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Melissa, Renter in West Los Angeles, Los...

We have had an offer in on a short sale since mid April. This is also a bankruptcy. The court just gave approval 2 weeks ago for the seller to short

Asked by Melissa, West Los Angeles, Los Angeles, CA Tue Jul 10, 2012

sale her home. We were told that the listing agent/seller have to resend the short sale package to the bank (union bank) because the old one expired. A new negotiator has been assigned. Can we assume that this process is starting from scratch and could still take another 6 months or so to get approved?

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9
Yes, it is like starting from scratch but it could very well be much quicker than the last round.

Congratulations!
1 vote Thank Flag Link Tue Jul 10, 2012
Unfortunately, it did not work out. October rolled around and we still hadn't heard from the bank. We ended up finding a standard sale that was much more than we wanted to spend, but we at least got a home. Within one week of dropping out of the short sale, another offer came in that was $45k over what we initially submitted. The offer was accepted and they closed just one month after we closed on our standard sale. It was an extremely frustrating and emotionally draining process. I won't ever put an offer in on a short sale again.
0 votes Thank Flag Link Fri Jan 25, 2013
Yes... I'm sorry, I know how you feel and this is the frustrating part of purchasing a short sale. Hopefully the new approval will be faster, keep after your agent to follow up daily.

Good luck
0 votes Thank Flag Link Thu Jan 24, 2013
I am closing one with a BK next week. It was no problem. I worked the short sale while waiting for the BK to be dismissed. It should go nice a smooth for you if you have a good negotiator.
0 votes Thank Flag Link Thu Jan 24, 2013
Hi Melissa:

Hang in there...due to the bankruptcy, the bank can not negotiate the offer until it is release or discharged. Hopefully, it won't take that long for your offer to get approved. It's in the system and you already have a negotiator assigned.

Im just completing one that was in bankruptcy, and it has taken 6 months from start to almost finish...were closing at the end of this month.

Good luck!

All the best,

Kat Becker, Realtor
0 votes Thank Flag Link Mon Jul 16, 2012
Unfortunately, yes, it could mean that you're starting all over again. There are other issues such as appraisal and/or BPO's that will have expired and will most likely need to be reordered. Hang in there. If you love the house, your reward for your patience could be just a few short months away. Good luck!
0 votes Thank Flag Link Tue Jul 10, 2012
You may have to start over but based on what you described, approval should not take as long as the first time around.

Good luck and congrats!
0 votes Thank Flag Link Tue Jul 10, 2012
These days a short sale is taking 2-3 months if done correctly. Where there was a bankruptcy involved, it really complicated and delayed things for you. Hopfully they have everything in order it and wont take as long to submit for you.
0 votes Thank Flag Link Tue Jul 10, 2012
Usually it is like starting from the beginning.

It may take less than 6 month however bank will have to follow their guidelines in order to have it approved.

Thank you for your time!

Should you have any questions - please do not hesitate to call me Toll Free 1-855-TRUST-55 ext.777 ( 1-855-878-7855 ext.777).


Sergey Fednov
President/Realtor
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Trust Sale Realty
Toll Free: 1-855-TRUST-55ext. 777
Toll free: 1-855-878-7855 ext. 777
Phone: 424-777-9377
Fax: 310-356-4925
http://www.TrustSale.com
http://www.TrustSaleRealty.com
* We Hire California Licensed Realtors - 100%
0 votes Thank Flag Link Tue Jul 10, 2012
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