Hello Findadi,

What Todd says has merit. However, be aware that be being the buyer your expectations have to manged and met to your satisfaction. As you can see by the answers there are many variables (ie: the realtor or loss mitigation company who is negotiating this deal, Freddie Mac's workload, the lenders work load etc)

I would ask you, How long do you want to stay in this contract? A month , 2 , 3 ?

When do you need to close?

Are you trying to close and utilize the $8,000 first time buyer home credit program?

You can only control what YOU can control. Those of us that do short sale mitigations can attest to time deadlines not being honored for a multitude of reasons.

Please consult with your buyer agent, do what is contracturally best for you. Once you have knowledge of a time frame that is agreed upon, then you have comfort in knowing how to plan.

Good Luck.

Freddie Macs role is the Investor behind the loan. Say the 1st loan is with GMAC they are only the service company that handles all paperwork and collects payments ect on the account. The best way to veiw them is like a propety manager. Freddie Mac mainly is the investor and is the real person that you owe the $ too. So Freddie Mac controls what they will Short or what they will agree on to take for the monies owed on the loan. They are the final decision maker.

Time wise to get it approved depends on a few things.
1. if the person doing your mitigation with the bank knows what there are doing. (Realtor or whoever calls the bank, Very important)
2. Which bank and how fast they submit it . Some banks Loss everything and do not exbidit quickly
3. How backed up Freddie mac is.

Before we could get an anwser in 2 weeks . As of today from talking to them they said they are backed up so it could be up to a month. So 14-30 days
* Important again this depends if you have someone Experenced doing the Short sale as I can not stress that enough. There are ways to make these things go faster but you must have the right contacts & an Expert working for you not someone that took a 2 hour course.

Hope this helps and best of luck. You should know with in 30 days.

Todd

PS: We can Help do Short sales in All of Florida. FREE
Realtors we pay a full commission Guarantied or offer a Refferal.
Call to find out more. Deal with an Expert & do less work.

Time frames are always the issue. can I ask you a question/ Are you the buyer or the buyer's agent?

The role of Freddie Mac is the investor backing the loan. They get final say on the short sale and what they will take for a discount. They will tell you based on thier value if they will let the house go at that price. So Freddie must approve it or will counter it with a different price.

Usually 2 weeks to hear from them and sometimes shorter.
Depends on how is working on the short sale and how much experience they have.

We Help Seller's and Realtor 's with Short sales Through out Florida. We have gotten many Short sales done sucessfully.

Best of luck and enjoy your new Home!

Todd
407-399-4100

Findadi

The answer is the same no matter how it is asked. No one really knows or can say with great certainty. It really depends on so many different factors. The rule of thumb is 30 days when after it is approved on the first and or second and sent to the investor for approval. I know this is not much help, but we just do not know.

I have seen them come out in two weeks with an approval and I have one I am working on that is into its 4th week with no answers yet. Short sales are by not means named properly. They are not short, and I do suggest that you have patience, time and a place to live until you get the approval. If a Realtor or anyone suggests to you other wise I would be very cautious.

Best of Luck
Gay Middleton
Realtor**Moving You in the Right Direction.
gaymiddleton@orlandohomeresales.com