Home Buying in 92122>Question Details

Kalusimbu, Home Buyer in San Diego, CA

Short sale offer under investor review. What next?

Asked by Kalusimbu, San Diego, CA Mon Nov 19, 2012

In a short sale offer that was under review by the bank, the bank came back with a counter offer that was about 10,000 more than our offer. We accepted the bank’s counter and submitted the relevant documents. The bank has now indicated that the offer is now being reviewed by the investor. Does this mean that our offer is near to get approval soon? Once we accept the bank’s counter what are the chances that the investor will not approve it? Assuming that the investor gives his green light, how soon can I expect to get an approval letter? Thank you for your response in advance.

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Kalusimbu
Your question is one we ask every day. It really depends on the investor. I have had them approved in 10 days and others up to 10 weeks. But if the bank thought it was good, more than likely the investor will also agree. There are no guarantees but I think you are on the road to having a new home soon.
2 votes Thank Flag Link Mon Nov 19, 2012
The good news here is that your short sale IS being processed and you will get the home you want. The bad news is that not one of us can tell you when....

Prepare for the worst and hope for the best. I once had the investor take 30 days to sign off on a deal, and sometimes it's shorter.

Bear in mind that it's a holiday week and nothing much gets done as lots of people take time off.

Enjoy your Thanksgiving. I would say that you will probably close before the end of 2012.

Good luck.
2 votes Thank Flag Link Mon Nov 19, 2012
Sounds like you are getting close. You could have your approval letter tomorrow, or it could take 2 more months! You never know what will happen in the world of short sales. You should be able to get an estimate from the listing agent, but even that is just a loose estimate that is usually always changing.
Sometimes there is PMI insurance on the loan. If that is the case, after the investor approves everything, they then kick it to the PMI insurance for them to approve it. That PMI company could counter any terms still and they could even reject it all and foreclose. You just never know what will happen. Just hang in there, you are almost there.

Kevin Sanderlin
Keller Williams Realty
Cell 858-212-4702
ksanderlin@kw.com
2 votes Thank Flag Link Mon Nov 19, 2012
Hi Kalusimbu,
It depends from bank to bank and situation to situation, but I would venture to say you are getting very close! :) Hang in there!

Thanks!
Sinead McAllister
Broker
McAllister Homes Real Estate
858-205-5215
brokermcallister@gmail.com
http://www.McAllisterHomes.com
2 votes Thank Flag Link Mon Nov 19, 2012
yes, the good news is that you accepted their counter offer without delay. The biggest hurdle has now been overcome with the bank. I would say that it looks pretty positive for your approval to being issued. They usually take up to 30 days for an approval at this point....but that is no guarantee.
Good Luck
1 vote Thank Flag Link Mon Nov 19, 2012
Kalusimbu,

Short sales can be so tricky, my philosophy is that we have an agreement once it funds and records =)

Hector R. Gastelum
Realty Executives Dillon
REALTOR #01382940
hectorgastelum@yahoo.com
619-954-2225
125*142*10754
efax 619-270-2516
0 votes Thank Flag Link Tue Nov 20, 2012
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