Home Buying in Wichita>Question Details

Lorihawley84, Home Owner in 67060

Short sale, contract signed by sellers, submitted to hud by lender. Now what?

Asked by Lorihawley84, 67060 Mon Feb 27, 2012

We had a short sale approved by the homeowners, sent on to the lender, and the lender has submitted it to hud as part of the pre-foreclosure sale program. The last day of the redemption period has come and gone and the short sale is no longer an approved short sale. Because our offer was on the table at that time, it did not go into foreclosure. What does it mean that the short sale lender submitted our information to hud, and about how long will it take for us to close?

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You have recieved a few great answers so far so I will give you one great piece of advice. The squeaky wheel get's the grease first. Contact your agent, the title company, bank, or anyone elese involved in the deal that may be able to get you the answers you desire.
0 votes Thank Flag Link Wed Feb 29, 2012
Patiently wait;)
HUD is going to take care of any extra loss that the bank forgoes.
0 votes Thank Flag Link Mon Feb 27, 2012
If the redemption has expired, then the foreclosure is completed,and the bank now owns the property. The homeowners could have only accepted your offer subject to the banks approval of a short sale. I think maybe you are confused on how the process works or maybe have confused the terminology. If the "redemtion period" is indeed up then the only opportunity to buy the property will be when the banks reo dept hires an agent to sale the property for them.That usually happens 45-90 days after the redemption period ends and the foreclosure is complete.
0 votes Thank Flag Link Mon Feb 27, 2012
Very good question. Short sales can be very frustrating and can take months sometimes to close. The best advice I can give you for you to ask your real estate agent to get in touch with the lender loss mitigation specialist that has been assigned to the file and perhaps he can give you a better idea of the timeline.
0 votes Thank Flag Link Mon Feb 27, 2012
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