and not yours. If you call them too much they will put you at the bottom of the pile, and that's a big pile. I have sold enough short sales and you just, somehow, and I know its hard, have to be patient. Rarely, is their way to get them to move much quicker than they already are. In this market, there are so many short sales they have to go through its very hard for them to put you at the top of the list.

I hate to be the bearer of bad news but it's very hard for them to rush your file. Good luck to you.
Web Reference: http://www.dinoshomes.com
0 votes Thank Flag Link Sun Apr 17, 2011
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